The Consunji family said its cement company, Concreat Holdings Philippines Inc., is on track to recover from losses and aims to become profitable within three years.
Company president and CEO Herbert Consunji said the firm expects to achieve positive operating cash flow this year after making major changes following its takeover of the former Cemex Holdings Philippines Inc. assets.
He said the company has upgraded both its facilities and operations, expressing confidence in meeting its three-year recovery goal despite challenges such as rising fuel costs.
The ongoing oil crisis has increased expenses, as higher fuel prices affect both cement production and delivery. To cope, the company has raised cement prices since March.
Concreat also expanded capacity by launching a new 1.5-million-ton production line at Solid Cement, bringing total annual capacity to 7.2 million tons.
After the acquisition, the company carried out repairs, maintenance, and process improvements to boost efficiency. It also streamlined logistics by closing 11 external warehouses, buying new trucks and equipment, and expanding its port facilities.
In addition, the firm reintroduced its ordinary Portland cement product to serve large construction projects.
Despite these efforts, the company faces strong competition from imported cement and supply issues after a four-month mining suspension affecting its Cebu affiliate, forcing it to import raw materials.
Last year, cement sales volume remained at 4 million tons, while revenue fell by 5 percent due to lower prices. The company posted a net loss of P4 billion, an improvement from the previous year’s P23.4 billion loss.
