Cemex Holdings Philippines Inc. said on Friday net sales rose 7 percent to P19.8 billion in the first nine months of 2016.
“I am very pleased with our operating results. We have managed to grow and improve in many respects, such as increasing volumes and prices in a highly competitive environment and achieving cost efficiencies,” Cemex president and chief executive Pedro Jose Palomino said.
Earlier, Cemex Holdings said it would spend $300 million to build a new plant with an annual capacity of 1.5 million metric tons.
The plant, scheduled to be operational by the second half of 2019, would be funded using the company’s cashflow.
Cemex Philippines raised P25.13 billion in the Philippines’ biggest IPO since 2013.
It offered over 2.3 billion shares, including 304 million shares to cover additional demand. The IPO shares represent 45 percent of the company’s capital stock.
The company is one of the leading cement producers in the Philippines based on installed annual capacity.
It produces and markets cement and cement products, such as ready-mix concrete and clinker, in the Philippines through direct sales using its extensive marine and land distribution network.
Cemex’s manufacturing subsidiaries have been operating in the Philippines for over 17 years, and have well established brands, such as “APO,” “Island,” and “Rizal,” each of which has a multi-decade history in the country.
Cemex Philippines is an indirect subsidiary of Cemex, S.A.B. de C.V., one of the largest cement companies in the world based on annual installed cement production capacity.