CIMEX: over $950 million USD revenue in 2001
BY the end of November, the CIMEX corporation, Cubaís largest
trading company, which comprises 28 smaller companies, had sold
products totaling over $950 million USD.
The groupís initial income target was $864.4 million USD, which
would have been a 12% increase on last year. Nevertheless, a great
effort, organized work and commitments from its 22,000 workers in
the 322 businesses were undertaken to raise the net income to one
The campaign took as its leitmotif: "1,000 Reasons" and was
welcomed with enthusiasm by the collective of workers, who made
their commitments in trade union assemblies and other meetings.
Nationwide, the CIMEX S.A. corporation owns dozens of many large
and small stores, 119 gasoline stations, 117 cafeterias, 47 photo
services (digital and color), the tour operator HAVANATUR, finance
and banking facilities, and real estate and duty-free zones
The events of September 11, the global economic recession, the fall
in tourism and family remittances from abroad, compounded by the
serious effects of Hurricane Michelle, frustrated those targets.
Despite that, it is hoped to exceed the $950-million goal before the
end of the year, given that a process of recuperation and
normalization has begun in the country, primarily in the flow of
tourists, due to the climate of safety and complete absence of
hysterical war capaigns in the media. This has made Cuba a pleasant
refuge for tourists and businesspeople.
In his annual meeting with the press, CIMEX president Eduardo
Bencomo and his team informed that next year they have an
$84-million new investment plan.
They also announced that the new La Puntilla department-store, the
largest of its kind in Cuba, is expected to begin functioning normally in
the final days of the present year and the early months of 2002.
Similarly, several apartment buildings and office blocks are to begin
operating in Miramar, 10 kilometers from the center of Havana.
Intentions and projects exist, mainly with the other large trading
company CUBANACAN S.A. for investments in hotels, motel and
other businesses in the tourism sector, which has become the driving
force of the Cuban economy.
Recently, HAVANATUR signed agreements with three U.S. airlines, in
addition to undertaking new promotional projects for visits to the
island, making it one of the groupís companies with great potential.
He recalled that an increasingly higher percentage of the products
and commodities sold by CIMEX S.A., although not enough, are
manufactured in Cuba.
CIMEX is working toward achieving better quality/price relation in
certain imported as well as domestic merchandise.
For 2002, the corporation is maintaining its one-billion-dollar target,
its plan of 47% to the dollar in costs, and to continue the battle for
quality, customer protection and the continued stimulation of national
products in order to replace imports.