Displaying items by tag: Results
Philippines: Eagle Cement Corporation’s profit in 2019 was US$118m, up by 25% from US$94.1m in 2018. Sales for the year amounted to US$389m, up by 20% from US$324m in 2018. The Manila Times newspaper has reported that the company attributed the rises to ‘increased sales volumes growth,’ due in part to ‘robust demand for private consumption.’ Eagle president and CEO Paul Ang said, “We keep our positive stance that demand will eventually pick up once the enhanced community quarantine is lifted by the government and we remain committed to delivering high quality cement to both private and public sectors as soon as this happens.”
Eagle Cement Corporation will complete the installation of a fifth mill at its 7.1Mt/yr integrated Bulacan plant in 2020, bringing its cement capacity to 8.6Mt/yr.
Brazil: Votorantim Cimentos earned revenues of US$2.47bn in 2019, up by 3.0% year-on-year from US$2.39bn in 2018. Its earnings before interest, taxation, depreciation and amortisation rose by 1.1% to US$513m from US$507m in 2018. Throughout the year, the company says that it paid off approximately US$570m of debt and contracted with a syndicate of banks for a new committed credit facility (CCF) for its alternative fuel substitution and CCF reduction initiatives of US$55.1m, due in August 2024.
On 30 March 2020 Votorantim Cimentos donated US$5.5m to fighting the effects of the coronavirus in Brazil.
China: Jiangxi Wannianqing Cement’s net profit in 2019 was US$197m, representing a 20% year-on-year increase from US$164m. Reuters has reported that on 15 November 2019 Jiangxi Wannianqing Cement paid US$82.6m for a lease and limestone exploration rights for land in De’an County, Jiangxi Province, previously held by Fushan Cement. On 25 June 2019 the company received US$23.3m in government compensation for the relocation of its Wannian cement plant.
Egypt: Sinai Cement’s net loss in 2019 was US$28.1m, down by 44% year-on-year from US$50.2m in 2018. Arab Finance News reported that the company attributed the loss to accumulated effects of currency devaluation on imported fuel and to rises of electricity and oil prices.
China: Asia Cement (China) Holdings’ whole-year net profit for 2019 was US$444m, up by 30% year-on-year from US$341m in 2018. Revenues grew by 11%, to US$1.78bn from US$1.60bn in 2018.
The group said that it expects cement demand to shrink in early 2020, recovering in early/mid-2020 to remain ‘at peak season level’ into late 2020, according to Reuters.
Anhui Conch net profit rises by 13% year-on-year in 2019
24 March 2020China: Anhui Conch Cement recorded a net profit of US$4.77bn in 2019, 13% higher than its 2018 net profit of US$4.23bn in 2019. Revenues rose by 22% year-on-year to US$22.2bn from US$18.2bn in 2018.
HeidelbergCement boosted in ‘bizarre’ start to 2020
23 March 2020Germany: HeidelbergCement started the new year better than ever before, according to chief executive officer (CEO) Dominik von Achten. He reported that this had been mainly due to good weather before the onset of the coronavirus outbreak. Von Achten warned that the situation had already changed beyond recognition since mid-February 2020 for the multinational.
He said that the coronavirus outbreak had not only caused plants to be closed, either by enforcement or due to a lack of demand, but because migrant workers are unable to travel to construction sites. For example, workers from Eastern Europe are increasingly lacking in Western Europe. In Indonesia, a market that is important for HeidelbergCement, the lack of Chinese construction workers is stark, as they remain confined to their home country.
According to Von Achten, HeidelbergCement is now paying particular attention to its costs, has deferred all unnecessary investments and has considerable liquidity leeway. He added that the group is likely to benefit significantly from lower fuel costs as conditions improve over the course of 2020. HeidelbergCement is currently particularly affected in Lombardy, where its Italcementi subsidiary has its headquarters. HeidelbergCement has shut down its factories in Italy and imposed a freeze on hiring and non-essential spending. "You can see it's hitting the world like a wave," says Von Achten. "It's a tough test."
China Shanshui profit rises by a third
23 March 2020China: China Shanshi Cement Group has reported that its profit was US$420m in 2019, a rise of 35.3% year-on-year compared to 2018.
Titan Group strengthens sales as profit drops
20 March 2020Greece: Titan Group’s profit dropped by 5.5% year-on-year to Euro50.9m in 2019, from Euro53.8m in 2018. The group said that it ‘demonstrated strength’ in ‘sustaining a growth performance’ despite challenges in Southeastern Europe and the Eastern Mediterranean. Sales were Euro1.61bn, up by 8.0% from Euro1.49bn in 2018, led by Titan Group’s US subsidiary Titan America’s sales growth of 10.7%, to Euro952m from Euro860m. Titan Group’s Greece and Western Europe sales grew to Euro245m, up by 3.3% from Euro237m in 2018, with sales gains from the private sector offsetting the decreased revenue from delays in public infrastructure projects. Cement exports, especially to the US, were also a major regional sales contributor, while clinker exports fell.
Group volumes of cement, including clinker and cementitious materials, were 17.0Mt, down by 7% from 18.2Mt.
Germany: HeidelbergCement’s profit was Euro1.24bn in 2019, down by 3.4% from Euro1.23bn in 2018. Its revenue grew by 4.3% to Euro18.9bn from Euro18.1bn. HeidelbergCement says that it reduced its specific net CO2 emissions by 1.5% year-on-year to 590kg/t from 599kg/t in 2018 and ‘intensified its research and development (R&D) efforts on carbon capture and utilisation/storage (CCU/S)’ in every operating region globally.
The group announced a year-on-year increase in volumes in the first two months of 2020, with all but three of its plants (HeidelbergCement subsidiary Italcementi’s 2.8Mt/yr Calusco plant, 2.5Mt/yr Rezzato plant and 0.6Mt/yr Tavernola plant in Lombardy region, Italy) still operating through the coronavirus pandemic, though it noted that construction is slowing in the US, Australia and Western Europe due to the outbreak.
HeidelbergCement cancelled its 7 May 2020 annual general meeting (AGM) ‘due to the spread of the coronavirus.’