Displaying items by tag: Profit
Martin Marietta posts low fourth quarter revenue
16 February 2023US: Martin Marietta Materials posted lower revenue in the fourth quarter of 2022 as a slowdown in the housing market and bad weather in Texas reduced shipments of materials, especially concrete. While the company reported a net income for the fourth quarter of US$184m, a 17% rise year-on-year compared with US$157m in the fourth quarter of 2021, its revenue fell to US$1.48bn from US$1.50bn. This was partly due to a 1.7% fall in building material revenues. Cement shipments fell by 11%, mostly due to wet and cold weather in Texas, though prices rose by 21%. Ready-mixed concrete revenue fell by 35% due to the sale of the company's Colorado and Central Texas ready-mixed concrete business.
Yamama reports strong 2022 results
16 February 2023Saudi Arabia: Yamama Cement Company recorded net profits after Zakat and tax worth US$68.2m in 2022, a year-on-year increase of 132% from US$41m in 2021. Its revenues for 2022 amounted to US$272m in 2022, up by 39% from US$196m in 2021.
Holcim to acquire Duro-Last
07 February 2023US: Holcim has signed an agreement with Duro-Last to acquire the roofing systems producer for US$1.29bn. Reuters has reported that the acquisition will be Holcim's largest for all of 2022 and 2023 so far. Once the parties complete the transaction, Duro-Last's business will join Holcim's products and systems division. Holcim expects the deal to yield synergies of US$60m/yr, primarily through a reduction in the cost of materials.
Holcim expects its products and systems division to contribute a majority of its profit in North America once increased investment under the US government's Inflation Reduction Act begins to take effect. In 2022, the division accounted for 40% of regional profit. The group is committed to a global target of 30% of sales being attributable to the products and systems division by 2025, compared to 19% of sales in 2022.
Anhui Conch Cement's profit halves in 2022
31 January 2023China: Anhui Conch Cement has reported a provisional net profit of US$2.07 - 2.46bn. Dow Jones Institutional News has reported that this would correspond to a decline of 50 - 58% year-on-year from 2021 levels.
Jiangxi Wannianqing Cement's profit drops in 2022
30 January 2023China: Jiangxi Wannianqing Cement has become the latest China-based cement producer to report a fall in its profit year-on-year for 2022. It recorded a net profit in the range of US$149 - 168m, down by 63 - 71% year-on-year from US$236m in 2021.
China Shanshui Cement’s profit drops by over 70% in 2022
17 January 2023China: China Shanshui Cement recorded a 70% year-on-year drop in its profit throughout 2022. Reuters has reported that the decline is the outcome of a rise in costs for the producer.
China Resources Cement's profit plummets in 2022
13 January 2023China: China Resources Cement (CRC) recorded a 74 - 78% year-on-year net profit drop in 2022. As such, its full-year net profit was US$255 - 302m. Reuters has reported that the group attributed the drop to subdued demand from construction, increased production costs and low cement and clinker prices in the regions where it operates.
Despite the slow situation in the construction market, CRC's property development arm recorded a rise in its rental income throughout 2022.
Omani Capital Market Authority questions Raysut Cement's second quarter 2022 results
29 November 2022Oman: The Capital Market Authority (CMA) has called on Raysut Cement to urgently address 'material misrepresentations' in its financial results for the second quarter of 2022. The Oman Daily Observer newspaper has reported that the CMA has warned investors that the misrepresentations 'hugely' impacted the report's profit and loss accounts.
The regulator said "CMA emphasises that failure to exercise due diligence in providing timely and accurate financial statements to the investors in fair manner is a breach of the law, and renders the violating entities legally responsible. The CMA announces zero tolerance in this regard."
Vicat revenues rise against uncertain backdrop
08 November 2022France: Vicat’s revenue in the first nine months of 2022 came to Euro2.70bn, a 15% rise year-on-year compared to Euro2.35bn in the same period in 2021. Its revenues in France rose by 8% to Euro889m from Euro824m. Its revenue in the rest of Europe fell by 4.5% to Euro288m from Euro301m. In the Americas, Vicat’s revenues increased by 27% to Euro637m from Euro500m, while they rose even more dramatically across the Mediterranean rim, up by 57% from Euro166m to Euro260m. In Africa revenues came to Euro245m, broadly unchanged on the year. In its Asia region, including Kazakhstan and India, its revenues rose by 18% to Euro376m from Euro320m.
The group’s sales volumes of cement fell by 5% to 20.3Mt from 21.3Mt. However, price rises enabled it to increase its operational revenue by 18% to Euro1.69bn from Euro1.43bn. Similarly, concrete sales volumes fell by 4.8% to 7.48Mm3 but operational sales rose by 16% to Euro1.04bn.
Guy Sidos, the group's chair and chief executive officer said "Vicat's nine-month sales performance reflects the resilience of its markets despite a high basis of comparison in 2021. Against a backdrop of very high inflation, the group's sales posted a solid increase compared with the same period of 2021, supported by strong growth in selling prices across all its regions. In a global environment that provides little short-term visibility, especially regarding energy costs, we are executing our strategy to improve our industrial performance, make greater use of secondary fuels, reduce our carbon footprint and implement a pricing policy tailored to these new conditions."
Vicat announced that it expects its overall earnings before interest, tax, depreciation and amortisation (EBITDA) to be lower in 2022 as a whole than in 2021 but comparable to 2020.
China: China Resources Cement has issued a profit warning for the nine-month period ending on 30 September 2022. The producer said that it expects its profit to 'significantly' decline year-on-year on account of lower sales volumes and an increased cost of sales during the period, compared to the corresponding period in 2021.