Displaying items by tag: Results
Market in Turkey drags on Vicat’s sales in 2019
14 February 2020France: Vicat’s sales were reduced in 2019 by poor markets in Turkey and, to a lesser extent, Switzerland and Egypt. Its sales fell by 1% year-on-year to Euro2.74bn in 2019 from Euro2.58bn at constant scope and exchange rates. Its cement sales volumes dropped by 2% to 22.4Mt from 22.8Mt but its concrete volumes grew by 1.1% to 9.1Mm3 from 9.0Mm3. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) decreased slightly to Euro156m.
“Strong growth in France, the US, Africa and Kazakhstan helped offset difficult market conditions in Turkey and Egypt. Furthermore, in line with our strategy of targeted acquisitions, the purchase of Ciplan in Brazil, in January 2019, allowed the group to continue its international growth in a region offering strong potential by integrating teams and assets of the highest quality,” said chairman and chief executive officer (CEO) Guy Sidos.
The group performed well in France, the US and Italy, especially due to the acquisition of Ciplan in Brazil. Sales in Turkey suffered from a generally poor economic situation. Competition in Egypt and a downturn in the precast concrete market in Switzerland caused problems in these countries respectively.
HeidelbergCement focuses on prices over sales volumes in 2019
13 February 2020Germany: HeidelbergCement’s revenue rose by 2.1%, on a like-for-like basis, to Euro18.9bn in 2019. In its preliminary results the group said that it had focused on prices rather than sales volumes. Its cement and clinker sales volumes fell by 1.6% year-on-year, excluding consolidation effects, to126Mt in 2019. Ready-mixed concrete sales rose by 3.4% to 50.7Mm3. Its current operations before depreciation and amortisation rose by 2.5%, on a like-for-like basis, to Euro3.58bn. The building materials producer plans to issue a more detailed trading statement in mid-February 2020 detailing its performance.
Cemex earnings for 2019 hit in North America
13 February 2020Mexico: Cemex’s operating earnings have fallen in Mexico and the US. Its net sales fell by 3% year-on-year to US$13.1bn in 2019 from US$13.5m in 2018. Its cement sales volumes dropped by 7% to 62.8Mt from 67.2Mt. Its operating earnings before interest, taxation, depreciation and amortisation (EBITDA) decreased by 11% to US$2.38bn from US$2.69bn.
“In a very challenging year with weaker macroeconomic and market conditions prevailing in several of our operations, we were able to limit the downside to our EBITDA and free-cash-flow generation through the decisive and proactive initiatives under our ‘A Stronger Cemex’ program,” said Fernando A Gonzalez, chief executive officer of Cemex. He added that the group was ‘cautiously optimistic’ about its outlook for 2020, with market improvements expected in Mexico and the US.
By region, sales and earnings fell in Mexico due to decline in public and private investment. In the US sales grew, but earnings fell, in a market beset by bad weather, weak residential performance and competition in Florida. Sales and earnings grew in Europe on a like-for-like basis driven by infrastructure demand. Elsewhere sales and earnings fell, although a stronger market was noted in Colombia.
Cementos Pacasmayo sales boosted by infrastructure work in 2019
13 February 2020Peru: Cementos Pacasmayo’s sales have been boosted by infrastructure work, coastal El Niño reconstruction projects and private projects. Its cement, concrete and precast shipments rose by 10.6% year-on-year to 2.62Mt in 2019 from 2.34Mt in 2018. Its sales grew by 10.3% to US$410m from US$372m. Its consolidated earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 7.7% to US$118m from U$109m.
Yamama Cement returns to profit in 2019
13 February 2020Saudi Arabia: Yamama Cement’s sales grew by 64% year-on-year to US$214m in 2019 from US$139m in 2018. Its net profit after zakat and tax was US$68.3 following a loss of US$13.8m.
Cherat Cement profit hit by rising costs
13 February 2020Pakistan: Cherat Cement’s turnover grew by 35% to US$45.6m in the half year to 31 December 2019 from US$61.6m in the same period in 2018. However, its operating profit more than halved to US$2.4m from US$6.2m due to a 50% increase in its cost of sales.
Cement business holds steady for SCG in 2019
12 February 2020Thailand: SCG’s cement business has delivered sales and earnings growth in 2019 despite problems with the company’s chemicals business. It attributed its cement sales performance to growing distribution and retail businesses. Its cement business sales revenue grew by 1% year-on-year to US$5.93bn and its earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 3% to US$674m. SCG has also announced the creation of a retail joint-venture in Cambodia to sell building materials. Overall, the group’s sales declined by 8% to US$14bn in 2019.
HeidelbergCement India grows sales and profits
12 February 2020India: HeidelbergCement India’s revenue grew by 4% year-on-year to US$221m in the nine months to 31 December 2019 from US$232m in the same period in 2018. Its sales volumes fell by 1.9% to 1.22Mt from 1.29Mt. Its net profit rose by 26% to US$22.4m from US$28.3m. The subsidiary of Germany’s HeidelbergCement said that, despite a fall in revenue in the quarter to 31 December 2019, a decrease in petcoke prices and an increase in power generation from waste heat recovery systems, had helped to keep costs under control.
The cement producer added that de-bottlenecking work at its grinding mills at Imlai in Madhya Pradesh and Jhansi in Uttar Pradesh is expected to be completed by the end of March 2020. Following completion of the project the company’s total cement grinding capacity will be 6.26Mt/yr.
FLSmidth grows cement revenue in tough market conditions
12 February 2020Denmark: FLSmidth has increased the sales from its cement division despite ‘challenging’ marketing conditions. Its revenue grew by 3% year-on-year to Euro1.13bn in 2019 from Euro1.10bn in 2018. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 28% to Euro65m from Euro51m. It achieved this despite its order intake falling by 16% to Euro1bn from Euro1.19bn. It attributed its revenue increase to high order backlog conversion and positive currency exchange effects. Internal efficiency measures and a ‘selective’ approach to large projects were also said to have helped.
“We were pleased to see that the financial performance of our Cement business showed a positive development despite challenging market conditions,” said FLSmidth Group chief executive officer (CEO) Thomas Schulz. He added that sustainability and digitalisation would be key differentiators in the coming years and that the engineering company was ‘well-positioned’ in both areas.
Langley Holdings 2019 profit falls by 42% year-on-year
11 February 2020UK: Langley Holdings recorded a 42% year-on-year fall in profit in 2019 to Euro59.9m from Euro103m in 2018. There was a 3.3% decline in sales year-on-year to Euro820m from Euro848m. The company attributed its profit drop to its Marelli Motori acquisition and reorganisation of the Italy-based motor and generator producer. Langley Holdings Chairman Tony Langley said, “The group is now poised for the next phase of its development.”