Displaying items by tag: Results

Italy: Cementir's full-year 2023 results show sales of Euro1.69bn, down by 1.7% year-on-year from full-year 2022 levels. Nonetheless, the company’s earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 23% to Euro411m. The company more than doubled its net cash position to Euro218m. Under its Plan 2024 – 2026, Cementir aims to raise its sales by 18% to Euro2bn, its EBITDA by 3.4% to Euro425m and to more than double its net cash position again to Euro600m in two years.

Chair and chief executive officer Francesco Caltagirone said "Despite an increasingly uncertain macroeconomic scenario due to growing geopolitical tensions and more restrictive monetary conditions, in 2023 the group demonstrated significant resilience, setting new records thanks to an even more diversified geographical and product mix. The general weakness in volumes, with the exception of Türkiye and China, was balanced by the improvement in operational efficiency. The new industrial plan to 2026 continues to place sustainable organic growth at the centre of our strategy, confirming all medium and long-term objectives and continuing on our path towards decarbonisation."

Saudi Arabia: Yamama Cement Company has blamed a drop in sales in 2023 on a decrease in local demand. Its sales revenue declined by 7.2% year-on-year to US$250m in 2023 from US$268m in 2022. Meanwhile, the company’s net profit dropped by 14% to US$81.1m from US$94.9m.

Italy: Buzzi recorded consolidated sales of Euro4.32bn in 2023, up by 8.1% from Euro4.32bn in 2022. This came in spite of a 7% year-on-year drop in the company’s cement sales volumes, to 26.3Mt. In its domestic market of Italy, Buzzi raised its sales by 13% to Euro818m. In the US, sales grew by 9.5% to Euro1.74bn, in Mexico by 33% to Euro1.03bn, in Germany by 9.2% to Euro872m, in the Czech Republic and Slovakia by 1.8% to Euro205m, in Poland by 11% to Euro157m and in Ukraine by 43% to Euro85.6m. On the other hand, Buzzi’s sales fell by 5.6% in Luxembourg and the Netherlands, to Euro214m, by 2% in Russia to Euro285m, and by 1.6% in Brazil to Euro394m.

The company said “The increasingly evident effects of monetary restriction, the worsening of consumer and business confidence, and the uncertainties dictated by the growing geopolitical tensions in Ukraine and the Middle East continue to weigh on the international economic framework. In fact, in the last part of 2023, global economic activity weakened further, with international trade contracting in the third quarter.”

Mexico: Cemex reported sales of US$17.4bn in 2023, up by 8% year-on-year from 2022 levels. Meanwhile, the group’s operating earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 20% to US$3.35bn. The producer said that strong product pricing in all markets and slowing costs inflation compounded the positive effects of its growth investment strategy. On a consolidated basis, Cemex’s cement sales volumes fell by 6% to 51.7Mt from 55.1Mt. They rose by 3% in Mexico but fell by 10% in Europe, Middle East, Africa and Asia, by 3% in South and Central America and the Caribbean and by 13% in the US.

Chief executive officer Fernando González said "I am pleased to announce that 2023 is a great year for our company where we delivered not only great results and recovered from the extraordinary inflationary pressures of the last few years, but also continued executing against our ambitious decarbonisation commitments, reducing our CO2 emissions by 4% year-on-year and by 13% since 2020. Despite the significant macro challenges of the last four years, we have proven not only the resilience of our business model but also our ability to pivot and adjust rapidly to changing global conditions. This foundation gives us additional flexibility in capital allocation, where we continue to accelerate investments in our bolt-on growth strategy, initiate a sustainable return programme for shareholders and bolster our capital structure."

India: Ramco Cements reported 5% growth in sales in the third quarter of the 2024 financial year (1 October – 31 December 2023), to US$254m. Rising cement volumes – up by 9.9% to 4Mt – helped to drive the growth in sales. Despite weather-related disruptions, Ramco Cements raised its earnings before interest, depreciation, taxation, and amortisation (EBITDA) rose by 37% to US$48.4m. A 28% reduction in fuel prices to US$138/t of cement spurred earnings growth. Cement capacity utilisation during the quarter fell quarter-on-quarter to 74% to 82% previously.

India: In the third quarter of the 2024 financial year (1 October – 31 December 2023), Grasim Industries’ earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 34% to US$620m. The Hindu Business Line newspaper has reported that the company partly attributed this to an increased sales contribution from its cement subsidiary UltraTech Cement. Nonetheless, Grasim Industries’ net profit dropped by 42% year-on-year in the quarter, to US$313m.

Japan: Taiheiyo Cement's nine-month results for the 2024 financial year showed a 9.9% year-on-year rise in sales, to US$4.44bn from US$4.04bn. Dow Jones Institutional News has reported that the producer’s net profit rebounded to US$194m, against a US$119m loss in the first nine months of the 2023 financial year.

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.