Displaying items by tag: Results

Zimbabwe: Khayah Cement (formerly Lafarge Cement Zimbabwe) more than tripled its sales year-on-year to US$17.4m in the first half of 2023, from US$4.8m in the first half of 2022. During the year, the producer more than doubled its cement volumes, after repairing a collapsed mill roof and commissioning of a new vertical roller mill at its Manresa cement plant. Nonetheless, its loss grew by a factor of six to US$46.2m from US$7.2m.

Khayah Cement began making foreign currency sales, which accounted for 89% of first-half sales, in 2023. The company previously postponed the publication of its results for the half year following delays in finalising external audits.

India: Ambuja Cements recorded sales of US$2.92bn in the first nine months of the 2024 financial year, up by 5.2% year-on-year. The company's net income was US$304m, almost double the US$154m it recorded in the corresponding period of the previous financial year.

India: Shree Cement’s sales were US$2.27bn in the first nine months of the 2024 financial year, up by 17% year-on-year from US$1.94bn in the first nine months of the previous financial year. Its net income also rose, more than doubling to US$207m from US$89.8m.

Japan: Tokuyama Corporation reported sales of US$1.7bn in the first nine months of the 2024 financial year. This represents a 3.3% year-on-year drop from nine-month levels in the previous financial year. The company sold 2.42Mt of cement, and exported 460,000t (19%) of this to foreign markets. Tokuyama Corporation now expects to sell 3.2Mt of cement and export 600,000t in the full 2024 financial year. As a result, the company’s cement business contributed US$345m in sales in the first nine months of the financial year, up by 16% year-on-year.

Mexico: GCC’s consolidated sales rose by 17% to US$1.36bn in 2023. The group raised its sales by 30% in Mexico and by 12% in the US, with its regional cement volumes rising by 2.2% and 5.2% respectively. GCC’s earnings before interest, taxation, depreciation and amortisation (EBITDA) also grew, by 31%, to US$472m.

Chief executive officer (CEO) Enrique Escalante said "GCC had an outstanding performance during 2023, achieving year-on-year growth in both top and bottom line. Our record-breaking financial performance was driven by strong client relationships and operational excellence." Looking to 2024, Escalante added "Our focus on executing strategic initiatives and enhancing competitive advantages will fortify our margins, aligning our vision for continued success with our commitment to sustainability."

India: Nuvoco Vistas recorded revenues of US$943m in the first nine months of the 2024 financial year (1 April – 31 December 2023). This represents a rise of 2% year-on-year from the corresponding period of the previous financial year. This enabled Nuvoco Vistas to turn a positive net income, of US$5.66m, compared to a loss of US$22.3m one year previously. Premium products constituted 1.45Mt (36%) of the producer’s total third-quarter cement sales of 4.02Mt. Nuvoco Vistas ended 2023 with 25Mt/yr in installed production capacity, making it India’s fifth largest cement producer.

Managing director Jayakumar Krishnaswamy said “Despite the challenging demand environment, the company continues to deliver strong growth in earnings before interest, taxation, depreciation and amortisation (EBITDA). During the third quarter of the 2024 financial year, we achieved the highest EBITDA per tonne in 10 quarters, a testament to our operational excellence, focussing on cost efficiency and value-led growth.”

Denmark: FLSmidth's cement business recorded preliminary, unaudited sales of US$871m in 2023, down by 59% year-on-year from US$2.14bn in 2022. The business contributed 25% of the group’s consolidated sales of US$3.5bn. FLSmidth had a total order intake for the year of US$3.11bn, toward which the cement business contributed US$711m (23%). The supplier said that its results were in line with guidance. It now expects its cement business to generate US$580 – 653m (19 – 23%) of total group sales of US$2.9 – 3.12bn in 2024.

FLSmidth said “We expect the short-term outlook for the cement industry to remain impacted by macroeconomic uncertainty. The guidance for 2024 reflects the ongoing execution of the GREEN’26 strategy, continued business simplification and product portfolio pruning, including the expected closing of sale of the MAAG gears and drives business during the first quarter of 2024.”

India: ACC grew its sales to US$1.75bn in the first nine months of the 2024 financial year, up by 12% year-on-year. Its net income multiplied by a factor of five, to US$167m.

Mint News has reported that whole time director and CEO Ajay Kapur said "ACC’s financial performance has seen a complete turnaround in the last 12 months. Recent capacity additions have taken the Adani Group’s cement capacity to 77.4Mt/yr. This will enable volumes and revenues growth on a sustainable basis." Looking to the full 2024 financial year and beyond, Kapur added “Purchases of low-cost petcoke will help to further optimise fuel costs in the coming quarters."

US: Eagle Materials recorded sales of US$1.78bn in the first nine months of the 2024 financial year. This corresponds to a rise of 6.2% year-on-year from the corresponding period of the 2023 financial year. The producer’s heavy materials sales rose by 18% to US$889m, and its cement sales volumes rose by 2% to 6Mt. As a result, Eagle Materials raised its net earnings by 11% to US$401m.

India: Dalmia Bharat's consolidated sales were US$433m in the third quarter of the 2024 financial year (1 October – 31 December 2023), up by 7.3% year-on-year. This was in part due to an 8.1% rise in the company’s cement sales volumes, amid a nationwide infrastructure spending drive. Its net profit rose by 22% year-on-year to US$32m. The producer partly attributed this to a market correction in the price of raw materials. Premium products accounted for 21% of Dalmia Bharat’s cement sales during the quarter.

Managing director and CEO Puneet Dalmia said “While we believe that margins may improve further from here on, our focus for the next 12 – 15 months will remain on improving our capacity utilisation and delivering industry-leading volume growth.”