VICEM records 30% drop in profit in 2022

Vietnam’s VICEM has reported profits of VND1.53trn (US$63.9m) in 2022, down 30 per cent YoY. Revenue, meanwhile, advanced 17 per cent to VND39.45trn over the same period, reports VN Express. Last year saw total sales of 27.5Mt, marking a 6.7 per cent decline YoY, driven by a fall in exports.

Costs in 2022 increased by VND4trn on the back of rising raw material prices. Although VICEM did increase cement prices, that was insufficient to prevent the sharp fall in profits. It has set a revenue target of VND40.92trn for 2023, up four per cent YoY.