Construction, Latvia, Markets and Companies

International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 12:46

Building materials producer Cemex raises 2017 sales in Latvia by 34.6%

BC, Riga, 07.08.2018.Print version
Cemex building materials producer generated EUR 78.067 mln in turnover in Latvia in 2017, up 34.6% against 2016, and cut its loss by 71.4% to EUR 4.007 mln, informs LETA.

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.

 






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