“Análisis de la Incidencia de los Indicadores de Gestión en la Rentabilidad de las Industrias del Sector Cementero del Ecuador: Un Estudio Empírico.”

Abstract

In Ecuador, the cement industry is led by Holcim Ecuador, “Unión Cementera Nacional,” and “Unión Andina de Cementos.” It is characterized by its high market concentration and strategic importance to the national economy. However, the industry faces critical challenges, such as dependence on a few players and the impact of global crises—especially the COVID-19 pandemic—which significantly affected production, consumption, and financial strategies. This research aims to analyze the impact of management indicators on the profitability of Ecuador's largest cement companies from 2019 to 2021. Using a quantitative and descriptive approach, Principal Component Analysis (PCA) was applied to identify the factors of management, solvency, and liquidity. The results show that the indicators with the greatest impact on profitability during the three periods were asset leverage, equity leverage, the impact of administrative and selling expenses, fixed asset leverage, and financial leverage. In 2019, financial stability was maintained through an efficient operating structure. However, in 2020, companies prioritized short-term solvency, which increased financial pressure. By 2021, a partial recovery is evident thanks to asset optimization strategies and operational efficiency, although it has not reached pre-pandemic levels. The findings highlight the importance of implementing sustainable and resilient actions to support the competitiveness of the cement industry, preparing it for future crises.