This result represents an increase of 43% compared to the same period of the previous year, while consolidated net sales reached US$ 12,389 million, representing a slight fall of 1% year-on-year.
Mexican cement company Cemex has achieved net attributable profit of US$891 million (823.6 million euros) between January and September of this year, which represents an increase of 43% compared to the same period of the previous year.
Consolidated net sales amounted to US$ 12.389 billion (11.452 billion euros), representing a slight year-on-year drop of 1%, the company reported in its income statement.
By market, Cemex's revenues increased by 2% through September from its operations in Mexico, reaching a turnover of US$ 3,831 million (3,541 million euros). The company's revenues increased by 3% from its activities in Central America, South America and the Caribbean.
In contrast, Cemex's sales fell 5% year-on-year in Europe, the Middle East and Africa, to $3.476 billion (3.213 billion euros), and 3% in the United States, to $3.961 billion (3.661 billion euros).
Gross operating profit (EBITDA) was 2% lower than in the first nine months of 2023, falling to US$2,398 million (2,216 million euros). Operating profit also fell by 2% year-on-year, to US$1,428 million (1,320 million euros).
For the third quarter of the year, Cemex recorded a net profit of US$ 406 million (375 million euros), which is more than three times the profits recorded between July and September 2023.
Third-quarter net profit growth was driven primarily by a lower effective tax rate and gains from the sale of its operations in Guatemala.
Net sales in the third quarter reached US$ 4.09 billion (3.78 billion euros), down 3% on a comparable basis. The increase in prices in local currency terms was offset by the impact of lower volumes, which were affected by extraordinary weather conditions in all regions.
“I am pleased with the significant progress we have made this year with our portfolio optimization efforts. With the resources obtained, we will continue to execute our capital allocation plan, in which we intend to prioritize growth-oriented investments with a particular focus on the United States, while continuing to deleverage and strengthen our recent progressive shareholder return program,” said Fernando González, CEO of Cemex. “Our growth strategy adopted since 2019 has proven to be a great complement to organic growth, and together, both levers have generated a compound annual growth rate of 14% for the company. With the resources obtained from the recent divestments, we will continue to execute our strategy of small complementary investments while accelerating growth through small to medium acquisitions, to serve our existing geographic presence.”
