Comercial Cosmos Sur, the company that employs the Brazilian Votorantim in its 50% of Cementos Especiales de las Islas, has changed the president of Votorantim, Jorge Alejandro Wagner, by resignation, according to company sources in Madrid consulted by Maspalomas24H, in his position as representative on the board and appoint Antonio Sousa Pelicano, who is the CEO of the cement group in Europe, as the new natural person representative.
"We maintained solid liquidity throughout the year and also our investment grade rating from the major rating agencies," Bianca Nasser, global chief financial officer at Votorantim Cimentos, recently stated. At the moment there are no changes among the island medians that operate there until we at least know how the railway investment in Gran Canaria is going to go.
The partners of Corporación Masaveu in the south of Gran Canaria, who have the industrial cement business on the islands, closed 2023 with an increase of 123% compared to 2022, mainly explained by the better operating result. In the south of Gran Canaria they think that Ceisa is a company of Canarian partners, as in Telde is the case with Vidrieras Canarias. But 50% are Spanish from Asturias and the other from Brazil. The Las Palmas press protects this confusion to encourage Canarians to consume products from the islands by appealing to the Canary Islands even if it means an extra cost in their pockets.
The Masaveu partners' consolidated global net revenues in 2023 were 3% higher than in 2022, as a result of favorable pricing and market dynamics, mainly in the North American and European, Asian and African operations. In Brazil, results were also positive, driven by higher-than-expected growth in new businesses. The total sales volume in the countries in which the company operates amounted to 37 million tons of cement, slightly higher than the previous year. Votorantim Cimentos reached the end of 2023 with a cash balance and financial investments of 5.900 billion reais, enough to meet its financial obligations for approximately the next four years.
