MANILA, Philippines — The Consunji Group expects its cement business to remain challenging this year, but sees demand recovering over the medium–term, fueling a planned turnaround for its listed cement maker’s financial performance.
Herbert Consunji, president and CEO of Concreat Holdings Philippines (CHP), formerly Cemex Holdings Philippines, said that 2024 was a difficult year across the cement industry with soft demand and prices dropping.
“We recognize that 2025 will bring continued pressure to the industry. The cement business is highly competitive and global challenges, from trade tension to recession risk and geopolitical uncertainty, can weigh down cost, price and demand,” he said during CHP’s first annual stockholders’ meeting under the management of the Consunji Group.
Consunji, however, said that these headwinds are not new to DMCI Holdings, which is now the majority owner of CHP.
“We have a long proven history of navigating complex market cycles with fiscal discipline, determination and a strong work ethic. If there is one thing our experience has taught us, what matters most is not the difficulty of the environment, but how we respond to it,” Consunji said.
“That is why this integration is so important, to bring together two strong foundations — CHP’s national footprint in cement and DMCI’s broad capabilities across construction, real estate, energy mining, water services and logistics. Together, we form a powerful combination, aligned not just in operations, but in vision, values and long term goals,” he said.
Last December, the Consunji Group, through diversified engineering conglomerate DMCI Holdings, Semirara Mining and Power Corp. and Dacon Corp., completed its acquisition of Cemex Asian South East Corp. for $272 million.
While the short–term may be challenging for CHP, Consunji said the company remains focused and cautiously optimistic about the future.
According to Consunji, cement demand is expected to recover over the medium–term as infrastructure continues to be a government priority, backed by spending commitment of at least five percent of gross domestic product.
He also said that cement consumption per capita in the Philippines remains well below regional benchmark, suggesting strong room for growth.
Consunji said the projected housing backlog, expected to reach 10 million units by 2028, likewise presents significant upside.
CHP’s new Solid Cement Plant production line in Antipolo became fully operational last month, expanding its total annual plant capacity by 26 percent to 7.2 million tons.
The expansion reinforces the company’s ability to provide a steady supply of cement for building homes, roads, bridges and other key infrastructure.
Under its new leadership, CHP is targeting to become a profitable company in three years.
“Turning around a company takes time, discipline, consistency. We are confident that the steps we are taking today are steering CHP toward strength, efficiency and long term competitiveness. Our team in CHP is committed to find solution to turn the company around in three years’ time,” Consunji said.
In 2024, CHP reported a net loss of P23.4 billion, P19.6 billion of which was a non cash goodwill revaluation, a one-time adjustment based on the Consunji Group’s purchase price of CHP.
Excluding the goodwill revaluation, CHP’s core net loss stood at P3.7 billion, mainly driven by sharp drop in cement prices.
“The road ahead will not be easy, but I have full confidence in our people’s ability to bring CHP back to financial strength and market relevance,” CHP chairman Isidro Consunji said.
“As CHP returns to an old Filipino board and management team, it reflects a deeper commitment to local insight, nation building and long term stewardship. The board’s role in this journey is to provide steady guidance, focus on good governance, accountability and strategic action that creates enduring value,” he said.