(Reuters). Cemex Mexico’s cement producer reported a 179% increase in fourth-quarter net profits to $195m. This was due to lower expenses and positive variations from foreign currency results and financial instruments.

Cemex reported that its quarterly revenues rose from $3.5 billion to $3.62 Billion a year ago to reflect higher currency prices across all regions.

EBITDA or Earnings Before Interest, Tax, Depreciation, and Amortization, which is the Earnings after interest, taxes, amortization and amortization for the year, rose 18%, to $2.86 trillion, a figure that was lower than the Refinitiv estimate, of $2.94B. EBITDA rose by 3% to $651million in the fourth quarter.

Cemex indicated that the company expects a mid-single-digit increase in EBITDA operating in 2022.

According to the Monterrey-based industrial giant, in October, it was stated that project delays and slow supply chains could affect its full-year operating profit.

Cemex, one of the world’s largest concrete producers, stated that it had achieved its investment-grade goal and lowered its leverage ratio from 1.4x to 2.73x by 2021.

Cemex said last year to Reuters it is investing in renewable energy, alternative fuels and climate solutions.

According to Cemex chief executive Fernando A. Gonzalez, the CO2 emissions fell 4.4 percent in 2021. This is “our lowest carbon emission levels on record” and “our largest annual year-over-year decline,” Gonzalez stated.

Recent announcements by the company indicated that progress was made in producing clinker from solar energy. It also announced plans to use sustainable waste management to provide power for some Mexican operations.

Cemex stated that it expects 2022 cement consolidated volume growth of flat and for ready-mix to grow low to medium digits. For aggregates, the forecast is for a low single digit rise for ready mix, but low to middle single digit growth.

The company stated that it is “entering 2022 without any financial risk”, and has no financing requirements for the next three years. It also noted that the average maturity was $800,000,000 per year over the next 10 years.

Cemex, which is the key industry for cement production, is monitored closely to gauge its performance.