Brazil: Votorantim Cimentos’ full-year sales were US$4.88bn in 2022, up by 16% year-on-year from 2021. Its earnings before interest, depreciation and amortisation (EBITDA) dropped by 6% to US$927m. Throughout the year, the group invested US$378m in expansions, modernisations and business support. Its cement volumes increased in North America, Spain and Tunisia. Revenues rose by 4% in North America and by 16% in Europe, Asia and Africa, but fell by 17% in Latin America.

Chief operating officer Osvaldo Ayres Filho said “We had another year of solid results, thanks to our discipline in the execution of our strategy and despite a global environment marked by high inflation, rising interest rates and the ongoing consequences of the war between Russia and Ukraine. Locally, household indebtedness and credit tightening affected investments in new construction and renovation projects, which impacted the domestic cement market. Despite that, we increased our investments focused on improving competitiveness, developed and launched new businesses, and expanded our operations in important markets, such as Spain. The company is stronger, more resilient and better prepared for opportunities and challenges.”