Cemex's net sales rise by 7% in 2Q18

Cemex's net sales increased by seven per cent during the 2Q18 to US$3.8bn versus 2Q17. Operating EBITDA increaed by four per cent during 2Q18 to US$714m versus 2Q17.

Cemex's CEO, Fernando A Gonzalez, said: "We are encouraged by the very favourable dynamics we saw in most of our portfolio during the quarter, with improvements in pricing which should translate into higher profitability during the second half of the year. Our operations in the US and Europe indicate a strong sequential growth in volumes resulting from strong demand and pent-up activity after adverse weather conditions in the first quarter, as well as improved pricing dynamics.

"In Mexico we are pleased with the year-over-year, double-digit growth in ready-mix and aggregates volumes and high-single-digit increase in prices. In addition, in our Asia, Middle East and Africa region, we saw high-single-digit growth in cement volumes in the Philippines and Egypt with favouable sequential pricing dynamics.

"Our net income increased by 32 per cent on a year-over-year basis, recahing US$382m during the quarter. In addition, our total debt plus perpetual notes decined by US$462m during the quarter, and by US$6.6bn since the end of 2013."

Net sales in Mexico on a like-for-like basis rose by 13 per cent in 2Q18 to US$867m with operating EBITDA amounting to US$311m up eight per cent in 2Q18 on 2Q17.

This was topped by USA's net sales of US$989m in 2Q18, an increase of nine per cent on 2Q17.Operating EBITDA rose by 11 per cent to US$189m versus 2Q17.

Cemex's operations in South/Central America and the Caribbean reported net sales of US$461m, remaining flat on a like-for-like basis with 2Q17. Operating EBITDA fell by nine per cent in 2Q18 to US$110m.

In Europe net sales increased by six per cent to US$1040m while operating EBITDA was up five per cent at US$121m.

Asia, Middle East and Africa reported a 10 per cent rise in sales to US$353m in 2Q18. Operating EBITDA was US$52m, eight per cent up on 2Q17.