Fábrica Nacional de Cemento, S.A.C.A.

What it is

FNC makes cement and is involved in extracting, processing, and distributing materials for the construction industry, including cement and pre-mixed concrete. Its branded products include Portland cement under the names Compactmex, Mortermex, Normex, Pavimex, and Imperemex.

Its flagship brand, Cementos La Vega, has over 100 years in the market and is the most widely recognised cement in Venezuela in its category; its Ocumare del Tuy plant holds ISO 9001 certification.

Who owns it

FNC describes itself as a “socialist enterprise” and counts itself among the six subsidiaries of the Corporación Socialista del Cemento (CSC), a body attached to the Venezuelan Ministry of Industry and National Production. The precise percentage of CSC’s shareholding versus the public float is not disclosed in available sources.

CSC was created by Decree No. 6,824 of 21 July 2009; the path to state control began in May 2008 when then-President Hugo Chávez reserved the entire cement manufacturing industry for the state. Before that, the French group Lafarge — then the world’s largest building-materials company — had held the majority stake since 1994.

Who runs it

In April 2026 the Bolsa de Valores de Caracas published a convocation by CSC to install a new FNC board — President, Principal Directors, and Alternate Directors — for the 2026–2028 term, pursuant to Resolution 027/2026 published in Gaceta Oficial No. 43,337 of 17 March 2026. The convocation was signed by José Gregorio Pérez Piccone, acting President of Corporación Socialista del Cemento, S.A.

The individual names of FNC’s own board members for the 2026–2028 period, and the title of its on-site director general, are not disclosed in available sources; the CSC, as controlling shareholder, appoints them directly by government resolution.

The money, in plain words

FNC remains listed on the Bolsa de Valores de Caracas with roughly 81 million shares in issue; at the live price of VES 2,600 (≈ US$3.72 per share at 698.47 VES/USD), the whole company is valued by the market at about VES 210.8 billion — roughly US$302 million — our calculation.

Venezuela’s state-owned cement companies publish no audited income statements in open sources; revenue, net profit, net margin, and return on equity are all not disclosed in available sources. Academic work by Transparencia Venezuela found that after nationalisation the combined cement group’s production fell 41% against 2007 levels, with FNC alone suffering a 67% production drop between 2011 and 2015.

Whether output has since recovered is not disclosed in available sources.

What it is doing now

The most recent material event on the public record is the April 2026 extraordinary shareholder assembly, at which an entirely new board was presented for the 2026–2028 period under a government resolution issued in March 2026. The board renewal signals continued direct state management rather than any shift toward private participation.

In September 2020 CSC announced that it would accept Venezuela’s state-backed cryptocurrency, the Petro, as a method of payment for cement-industry transactions. No more recent operational disclosures are available in public sources.

What to watch

• Financial disclosure: FNC publishes no audited financials in accessible sources; any resumption of transparent reporting would be the single biggest signal of institutional normalisation.
• Production recovery: After a decade of steep output declines post-nationalisation, the trajectory of physical cement volumes matters far more than the nominal share price for any assessment of real value.
• Ownership structure: The precise CSC stake versus free float has never been published; any formal disclosure would sharply change how the stock is read by outside investors.
• Macro environment: Venezuela’s economic stabilisation since 2021 has revived construction modestly; FNC’s fortunes track housing programmes and infrastructure spending directly.
• Leadership: Board appointments at FNC flow from CSC government resolutions, not from shareholder elections; watch Gaceta Oficial publications for management changes.

This is news, not investment advice.