Displaying items by tag: Results
Cementos Argos’ earnings rise in 2023
22 February 2024Colombia: Cementos Argos recorded a 30% year-on-year rise in its earnings before interest, taxation, depreciation and amortisation (EBITDA) to US$620m in 2023. This came despite a 3% drop in the producer’s cement sales, to 15.7Mt. Its profit rose by 83% to US$74m. The producer attributed the growth to favourable price dynamics, cost efficiencies and productivity improvements.
Cementos Argos had an installed cement capacity of 24Mt/yr at the end of 2023.
Vulcan Materials’ sales grow in 2023
21 February 2024US: Vulcan Materials raised its sales by 6.4% year-on-year in 2023, from US$7.32bn to US$7.78bn. Its adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 24% to US$2bn, while its profit grew by 25% to US$1.95bn. Vulcan Materials’ full-year concrete volumes dropped, during which time it also divested some concrete operations. Altogether, the producer plans to invest US$625 – 675m in maintenance and growth projects in 2024.
Chair and CEO Tom Hill said "We carry momentum into 2024, and our focus is the same - compounding unit margins through all parts of the cycle and creating value for our shareholders through improving returns on capital."
Titan Cement International raises sales in 2023
20 February 2024Greece: Titan Cement International has published its preliminary results for 2023. The results indicate a 13% year-on-year rise in sales, to Euro2.54bn from Euro2.25bn in 2022. The unaudited figures show group earnings before interest, taxation, depreciation and amortisation (EBITDA) growth of 61% to Euro535m from Euro331m. As a result, it expects to more than double its net profit to Euro265m. The company's net debt ended the year at Euro660m, down by 17% from Euro797m a year earlier.
Sungshin Cement grows sales in 2023
20 February 2024South Korea: Sungshin Cement's sales rose by 8% to US$832m in 2023, from US$771m in 2022. The producer reported a surge in its operating profit to US$54.9m from US$1.37m.
Sharjah Cement’s sales slip in profitable full-year 2023
19 February 2024UAE: Sharjah Cement’s sales were US$172m in 2023, down by 0.2% from US$173m in 2022. Mubasher has reported that the company successfully turned a profit of US$308m, compared to a US$10.8m loss in 2022.
Summit Materials raises full-year sales in 2023
16 February 2024US: Summit Materials has published its financial results for 2023, its last full year prior to its merger with Argos North America on 15 January 2024. The building materials producer’s sales rose by 10% year-on-year to US$2.4bn, while its adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 18% to US$578m. Cement contributed 16% of sales revenue, at US$383m, up by 7%. This was despite a 7% decline in sales volumes.
President and chief executive officer Anne Noonan said "Summit is at an exciting and pivotal point in our company’s history. Our team has effectively capitalised on dynamic yet constructive market conditions to drive record revenue and profitability.” She continued “We're building on our record-setting performance by swiftly and safely advancing our Argos integration – a move that we expect will only strengthen our materials-led business. For 2024, with an improved footprint and increased scale, we anticipate delivering another year of strong growth and returns. Our positive outlook is supported by robust commercial conditions, an improving demand backdrop and a full set of growth opportunities that are unique to Summit Materials. Crucially, our high-quality execution, financial performance and strategic focus has afforded us the balance sheet flexibility to continue our pursuit of value-accretive capital allocation priorities. Today and moving forward, we firmly believe Summit is very well-positioned to generate superior value creation for our shareholders."
Peru: Cementos Pacasmayo recorded an 8% year-on-year drop in its full-year sales in 2023. Group sales volumes of cement and concrete fell by 14%. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) also dropped, by 2% to US$125m, influenced by a US$9.47m impairment due to the replacement of its former vertical kilns with a new kiln. The producer further attributed the decline to low construction activity in the private and public sectors, as well the effects of Cyclone Yaku in early 2023.
France: Hoffmann Green Cement Technologies recorded a turnover of Euro6m in 2023, more than double the figure for 2022. The company sold 21,378t of its clinker-free alternative cement, up by 78% year-on-year, but under its target of 24,000t. It strengthened its order book by 8% to 260,000t.
The company confirmed its existing financial objectives, namely: to achieve positive earnings before interest, taxation, depreciation and amortisation (EBITDA) in 2024; an operating profit in 2025; and a turnover of Euro130m by 2026.
Vicat reports full-year sales growth in 2023
14 February 2024France: Vicat recorded consolidated sales of Euro3.94bn in 2023, up by 8% year-on-year from Euro3.64bn in 2022. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) were Euro740m, up by 30% from Euro570m. The producer's energy costs declined by 10% to Euro596m. Vicat noted ‘strong’ growth in sales across all regions except Kazakhstan and India, and in earnings in the US. Its cement volumes rose by 6.3% overall, but contracted in Egypt, France, Senegal and Switzerland.
Cementir reports earnings growth in 2023
13 February 2024Italy: Cementir's full-year 2023 results show sales of Euro1.69bn, down by 1.7% year-on-year from full-year 2022 levels. Nonetheless, the company’s earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 23% to Euro411m. The company more than doubled its net cash position to Euro218m. Under its Plan 2024 – 2026, Cementir aims to raise its sales by 18% to Euro2bn, its EBITDA by 3.4% to Euro425m and to more than double its net cash position again to Euro600m in two years.
Chair and chief executive officer Francesco Caltagirone said "Despite an increasingly uncertain macroeconomic scenario due to growing geopolitical tensions and more restrictive monetary conditions, in 2023 the group demonstrated significant resilience, setting new records thanks to an even more diversified geographical and product mix. The general weakness in volumes, with the exception of Türkiye and China, was balanced by the improvement in operational efficiency. The new industrial plan to 2026 continues to place sustainable organic growth at the centre of our strategy, confirming all medium and long-term objectives and continuing on our path towards decarbonisation."