GCC reports record 4Q19 US net sales

GCC reports record 4Q19 US net sales
21 February 2020

Grupo de Cemento de Chihuahua (GCC), the Mexican cement producer that serves cement and concrete markets in USA, Mexico and Canada had 4Q19 consolidated net sales increased 11 per cent to US$228.6m, while EBITDA increased by 49.6 per cent to US$86.4m in 4Q19.

GCC's consolidated net sales in 2019 increased by 5.8 per cent to US$934.1m. EBITDA increased 13.9 per cent to US$ 292m.

During 2019 GCC opened a new cement terminal opened in Fort Stockton, Texas, USA. Two long-term agreements were also signed with renewable energy suppliers covering approximately 20 and 100 per cent of the electricity consumed at Mexico's operations and Odessa's cement plant, respectively.

Speaking on the results, Enrique Escalante, GCC's CEO, commented: "We closed 2019 delivering strong results despite the challenges we faced during the first half of the year. Our strong operational capabilities coupled with our robust and unique distribution network enabled us to quarterly record high cement volumes in the US, exceeding our annual guidance, on the back of improved weather conditions. Mexico, which performed above our expectations, both in volumes and prices, also contributed to these strong results.

"During the year we also made significant progress in our sustainability efforts by implementing best practices to mitigate impacts on our environment and on the communities we serve, further strengthening our company's long term strategy.

"Looking ahead, the underlying trends of our business remain strong and we expect positive momentum to continue in 2020, while the US economy continues to show solid economic fundamentals, we are cautiously optimistic about Mexico on the back of macroeconomic conditions and an increasing competitive environment."

Published under Cement News