Votorantim Cimentos ended the first quarter of 2023 with a net profit of R$78 million, reversing the R$317 million loss in the prior-year period. The company’s global net revenue in 1Q23 totaled R$5.8 billion, an increase of 18% compared to the same period in 2022.
The increase in revenue was the result of the sales volume added by a new plant in Málaga, Spain, and favorable price dynamics in all regions. In the first quarter, the company’s global cement sales totaled 8 million tonnes, remaining at the same level as in the first quarter of 2022.
“At the end of 2022, we completed the acquisition of the plant in Málaga, Spain, and the asset was completely integrated, having met the expected synergy gain curve in the first quarter. Price management implemented globally to face cost inflation also contributed to the positive results in the quarter, despite the still volatile and uncertain scenario in the global economy. The company remains firm and aligned with its strategic plan, with financial solidity and prepared for the opportunities and challenges that lie ahead,” said Osvaldo Ayres Filho, global CEO of Votorantim Cimentos.
In North America, net revenue totaled R$1.2 billion in the first quarter, an increase of 20% compared to the prior-year period, resulting from positive demand mainly in the United States, in addition to price management both in the United States and Canada.
Despite the improvement, results in the first months of the year are traditionally impacted by winter in the northern hemisphere, a seasonal effect that was partially mitigated by positive market dynamics.
