Cemex Holdings Philippines Inc. said Tuesday it booked a net loss of P1 billion in 2022, a reversal of the P726-million net income it posted in 2021 because of foreign exchange losses and lower operating earnings.
CHP said in a disclosure to the stock exchange consolidated net sales declined 2 percent in 2022 to P20.6 billion as domestic cement sales went down by 10 percent on lower demand and challenging industry dynamics.
The company also expects a flat to low-single-digit percentage decrease for domestic cement sales volume in 2023.
Cost of sales, as a percentage of net sales, climbed 5 percentage points year-on-year to 67.2 percent in 2022 on higher fuel costs. As a percentage of net sales, fuel costs represented 22.6 percent in 2022, an increase of 10 percentage points year-on-year driven by elevated energy prices.
“2022 was a challenging year, as economic and political uncertainty translated to unprecedented cost increases, while industry demand softened,” said CHP president and chief executive Luis Franco.