Construction, Latvia, Markets and Companies
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Friday, 29.03.2024, 12:46
Building materials producer Cemex raises 2017 sales in Latvia by 34.6%
Photo: cemex.com |
In 2017, Cemex sold 970,000
tons of cement, while the share of export sales grew to 70%, the company’s
management said.
Growing exports to markets like Sweden and Finland compensated for the
sanctions-related drop in exports to Russia. In Latvia, growth was recorded in
all segments thanks to a robust growth of the Latvian construction sector in
2017.
The loss was incurred mainly because of interest and depreciation costs
stemming from more than EUR 300 mln spent on the construction of Europe’s most
advanced cement plant in Broceni, western Latvia.
In 2016, Cemex generated EUR
57.986 mln in turnover in Latvia in 2016, down 18.5% from 2015, and cut its
loss by 21% to EUR 14.031 mln.
Latvia's Cemex is a member of
the Cemex Group, one of the world's
leading producers of construction materials. Cemex started operating in Latvia in 2005 upon acquisition of an
international construction materials supplier, RMC Group o.l.c., which owned a cement plant in Broceni, western
Latvia. Cemex invested EUR 300 in a
new modern cement plant in Broceni, more than doubling the output to 1.6 mln
tons a year. Cemex also exports its
products to Finland, Sweden, Estonia, Lithuania, Belarus and Russia.
Total Cemex investments in
Latvia stood at EUR 348 mln at the end of 2016.