Cemex Latam Holdings announces 4Q20 EBITDA fall of 1% 12 February 2021
Cemex Latam Holdings SA reported that the company s consolidated net sales and EBITDA in the 4Q20 fell by three and one per cent, respectively, compared to the 4Q19.
Jesús González, CEO of Cemex Latam Holdings, commented: I am proud of how the organisation responded to the challenge of the sudden arrival of COVID-19 in our footprint. We reacted quickly and forcefully to a highly uncertain situation, prioritising the safety of our employees and customers while ensuring business continuity and financial flexibility. In a challenging year , we achieved a margin expansion of 2.1 percentage points, a 45 per cent free cash follow to EBITDA conversation rate and an 11 per cent reduction in net debt.
Mexican cement producer Cemex on Thursday reported net income of $70 million for the fourth quarter, compared with a $238 million loss a year earlier, bolstered by higher sales in the United States and Mexico. Overall, despite the severe economic disruptions worldwide sparked by the pandemic, Cemex reported a 1% year-on-year increase in net sales on a like-to-like basis. 2020 was one of the most challenging years we have faced but it also was a remarkable year that tested the strengths of Cemex, said Chief Executive Officer Fernando Gonzalez. The Monterrey-based company, which operates in more than 50 countries, reported $3.54 billion in net sales, a 9% increase over the same period last year, beating analysts expectations.