Displaying items by tag: Results

Philippines: Eagle Cement’s net sales grew by 87% year-on-year to US$220m in the first half of 2021 from US$117m in the same period of 2020. Its earnings before interest, tax, depreciation and amortisation (EBITDA) more than doubled to US$94.1m, according to the Manila Bulletin newspaper. The company attributed the result to higher sales volumes despite a decrease in price due to competition. Bagged cement represented 83% of its sales with the remainder from bulk cement. Domestic demand was mainly driven by the private sector.

Pakistan: Maple Leaf Cement’s sales rose by 22% year-on-year to US$216m in the financial year to 30 June 2021 from US$177m in the same period in 2020. It reported a profit after tax of US$23.2m compared to a loss of US$21.6m previously.

China: China Resources Cement recorded a consolidated turnover of US$2.59bn in the first half of 2021, up by 19% year-on-year from US$2.17bn in the first half of 2020. Cement and clinker sales volumes increased by 16% to 41.6Mt and 30% to 7.04Mm³ respectively. Its profit attributable to owners of the company rose by 13% to US$467m from US$538m. Its capital expenditure (CAPEX) for the half totalled US$159m. It plans to spend US$540m in the full year in 2021.

Argentina: Loma Negra recorded first-half 2021 consolidated sales of US$290m, up by 44% year-on-year from US$201m. It increased its earnings before interest, taxation, depreciation and amortisation (EBITDA) by 64% to US$100m from US$61.0m. Its net profit was US$86.0m, compared to US$12m in the first half of 2020. The company sold 2.79Mt of cement in the period, up by 39% from 2.01Mt.

Chief executive officer Sergio Faifman said “We are pleased to announce another quarter with an excellent performance. Demand continues with a strong momentum, and after several quarters of recovery is now exceeding pre-pandemic levels.” He continued “For the second half, we expect strong recovery to continue and an expansion vis-à-vis pre-pandemic levels, as seasonality and public works should begin to contribute positively. Nonetheless, we remain cautious, as the macroeconomic context may affect the recovery and some degree of uncertainty remains in relation to the pandemic.”

Denmark: FLSmidth recorded consolidated sales of Euro1.05bn in the first half of 2021, down by 7.0% year-on-year from Euro1.13bn. Its cement business’ sales fell by 17% to Euro346m from Euro419m. The supplier recorded earnings before interest, taxation, depreciation and amortisation (EBITDA) of Euro76.9m, up by 6.0% from Euro72.9m. Its total order backlog grew by 10% to US$2.24bn from US$2.05bn. It expects the majority of this to be converted into revenue in 2021. During the second quarter of the year, the company took in an order for Europe’s first full-scale clay calcination installation.

Chief executive officer Thomas Schulz said “Our second quarter showed positive progress across the board: A strong order intake, higher revenue from both service and capital businesses, 50% higher earnings before interest, taxation and amortisation (EBITA), further reduction in net working capital and a strong free cash flow.”

Colombia: Grupo Argos subsidiary Cementos Argos recorded consolidated sales of US$1.30bn in the first half of 2021, up by 11% year-on-year from US$1.17bn in the first half of 2020. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 30% to US$267m from US$205m. Cement shipments were 8.60Mt, also up by 30%, from 6.62Mt. The company said its performance was ‘solid’ in every region in which it operates. The sharpest sales increase was in Colombia, where sales rose by 38% to US$314m from US$228m and cement shipments rose by 40%. It continued to execute its BEST efficiency programme and RESET plan for a sustainable restart post-Covid-19 pandemic. Additional challenges included 40 days of roadblocks in Colombia and political and a period of social instability in Haiti.

Cementos Argos’ CEO Juan Esteban Calle said “We are very satisfied with the figures achieved during the first half of the year in our three regions, and we are optimistic about the future for our customers, the progress of their housing and infrastructure projects, which are contributing significantly to employment recovery, as well as the levels of economic activity and the creation of social value in all the countries and markets where we are present, and with the noteworthy recovery of the company's financial flexibility in recent months, which is thanks to the commitment, creativity, passion and innovation of all our employees and to the success in the deployment of the BEST and RESET programmes.”

He added “Our strategy of creating social value is at the centre of the corporate strategy and in our higher purpose, and today, we are reassuring our commitment to contribute to the reactivation of the economy and to closing equality gaps. During the first half of 2021, we continued investing in the expansion of Cartagena Port, which generates additional employment and brings great social investment to the area. Additionally, we are making progress in initiatives such as Casa para Mi and Hogares Saludables that will allow us to contribute to the dreams of having decent housing for thousands of people in the country.”

Brazil: Votorantim Cimentos recorded consolidated sales of US$1.89m in the first half of 2021, up by 48% year-on-year from US$1.28m in the first half of 2020. Its cement revenues rose by 57% to US$1.35bn from US$859m. The group recorded earnings before interest, taxation, depreciation and amortisation (EBITDA) growth of 56%, to US$1.04bn from US$667m.

During the half, the group began the consolidation of its Uruguay-based Artigas’ cement operations at its Minas, Lavalleja, cement plant at a total investment cost of US$40.0m. It also agreed to acquired Cementos Balboa on 24 June 2021. In March 2021, the group issued sustainability-linked debentures, the first of their kind in the Brazilian market.

Thailand: Siam Cement Group (SCG) recorded first-half consolidated sales of US$7.66bn in 2021, up by 27% year-on-year from US$6.05bn in the first half of 2020. The group’s profit for the period more than doubled to US$1.16bn from US$500m. This was despite a 21% rise in its cost of sale to US$5.79bn from US$4.79bn. The company ends the period with total current liabilities of US$5.38bn, up by 11% half-on-half from US$4.84bn at 31 December 2021.

Pakistan: Lucky Cement’s consolidated sales in the 2021 financial year, which ended on 30 June 2021, were US$1.26bn. The figure corresponds to a rise of 67% year-on-year from US$752m in the 2020 financial year. Standalone cement sales rose by 31% to 9.96Mt – consisting of 7.56Mt of local sales and 2.41Mt of exports – from 7.60Mt in the 2020 financial year. The company more than doubled its consolidated profit after tax to US$171m from US$44.4m. Its cement segment’s profit after tax more than tripled to US$85.5m from US$20.3m, and all group companies were profitable.

Lucky Cement attributed the sales growth to increased capacity due to the commissioning of a new line at one of its cement plants in the second half of the 2020 financial year. During the 2021 financial year, the company commenced trial production at its new 1.2Mt/yr-capacity Samawah cement plant in Iraq. It overcame Covid-19-led disruptions to complete the trial in March 2021.

Saudi Arabia: Saudi Cement’s consolidated sales totalled US$207m in the first half of 2021, up by 3.9% year-on-year from US$199m in the first half of 2020. Its net profit for the period took an 8.2% drop to US$54.9m from US$59.8m.