Persistent Multi-year Net LossesDespite EBIT improvement, multi-year net losses mean retained earnings are depleted and reported profitability remains fragile. This limits the company's ability to self-fund growth or dividends and raises the bar for sustained recovery to restore long-term shareholder value.
Weak Cash Generation And Negative FCFRecurring negative operating and free cash flow indicates weak cash conversion despite periodic profitable operating lines. Over months this necessitates external funding, constrains capex and working-capital flexibility, and raises refinancing and liquidity risk during slower demand periods.
High Input And Logistics Cost SensitivityCement manufacturing is energy- and freight-intensive, making margins structurally sensitive to fuel, power and transport costs. Persistent or rising input and logistics costs can compress margins and cash flows over multiple quarters unless offset by pricing power or structural efficiency gains.