Displaying items by tag: Results
ACC raises sales in first nine months of 2024 financial year
27 October 2023India: ACC recorded sales of US$1.16bn during the first half of its 2024 financial year that started in April 2023. This represents a year-on-year rise of 14% from US$1.02bn in the first half of the previous financial year. Cement sales grew by 15%, to US$1.08bn, 94% of total sales. The company’s raw materials costs rose by 16% to US$185m, while its power and fuel costs fell by 24% to US$241m, failing to offset a 5% rise in overall costs, to US$1.06bn. As such, ACC reported a profit after tax of US$102m, up by a factor of six from nine-month 2023 financial year levels.
US: Eagle Materials sold 4.14Mt of cement during the first half of its 2024 financial year, from 1 April 2023, a slight increase from the volume sold in the same period in its 2023 financial year. It reported sales revenue from its wholly owned cement business of US$614m, up by 15% year-on-year and corresponding to 50% of total group sales. Overall, group revenue rose by 4.9% to US$1.22bn.
President and chief executive officer Michael Haack said "Market conditions for our construction materials remained resilient during the quarter, even as the Federal Reserve continued to raise interest rates and tighten money supply to contain inflation. Several factors helped offset the higher rates and supported demand for cement, including limited housing supply, strong homebuyer demand, increasing infrastructure awards and significant investment in domestic manufacturing facilities. As demand remained strong and our operations remained nearly sold-out, we implemented a second round of cement price increases in early July across half our markets, and announced the next round of price increases for early January 2024.” Haack added “We expect that our portfolio of businesses will remain well-positioned for the second half of fiscal 2024."
Cemex raises nine-month sales and earnings so far in 2023
26 October 2023Mexico: Cemex’s sales were US$13.2bn during the first nine months of 2023, up by 13% year-on-year from US$11.7bn in the first nine months of 2022. The group’s operating earnings before interest, taxation, depreciation and amortisation (EBITDA) were US$2.6bn, up by 27% from US$2.1bn. This came in spite of a 7% year-on-year decline in its cement volumes, to 39.1Mt from 41.8Mt. Volumes rose by 3% in Mexico, but fell by 13% in the US, 4% in South, Central America and the Caribbean and 10% in Europe, Middle East, Asia and Africa.
Cemex chief executive officer Fernando González said “2023 is proving to be an exceptional year for our company, and I am especially encouraged by our recovery of EBITDA margins to 2021 levels, a key strategic priority. The success of our pricing strategy, contribution of growth investments and our fast-growing Urbanisation Solutions business, as well as decelerating cost inflation, are contributing to profitability in a very meaningful way.” He continued “We are making significant progress on our decarbonization roadmap, reducing Scope 1 and Scope 2 carbon emissions by 12% and 11%, respectively, since 2020. Prior to the introduction of our Future in Action programme in 2020, a reduction of this magnitude would have taken almost 15 years.”
Xinjiang Tianshan Cement’s sales drop in third quarter of 2023
26 October 2023China: Xinjiang Tianshan Cement, a subsidiary of China National Building Material (CNBM), recorded sales of US$3.68bn during the third quarter of 2023. This corresponds to a 19% year-on-year rise compared to third-quarter 2022 levels. Reuters has reported that Xinjiang Tianshan Cement’s net loss was US$12.4m, while in the corresponding quarter of 2022 it recorded a profit of US$78.3m.
Peru: Cementos Pacasmayo’s sales fell by 9.1% year-on-year to US$371m during the first nine months of 2023. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) fell less sharply, by 2.9% to US$93.6m. The producer stated that lower costs partially offset the drop in sales. Its net income was US$34.4m, down by 3.6%.
China: China Shanshui Cement recorded sales of US$1.92bn during the first nine months of 2023, down by 15% year-on-year from US$2.25bn during the first nine months of 2022. Reuters has reported that the company made a US$25.7m loss during the period, compared to a profit of US$139m in the corresponding period of 2022.
Mexico: GCC recorded US$1.02bn in sales during the first nine months of 2023, up by 16% year-on-year from US$880m in the first nine months of 2022. The producer’s cement volumes rose by 5.5% in Mexico, but fell by 8.1% in the US. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 31% to US$354m from US$271m.
GCC chief executive officer Enrique Escalante said “The ability of our teams to face market conditions allowed us to further strengthen our margins Throughout the third quarter of 2023, we continued to invest in the business and focus on commercial performance to offset cost inflation and increase margins, as well as strengthening our market position to build a stronger future for GCC.”
Semen Baturaja raises sales in first nine months of 2023
25 October 2023Indonesia: Semen Indonesia subsidiary Semen Baturaja reported sales revenue of US$91.3m during the first nine months of 2023, up by 10% year-on-year. Cement sales contributed US$89.5m towards the total (98%). The producer raised its net profit by 25% year-on-year to US$3.4m. It also distributed US$169,000 as part of its Social & Environmental Responsibility Programme Fund, up by 61%.
General director Daconi Khotob said “The increasing net profit was also supported by a decrease in interest expenses as a result of refinancing bank debt and accelerating principal payments on syndicated credit loans.”
Heidelberg Materials’ third-quarter sales drop in 2023
20 October 2023Germany: Heidelberg Materials preliminary reported a 4% year-on-year decline in its sales during the third quarter of 2023, to Euro 5.6bn. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 17% to Euro1.39bn from Euro1.28bn. The group succeeded in raising its profit in the quarter, by 24% year-on-year to Euro1.08bn.
Heidelberg Materials says that it expects to record a ‘moderate increase’ in its revenues in full-year 2023. The company raised its profit target range for the year to Euro2.85 – 3bn from Euro2.7 – 2.9bn.
Sagar Cements grows sales in first half of 2024 financial year
20 October 2023India: Sagar Cements reported sales worth US$136m in the first half of the 2024 financial year. This corresponds to a year-on-year rise of 9.1% from US$124m in the first half of the previous financial year. The producer recorded a loss for the period of US$6.31m, down by 3.9% from US$6.57m. This was in spite of a 7.8% rise in its total costs, to US$148m.