Vicem net profit rises 36% YoY

Vietnam Cement Industry Corporation (Vicem) said it made a net profit of VND660trn (US$31.62bn) in 2012, rising by 36 per cent from a year earlier, despite a fall in domestic demand and economic difficulties.

The corporation sold more than 20Mt of cement in 2012, rising by nine per cent YoY and contributed VND1trn to  the state budget, up eight per cent YoY.

Vicem has control over production levels at the majority of Vietnam’s cement plants, including many Joint-Stock Companies (JSC) and the Vietnamese plants of multinational firms.

Earlier this week, the Vietnam Cement Association said domestic sales in 2012 fell 7.71 per cent YoY to 45.5Mt during the year as a frozen real estate market hurt local demand. Cement and clinker exports, however, rose by 30 per cent to 8.5Mt.