MEXICO CITY, Feb 8 (Reuters) - Mexican cement maker Cemex announced on Thursday it aims to dole out $120 million in dividends over the next year, a long-awaited boost to shareholders as the firm has fought to regain an investment-grade credit rating.

The dividend plan comes as Cemex, still rated BB+ by S&P and Fitch, posted a net loss of $441 million in the fourth quarter, hit by fines resulting from a years-long tax auditing process on its operation in Spain.

Shares in the firm tumbled more than 6% on opening, though J.P. Morgan analysts said they expected a positive share reaction on the program and in-line 2024 estimates.

Cemex will propose the quarterly dividend program - which would run from the second quarter of this year to the first quarter of 2025 - in its March shareholder meeting. Any subsequent dividends would be subject to shareholder approval, it added.

Executives said in the previous quarter they would look to start paying out dividends "systematically" once the investment-grade rating was regained, which was likely to happen early this year.

Cemex has aimed for more than a decade to recover its credit rating, selling off assets and trimming its debt. In October, it refinanced a $3 billion syndicated credit agreement.

Reuters reported on Wednesday that Philippine conglomerate DMCI Holdings Inc was in talks to buy Cemex's unit in the country.

Were it not for the hit from the Spanish fines, Cemex would have brought in a net profit of around $172 million in the quarter.

The cement maker's revenues climbed 10% year-over-year to $4.24 billion on higher prices in the fourth quarter, making up for a drop in volumes. In Mexico, the firm said it saw bagged cement demand pick up in the second half of the year, "which we believe bodes well for 2024."

Overall, Cemex expects cement volumes to remain stable or see a single-digit rise in the year, with energy costs dipping.

Cemex's core earnings, or earnings before interest, taxes, depreciation and amortization (EBITDA), grew 18% in the quarter to $743 million, closing out the year with a record annual EBITDA of $3.35 billion.

EBITDA is expected to see a modest single-digit increase in 2024, which Santander analysts called "widely achievable."

The firm also aims to invest $1.6 billion in the year, $300 million more than in 2023. (Reporting by Kylie Madry and Natalia Siniawski; Editing by Mrigank Dhaniwala and Angus MacSwan)