Italy: Cementir Holding has reported that its profit rose by 3.1% year-on-year to Euro103m in 2015 from Euro100m in 2014. Its revenue rose by 2.2% to Euro969m from Euro948m. It attributed the growth to good performance of operations in the Scandinavian countries, Malaysia, Italy and Egypt.
“The Group ended 2015 with earnings before interest, taxation, depreciation and amortisation (EBITDA) in excess of the target of Euro190m. Improved performance in Scandinavian countries and Italy, plus the stable contribution of the Far East, offset the lower earnings in Turkey and Egypt caused by socio-political tensions across the Mediterranean and the Middle East, as well as the negative impact of the depreciation of some foreign currencies,” said Francesco Caltagirone Jr, Chairman and Chief Executive Officer of Cementir. He added that the group reduced its net debt to Euro222m in 2015.
The Italy-based building materials company produced 9.37Mt of cement in 2015, a decrease of 2% year-on-year from 9.56Mt in 2014.