Sales slip amid the COVID-19 pandemic
In 2020, construction activity and, more broadly, the general macroeconomy suffered as a result of the strict socioeconomic restrictions that were implemented amid the global health crisis. Demand for the company’s building materials was negatively affected by the decline in construction activity that resulted from the business shutdown and accompanying recession. Sales volumes of each of the company’s product lines declined in 2020, with sales of ready-mixed concrete falling the most during the year. However, company revenue and profitability improved in 2021 on account of the retracement of global socioeconomic restrictions that lifted demand for the company’s building materials.
COVID|Structural|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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