Displaying items by tag: Results

Austria: RHI Magnesita’s revenue from its cement and lime sector rose by 6.4% year-on-year to Euro344m in 2019 from Euro324m in 2018. It attributed the growth to selective price increases, product portfolio choices and market share gains specifically in China, the Middle East and Africa and the Commonwealth of Independent States. It said that demand for its products in Europe had been ‘slightly’ weaker in 2019 due to customer inventory build-up in 2018 as a result of tightening magnesite and dolomite raw material availability. It forecast a stable market in 2020 however it said that coronavirus was likely to affect this.

Overall, the company reported a 6.5% fall in revenue to Euro2.9bn in 2019 due to decreased revenue in its steel division. Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) fell at a similar rate. However, coronavirus aside, chief executive officer Stefan Borgas expected the company’s Production Optimisation Plan to continue strengthening the business.

China: China Tianrui Group’s net 2019 profit was US$256m, up by 50% year-on-year from US$171m. Sales rose by 20% to US$1.70bn from US$1.42bn. This was due to increased volumes and prices.

Philippines: Eagle Cement Corporation’s profit in 2019 was US$118m, up by 25% from US$94.1m in 2018. Sales for the year amounted to US$389m, up by 20% from US$324m in 2018. The Manila Times newspaper has reported that the company attributed the rises to ‘increased sales volumes growth,’ due in part to ‘robust demand for private consumption.’ Eagle president and CEO Paul Ang said, “We keep our positive stance that demand will eventually pick up once the enhanced community quarantine is lifted by the government and we remain committed to delivering high quality cement to both private and public sectors as soon as this happens.”

Eagle Cement Corporation will complete the installation of a fifth mill at its 7.1Mt/yr integrated Bulacan plant in 2020, bringing its cement capacity to 8.6Mt/yr.

Brazil: Votorantim Cimentos earned revenues of US$2.47bn in 2019, up by 3.0% year-on-year from US$2.39bn in 2018. Its earnings before interest, taxation, depreciation and amortisation rose by 1.1% to US$513m from US$507m in 2018. Throughout the year, the company says that it paid off approximately US$570m of debt and contracted with a syndicate of banks for a new committed credit facility (CCF) for its alternative fuel substitution and CCF reduction initiatives of US$55.1m, due in August 2024.

On 30 March 2020 Votorantim Cimentos donated US$5.5m to fighting the effects of the coronavirus in Brazil.

China: Jiangxi Wannianqing Cement’s net profit in 2019 was US$197m, representing a 20% year-on-year increase from US$164m. Reuters has reported that on 15 November 2019 Jiangxi Wannianqing Cement paid US$82.6m for a lease and limestone exploration rights for land in De’an County, Jiangxi Province, previously held by Fushan Cement. On 25 June 2019 the company received US$23.3m in government compensation for the relocation of its Wannian cement plant.

Egypt: Sinai Cement’s net loss in 2019 was US$28.1m, down by 44% year-on-year from US$50.2m in 2018. Arab Finance News reported that the company attributed the loss to accumulated effects of currency devaluation on imported fuel and to rises of electricity and oil prices.

China: Asia Cement (China) Holdings’ whole-year net profit for 2019 was US$444m, up by 30% year-on-year from US$341m in 2018. Revenues grew by 11%, to US$1.78bn from US$1.60bn in 2018.

The group said that it expects cement demand to shrink in early 2020, recovering in early/mid-2020 to remain ‘at peak season level’ into late 2020, according to Reuters.

China: Anhui Conch Cement recorded a net profit of US$4.77bn in 2019, 13% higher than its 2018 net profit of US$4.23bn in 2019. Revenues rose by 22% year-on-year to US$22.2bn from US$18.2bn in 2018.

Germany: HeidelbergCement started the new year better than ever before, according to chief executive officer (CEO) Dominik von Achten. He reported that this had been mainly due to good weather before the onset of the coronavirus outbreak. Von Achten warned that the situation had already changed beyond recognition since mid-February 2020 for the multinational.

He said that the coronavirus outbreak had not only caused plants to be closed, either by enforcement or due to a lack of demand, but because migrant workers are unable to travel to construction sites. For example, workers from Eastern Europe are increasingly lacking in Western Europe. In Indonesia, a market that is important for HeidelbergCement, the lack of Chinese construction workers is stark, as they remain confined to their home country.

According to Von Achten, HeidelbergCement is now paying particular attention to its costs, has deferred all unnecessary investments and has considerable liquidity leeway. He added that the group is likely to benefit significantly from lower fuel costs as conditions improve over the course of 2020. HeidelbergCement is currently particularly affected in Lombardy, where its Italcementi subsidiary has its headquarters. HeidelbergCement has shut down its factories in Italy and imposed a freeze on hiring and non-essential spending. "You can see it's hitting the world like a wave," says Von Achten. "It's a tough test."

China: China Shanshi Cement Group has reported that its profit was US$420m in 2019, a rise of 35.3% year-on-year compared to 2018.