Cemex bounces back strongly in first quarter of 2021
Cemex has reported that its sales in the first quarter of 2021 came to $3.41 billion, a 9 per cent rise year-on-year compared to the first quarter of 2020. Its earnings before interest, tax, depreciation and amortisation (EBITDA) improved by 28 per cent to $684 million due to a boost in cement sales volumes and higher prices. Its net income for the first quarter was $665m.
Cemex’s net sales in Mexico increased by 19 per cent to $822 million, while operating cash flow increased 27 per cent to $299 million. Its US operations reported net sales of $1.0 billion, an increase of 5 per cent compared to the same period in 2020. Its operating cash flow in the US increased by 21 per cent to $196 million.
In the group’s Europe, Middle East, Africa and Asia region, sales grew by 2 per cent reaching $1.09 billion, while EBITDA was $113 million, 3 per cent higher year-on-year. In Central, South America and the Caribbean, Cemex’s net sales came to $424 million, an increase of 15 per cent compared to the same period in 2020.
Commenting on the results, Cemex’s chief executive officer Fernando González Olivieri said, "We achieved some important objectives and made significant progress towards our Operation Resilience goals, despite the persistent challenges that Covid has caused in many markets. The performance during the first quarter convinces me that we must be entering a period of sustainable growth for our main markets and it is likely that we will achieve two of our Operation Resilience goals well in advance of the 2023.