Cement-maker Cemex Holdings Philippines Inc. saw a 23-percent drop in net income last year to P985 million as the coronavirus pandemic dragged down construction activities.
This year, Cemex expects its cement volume to rebound by 4 to 6 percent “in anticipation of a less restricted economy and inertia from both the public and private sectors to ramp up construction activity.”
For 2020, domestic cement volumes decreased by 11 percent mainly due to the lockdown measures and cautious sentiment arising from the COVID-19 pandemic. Cemex reported sluggish activities from both the private and public sectors.
In the fourth quarter of 2020, the company’s domestic cement volumes decreased by 9 percent year-over-year due to adverse weather conditions amid the ongoing pandemic. Sequentially, Cemex’s daily sales volumes went down by 8 percent, after adjusting for the impact of holidays.
The company’s domestic cement prices in 2020 softened by 6 percent in line with the muted demand.
As a result of lower volumes and prices, net sales decreased by 15 percent year-on-year during the fourth quarter and by 16 percent for the whole of 2020. —Doris Dumlao-Abadilla INQ