C.A. Fábrica Nacional de Cementos S.A.C.A.

What it is

FNC is a state-owned company committed to the production and sale of cement and ready-mix concrete, and is one of six subsidiaries of the Corporación Socialista del Cemento (CSC), the body attached to Venezuela’s Ministry of Industry and National Production.

It sells Portland cement under the Compactmex, Mortermex, Normex, Pavimex, and Imperemex brand names, as well as the historic “La Vega” brand. Its main production centre — the Ocumare del Tuy plant — holds ISO 9001 certification.

The company’s activities extend to the production, distribution and sale of a variety of cement types and cement derivatives, as well as exploitation of its own quarries.

Who owns it

In August 1994 the French group Lafarge, then a world leader in building materials, acquired the majority stake in FNC. In 2008 the Venezuelan government nationalised the entire cement industry.

On 28 July 2009, the Corporación Socialista del Cemento, S.A. (CSC) was created as a state enterprise under Presidential Decree No. 6,824, published in Gaceta Oficial No. 39,229 — and FNC was folded into it. FNC was formally acquired by the Corporación Socialista del Cemento on 30 December 2009.

The precise residual free-float percentage held by minority public shareholders is not disclosed in available primary sources, though FNC shares continue to trade on the Caracas exchange.

Who runs it

The most recent management directory published by the company — dated April 2019 on its own website — names Tcnel. Argenis Juvenal Hernández Solórzano as Director General, with Lic.

Digna Torrealba as Gerente General de Administración y Finanzas (the finance lead). No updated leadership disclosure has been found on the company site, the Bolsa de Caracas, or SUNAVAL as of the date of writing.

The money, in plain words

Not published: audited annual revenue, net profit, total assets, net margin, return on equity, and price-to-earnings are not publicly accessible. The company’s own website (fnc.com.ve) has published no financial reports; the Bolsa de Valores de Caracas (bolsadecaracas.com) restricts company-specific filing downloads to registered users and no FNC documents appeared in its public news feed; SUNAVAL (sunaval.gob.ve) surfaces no FNC filings.

Venezuela’s securities law (Ley de Mercado de Valores, 2010) requires listed issuers to publish audited annual financial statements through SUNAVAL, but FNC — as a state entity — appears to operate outside normal enforcement of that rule in practice, consistent with the broader pattern documented by Transparencia Venezuela.

The only financial context available from verified sources is historical and sobering: according to a 2017 Transparencia Venezuela investigation, by 2015 the combined output of the state cement companies had fallen 41% relative to 2007, with FNC’s own production down 67% between 2011 and 2015.

On market value, the shares last traded at VES 130 (US$0.18)(roughly $0.18 at the current rate of VES 707.92 (US$1)per dollar), giving a total market value — or market capitalisation — of approximately VES 10,540 million (US$15 mn), equivalent to about $14.9 million USD (our calculation, 81.08M shares × VES 130 (US$0.18)÷ 707.92). FNC pays no dividends to its shareholders.

What it is doing now

The CSC group is currently in a period of sustained growth that positions it as a central actor in Venezuela’s construction industry. Across its operations — 10 cement plants and 47 ready-mix concrete factories — the group employs more than 7,000 workers.

With investments under way, new commercial partners, and the expectation of significantly increasing cement output, the CSC is positioning itself as a symbol of Venezuelan industrial reactivation, coinciding with a broader national economic recovery. FNC is a named subsidiary in that expansion, though plant-level production figures for FNC specifically are not broken out.

What to watch

• Financial disclosure: The single biggest unknown. Any resumption of public filing — whether through SUNAVAL or the Bolsa de Caracas — would be the most significant transparency event this stock could produce.
• State ownership concentration: The exact residual free-float is undisclosed. If the state seeks to delist or consolidate, minority holders have little structural protection under current Venezuelan practice.
• Production recovery: The CSC group’s reported output rebound is the first positive operational signal in years; whether FNC’s Ocumare plant is carrying that recovery or lagging behind it remains unverifiable from public data.
• Currency risk: With Venezuela’s bolívar losing value against the dollar over years of instability, even a nominally rising share price in VES may represent stagnation or decline in real, dollar-denominated terms.
• Leadership: The last publicly named Director General was appointed in April 2019. Any formal leadership change — which would ordinarily be filed as a hecho relevante (material fact) with the exchange — should be watched carefully.

This is news, not investment advice.