Displaying items by tag: Results

UK: Breedon Group recorded sales of Euro798m in the first half of 2022, up by 12% year-on-year from Euro714m in the first half of 2021. Its earnings before interest and taxation (EBIT) increased by 22% to Euro77.9m from Euro63.9m, while its profit after tax increased by 29% to Euro70.7m from Euro54.9m.

The group said “We are optimistic for the remainder of 2022. Our customers’ order books are healthy, the mechanism for passing through cost increases has traction and enquiry levels are encouraging. We therefore expect to deliver underlying EBIT at the top end of the range of consensus expectations.”

Chief executive officer Rob Wood said “We enjoyed a strong start to 2022. Our teams are focused on getting pricing right, our end market exposure is supportive and that has produced excellent results, advancing our margins and returns towards our medium term targets. We completed two in-fill transactions during July 2022, with further mergers and acquisitions activity in the pipeline, and we have continued to progress on a broad range of sustainability initiatives, including a commitment to the Science Based Targets Initiative.”

India: UltraTech Cement increased its sales by 28% year-on-year to US$1.9bn in the first quarter of its 2023 financial year, from US$1.48bn in the first quarter of the 2022 financial year. The company’s net profit during the quarter was US$198m, down by 7% year-on-year from US$213m in the first quarter of the 2022 financial year.

Dow Jones Institutional News has reported that UltraTech Cement recorded increased cement demand in June 2022 and forecasts full-year year-on-year consumption growth nationally. The producer said that state-backed investment in infrastructure and industrial development will support high housing demand momentum, while pressure will remain on its profitability due to high costs.

India: Sagar Cement’s net sales were US$69.8m in the first quarter of the 2023 Indian financial year, up by 42% year-on-year from US$49.1m in the first quarter of the 2022 financial year. The quarter, which ended on 30 June 2022, saw an 82% year-on-year increase in costs to US$72.7m from US$40.1m. As a result, the company recorded a net loss for the quarter of US$1.64m, compared to a net profit of US$6.08m in the first quarter of the 2022 financial year.

India: Ambuja Cements' sales were US$495m in the first quarter of its 2023 financial year, up by 18% year-on-year from first-quarter 2022 financial year levels. Its net profit rose by 45% to US$131m from US$90.4m.The company said that it experienced rising fuel prices and related inflationary impacts during the quarter. It mitigated their impacts through the improved efficiencies delivered under its I Can operating strategy. Meanwhile, its master supply agreement with ACC also helped to restrict growth in transport costs.

Holcim India chief executive officer (CEO) and Ambuja Cements managing director and CEO Neeraj Akhoury said "Ambuja has recorded robust volume growth of 15% and top line growth of 18%. Ambuja Kawach, our green cement, demonstrated a sales growth of 22% year on year."

India: ACC recorded sales of US$559m in the first quarter of the 2023 financial year. The figure corresponds to a 15% year-on-year rise from US$486m in the first quarter of the 2022 financial year. The company's cement sales during the quarter rose by 13% to US$520m from US$460m. Its net profit was US$28.5m, down by 60% year-on-year.

Press Trust of India News has reported that ACC attributed the profit drop to 'rising global fuel costs and related inflationary impacts.' It said that waste heat recovery (WHR) installations at its Jamul, Kymore and Ametha cement plants will increase its renewable energy share to 15%, 'further accelerating the cost reduction journey.'

China: Tangshan Jidong Cement expects to record a 3.9 - 12% drop in its net profit in the first half of 2022. This would result in a figure of US$157 - 171m, compared to US$178m a year earlier.

China: Fitch Ratings expects West China Cement to record a first-half sales decline of 10% in 2022, due to ‘sluggish’ residential construction, on-going Covid-19 restrictions and high coal costs due to the Russian invasion of Ukraine. The rating agency predicted a ‘mid-single digit’ full-year sales decline in 2022, with a gross profit margin for the group of 28%, compared to 30% in 2021. This probability results from higher costs arising from overseas investments during the year.

Kazakhstan: Steppe Cement's first-half sales were US$41.4m in 2022, up by 18% year-on-year from first-half 2021 levels. Sales volumes were 837,000t, down by 0.4% year-on-year from 841,000t.

Egypt: Qalaa Holdings recorded first-quarter 2022 sales of US$991m, more than double its figure for the first quarter of 2021. Its loss during the quarter was US$30.9m, up by 22% year-on-year from US$25.4m. Its subsidiary ASEC Holding Group increased its sales by 46% year-on-year to US$53m. The cement company attributed the growth to the 'strong performance' of its integrated cement plant in Sudan.

Daily News Egypt has reported that Qalaa Holdings is currently prioritising the on-going restructuring of its debts.

South Africa: PPC’s full-year consolidated sales were US$624m in the 2022 financial year, which ended on 31 March 2022, up by 11% year-on-year from US$561m in the 2021 financial year. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) fell by 6.9% to US$94.5m from US$101m. During the year, the group reduced its debt by 55% to US$63m from US$139m.

The group noted high cement demand across its markets in the 2022 financial year, including a sales volumes increase of 28% year-on-year in Zimbabwe. It also noted a 19% year-on-year increase in South African cement imports, mainly from Vietnam, which constituted 10% of sales in the 2022 financial year. PPC said that it will ‘immediately make additional capacity available’ to capture the increased demand through the rest of 2023 financial year.