Displaying items by tag: Results
JK Cement’s first-half sales fall as profit rises
10 November 2020India: JK Cement recorded sales of US$339m in the first half of the 2021 financial year, down by 3% from US$348m in the first half of the 2020 financial year. Profit after tax for the period rose by 15% to US$40.6m from US$35.4m, partly due to a 5% decrease in total expenses to US$285m from US$301.
In comments about the coronavirus pandemic the group said, “With gradual resumption of overall economic activities, operations have started moving towards normalcy."
Dangote Cement increases nine-month sales by 12% to US$2bn
09 November 2020Nigeria: Dangote Cement has reported group sales of US$2.00bn in the first nine months of 2020, up by 12% year-on-year from US$1.79bn in the first nine months of 2019. Its cement volumes rose by 7% to 19.2Mt from 18.0Mt, while its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 17% to US$934m from US$797m.
Chief executive officer (CEO) Michel Puchercos said, “Dangote Cement’s strategy to offer high quality products at competitive prices is meeting customers' expectations in Nigeria and across the continent, where we continue to deploy excellent marketing initiatives and operational excellence. We remain committed to protecting our staff and communities by being fully compliant with health and safety measures in all our territories of operation. We are focused on adapting to the rapidly evolving markets in which we operate.”
The group said, “By 2021, all our countries of operation are estimated to return to growth, and we are well positioned to capture the demand eventually driven by this economic growth. We have seen a strong recovery across our operations in the third quarter of 2020, which is our strongest third quarter to date.” It added, “Our vision is for West and Central Africa to become cement and clinker independent, with Nigeria being the main export hub. This will notably contribute to the improvement of regional trade within the Economic Community of West African States (ECOWAS) region and beyond with the African Continental Free Trade Area (AfCFTA).”
India: Dalmia Bharat’s earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 15% year-on-year to US$177m in the first half of the 2021 financial year, from US$154m in the first half of the 2020 financial year. Overall sales were US$591m, down by 8% from US$644m, while cement sales fell by 5% to US$567m from US$596m. The company attributed this to “a seasonal weakness of cement prices during the second quarter especially in the eastern region” in addition to a fall in volumes by 6% to 8.46Mt from 9.02Mt in the first half.
Chief executive officer (CEO) and managing director Mahendra Singhi said, “The strength of our company’s foundation is visible in overall improvement in the operating metrics during the second quarter and during the first half of the 2021 financial year. Our team has truly been instrumental to our success and we are completely geared up for a successful integration of the new capacity and ramping up its utilisation levels. Our second quarter EBITDA of US$94.6m is the highest ever for the company.”
HeidelbergCement reports nine-month results
05 November 2020Germany: HeidelbergCement recorded net sales of Euro13.1bn over the first nine months of 2020, down by 8% year-on-year from Euro14.3bn over the corresponding period of 2019. Sales fell in most regions during the nine month period but rose in Africa-Eastern Mediterranean by 4% to Euro1.31bn from Euro1.26bn. Group cement volumes totalled 17.9Mt, down by 2% from 18.3Mt, while concrete volumes fell by 12% to 4.40Mt from 5.00Mt.
Speaking of the third quarter of 2020, chair Dominik von Achten said, “HeidelbergCement has achieved an excellent result. In an environment that continues to be characterised by major regional differences and great uncertainty, we were able to increase earnings before interest, taxation, depreciation and amortisation (EBITDA) by 17% in comparison to the third quarter of 2019.“ He added that the group expected earnings to grow in 2020 compared to 2019.
Vicat shows nine-month sales and cement sales growth
04 November 2020France: Vicat recorded net sales of Euro2.07bn in the first nine months of 2020, up slightly from Euro2.06bn in the first nine months of 2019. Sales rose in Africa by 23% to Euro198m from Euro161m, in Europe (excluding France) by 8% to Euro317m from Euro294m and in the Americas by 7% to Euro471m from Euro442m.
Cement sales constituted 51% of sales at Euro1.05bn, up by 5% from Euro991m. Cement volumes rose by 8% to 18.0Mt from 16.7Mt, while concrete volumes fell by 2% to 6.65Mt from 6.78Mt.
Chair and chief executive officer (CEO) Guy Sidos said, “The impact of the Covid-19 outbreak on the group's operating profit was eliminated by the end of July 2020. The good momentum observed since then, particularly in the group's most recent operations in India and Brazil, leads us to envisage that operating profit may increase significantly at constant scope and exchange rates in 2020. Nevertheless, the group is continuing its efforts to reduce structural costs, signified by the relocation on 1 October 2020 of its head office to l’Isle d'Abeau in Isère.”
Ramco Cements publishes first-half 2021 financial year results
03 November 2020India: Ramco Cements recorded sales of US$301m in the first half of the 2021 financial year, down by 15% year-on-year from US$354m in the first half of the 2020 financial year. Its profit was US$46.4m, down by 4% from US$48.4m.
The company said, “Business operations were severely disrupted during April 2020 in view of lockdown imposed by the government due to Covid-19. After relaxation of restrictions by the Government, business recovered gradually and is continuing with weak demand, especially in urban/semi-urban markets. The company continues to comply with the various operating guidelines issued by the relevant regulatory authorities from time to time. As per the current assessment of the company, there is no material impact on the carrying values of trade receivables, inventories and other financial/non-financial assets.”
Lafarge Africa’s sales rise following strong third quarter
03 November 2020Nigeria: LafargeHolcim subsidiary Lafarge Africa recorded sales worth US$471m in the first nine months of 2020, up by 10% year-on-year from US$427m in the corresponding period of 2019. Its recurring earnings before interest and taxation (EBIT) increased by 15.7% to US$108m from US$93m.
Chief executive officer (CEO) Khaled El Dokani said, “Our robust results for the first nine months reflect the strong recovery of the demand in the third quarter and the successful implementation of our ‘Health, Cost & Ccash' initiatives.” He added that this was despite the impact of coronavirus and negative local currency effects.
FLSmidth continues to fight impact from coronavirus
03 November 2020Denmark: FLSmidth has continued to report disruption to order intake, revenue and earnings due to the coronavirus pandemic. Its nine-month revenue from cement sector supply and service contracts were US$680m, down by 28% year-on-year from US$940m in the first nine months of 2020. The cement division’s loss before interest, taxation and amortisation (LBITA) was US$14.1m, compared to earnings before interest, taxation and amortisation (EBITA) of US$50.7. Its gross order intake fell by 39% to US$569m from US$932m. However, order intake in the third quarter of 2020 improved from the second quarter of the year.
The company said, “Across regions, around 95% of cement plants were back in operation at the end of the third quarter of 2020, but many plants continue to run at reduced capacity. As economic growth is one of the most important drivers for cement demand, our customers are highly sensitive to market fluctuations and typically respond through hesitation and cash preservation.” It added, “We are taking additional steps to simplify our cement business and adjust our cost structure. These activities include less in-house manufacturing and more sourcing from local suppliers as well as a reduction of the project organisation.”
China National Building Materials reports sales fall and profit rise
02 November 2020China: China National Building Materials (CNBM) recorded operating sales of US$27.2bn in the first nine months of 2020, down by 1% year-on-year from US$27.4bn in the first nine months of 2019. Net profit rose to US$2.82bn, up by 22% from US$2.31bn.
The group said, “On 17 April 2020, the Company became the first batch of first-tier mature enterprises of the National Association of Financial Market Institutional Investors, and carried out unified registration of debt financing instruments (TDFI) (including but not limited to super short-term commercial paper, short-term commercial paper, medium-term debentures, perpetual debentures, asset-backed notes, green debt financing instruments) in the China inter-bank bond market, which were issuable in different types and separate tranches, with a registration term of two years.”
Siam Cement Group publishes nine-month results
02 November 2020Thailand: Siam Cement Group’s sales in the first nine months of 2020 were US$9.73bn, down by 9% year-on-year from US$10.7bn in the first nine months of 2019. Profit rose by 8% to US$891m from US$826m. Its cement and building materials business recorded revenues of US$4.22bn, down by 6% from US$4.49bn. The group attributed this to coronavirus-related lockdown measures. However, its earnings before taxation, interest, depreciation and amortisation (EBTIDA) rose by 9% to US$574m.