GCC sees net income increase 53% YoY in 2Q23

GCC sees net income increase 53% YoY in 2Q23
28 July 2023

GCC SAB de CV reported a 13.7 per cent increase in consolidated net sales to US$364.1m in the first quarter of 2023.

In Mexico sales advanced 34.4 per cent as a result of a 3.2 and 8.8 per cent increase    in cement and concrete volumes, respectively. Cement and concrete prices rose by 11.5 and 14 per cent, respectively. Excluding the appreciation of the local currency, sales were up by 20.2 per cent.

In the USA, sales were up 6.6 per cent, partly due to a 3.6 per cent pick-up in concrete volumes while cement and concrete prices in the US market increased by 16.6 and 16.9 per cent, respectively.

EBITDA increases 33.4 per cent to US$132.7m with an EBITDA margin of 36.4 per cent.

Net income increased to US$82.2m in the 1H23, up 54.8 per cent when compared with the 1H22, when net income reached US$53.1m.

The company’s net leverage ratio, as in net debt/EBITDA, was -0.69x as of June 2023.

January-June 2023
In the first half year of 2023 GCC net sales reached US$608m, up 15.4 per cent YoY.

EBITDA saw a 27.1 per cent advance to US$195.7m with a margin improving to 32.2 per cent from 29.2 per cent in the 1H22.

Net income reached US$114.6m in the 1H23, up 72.9 per cent when compared with US$66.3m in the 1H22.

Published under Cement News