GCC posts 18% hike in 3Q net profit

GCC posts 18% hike in 3Q net profit
26 October 2022

GCC reported an 11.8 per cent YoY increase in sales to US$352.8m in the July-September 2022 period from US$315.4m in the year-ago period. EBITDA in the 3Q22 advanced by 6.6 per cent YoY to US$117.4m. Meanwhile, the consolidated net profit of GCC increased by 18.4 per cent YoY to US$69.5m in the 3Q22 when compared with US$58.7m in the 3Q21.

“Once again we achieved an extraordinary performance. The results of the third quarter reflect that GCC continues to successfully mitigate the impacts of high inflation, as well as the obstacles of the industry and the market”, commented Enrique Escalante, CEO of GCC.

Regional sales
In terms of regional sales, in the USA sales advanced 10.4 per cent YoY to US$269.1m as demand expanded, particularly in the oil and gas sectors, while prices of cement and concrete were up by 12.2 and 4.2 per cent, respectively.

In Mexico, 3Q sales were up by 16.8 per cent to US$83.7m, supported by the construction of residential homes, maquiladora plants and industrial warehouses. Prices of cement and concrete increased by 13.5 and 7.9 per cent, respectively.

Published under Cement News