By Anthony Harrup


MEXICO CITY--Mexican cement maker Cemex posted double-digit sales and operating profit for the fourth quarter, while a $613 million tax provision led to a net loss for the period.

Monterrey-based Cemex, one of the world's largest building materials companies, said Thursday that its sales rose 10% from year-earlier quarter to $4.24 billion, driven by higher prices for its products in all regions where it operates.

Earnings before interest, taxes, depreciation and amortization, a measure of profitability, rose 18% to $743 million, supported by higher prices and easing cost inflation. Operating profit rose 20%.

Cemex reported a net loss for the October-December quarter of $441 million, or $0.30 an American depositary share, compared with a loss of $99 million a year earlier. The loss was the result of a provision made in the quarter related to a tax dispute in Spain.

Cemex's full-year sales rose 12% to $17.42 billion despite lower volumes for cement and ready-mix concrete, and Ebitda increased 25% to a record $3.45 billion. Full-year net profit was $182 million.

The company said it plans a quarterly dividend program, with $120 million to be distributed the first year starting in the second quarter.

For 2024, Cemex projects low-to-mid single-digit growth in Ebitda, and capital expenditures of $1.6 billion, including $1 billion for maintenance. The company expects cement sales volumes to be flat to slightly higher, and ready-mix and aggregates volumes flat to slightly lower.


Write to Anthony Harrup at anthony.harrup@wsj.com


(END) Dow Jones Newswires

02-08-24 0851ET