Record 2023 results for global materials giant
08 February 2024
Global building materials company Cemex has announced strong financial results for the year 2023.
The Mexico-headquartered company experienced an 8% growth in net sales, to US$17,416 million, and a 20% increase in EBITDA (earnings before interest, taxes, depreciation and amortisation), to US$3,347 million.
It also more than doubled its free cash flow, after maintenance capital expenditure, to US$1.2 billion.
As well as achieving a record EBITDA of approximately US$3.35 billion, the EBITDA margin was increased to 19.2%
The company said the figures were the result of strong pricing for products, controlled input cost inflation, and contributions from its growth investment strategy and Urbanization Solutions business.
Positive results in a challenging market
Fernando A González, CEO of Cemex, said of the announcement, “We delivered not only great results and recovered from the extraordinary inflationary pressures of the last few years, but also continued executing against our ambitious decarbonisation commitments, reducing our CO2 emissions by 4% this year and by 13% since 2020.
“Despite the significant macro challenges of the last four years, we have proven not only the resiliency of our business model but also our ability to pivot and adjust rapidly to changing global conditions.”
Cemex has now proposed the initiation of a dividend programme, with the aim of distributing an equal quarterly dividend totalling US$120 million in its first year, subject to approval at the Annual Shareholder Meeting scheduled on March 22.