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Cemex: cement sales grow in Mexico due to remittances, social programs, industry and tourism

Cemex reported that its cement sales in Mexico grew, benefiting from remittances, social programs and the reactivation of industry and tourism.

At a year-on-year rate, the company‘s net sales increased 20.1% in Mexico in the third quarter of 2021, to $ 868 million.

Thus, net sales reported double-digit growth after strong prices and volumes.

Above all, bulk cement, aggregates and ready-mix concrete volumes were the drivers of volume growth.

Furthermore, demand conditions remain favorable with a high level of capacity utilization across the country.

During the quarter, cement volumes decreased 3% due to bad weather and year-over-year comparisons were more difficult.

Bagged cement moderated after 5 consecutive quarters of double digit growth.

Cemex

On the other hand, bulk cement, ready-mix concrete and aggregates accelerated in line with the recovery of the formal sector. Aggregates and concrete volumes grew 6% during the quarter.

At the same time, activity in the industrial sector is gathering momentum, driven primarily by the development of warehouses, manufacturing facilities and distribution centers throughout the country.

Cemex added that tourism is recovering and previously delayed projects are being restarted. In addition, the record level of remittances and government social programs continue to support the informal sector.

On the other hand, in the United States, strong volume performance and improved prices led to double-digit growth in net sales.

Net sales there were $ 1,116 million in the third quarter, an increase of 10.3% annually.

Despite heavy rains and hurricanes in the quarter, the United States continued to enjoy strong demand for all products with most of Cemex’s markets sold out.

Cement volumes grew 5%, ready-mix concrete 10% and aggregates 3 percent. Activity continued to be driven by the residential sector.

At a consolidated level, Cemex’s net veins were 3,769 million dollars, which implied an annual growth of 10.1%.

 

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