Mexico-based cement producer GCC has reported consolidated net sales of US$416.1m in the 3Q23, up 17.9 per cent YoY. This was primarily due to increased cement and concrete volumes in Mexico, increased concrete volumes in the US and a favourable price environment in both markets. However, these were partially offset by decreased cement volumes in the US.
EBITDA in the 3Q23 improved by 35 per cent YoY to US$158.5m with an EBITDA margin of 38.1 per cent. Earnings per share over the three-month period came in at US$0.3238, up 53.4 per cent YoY.
Net sales in the US advanced by 11.3 per cent to US$299.5m in the 3Q23 as cement and concrete prices increased by 12.4 and 17.1 per cent, respectively. US concrete volumes improved by 1.1 per cent YoY, but cement volumes slipped 4.1 per cent.
In Mexico net sales improved by 39.3 per cent YoY at US$116.6m on the back of a 2.9 and six per cent increase in cement and concrete volumes, respectively. Mexican cement prices were up by 8.2 per cent, while concrete prices advanced by 16.5 per cent.
Commenting on the results, Enrique Escalante, GCC’s chief executive officer, said: “Once again, GCC achieved double-digit growth in both top and bottom-line, driven by our commitment to excellence, and our strong client relationships. Our teams’ ability to navigate market conditions has enabled us to further strengthen our margins. Throughout the quarter, we continued to invest in our business, we focused on commercial performance to offset cost inflation and enhance margins, and on reinforcing our market position to build a stronger future for GCC.”
