Displaying items by tag: Results

Mexico: GCC has reported a 0.2% increase in its 2024 consolidated net sales to US$1.36bn, whilst sales in the fourth quarter of the 2024 financial year declined by 1% to US$335m.

US operations showed strength, with 4% sales growth and 4.5% increase in concrete volumes in the fourth quarter. Earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 6% to US$500m for 2024, with the fourth quarter showing 4% growth to US$122m.

CEO Enrique Escalante said "GCC delivered exceptional results once again in 2024. Despite navigating a challenging economic environment, we achieved record-breaking sales, EBITDA, margins and net income. These results underscore our team’s flexibility and agility to successfully execute our strategy. Looking ahead, we remain cautious about demand dynamics. The fundamentals of our business remain strong, especially in the US market where we generated more than 75% of our EBITDA.”

India: Shree Cement has reported that, in the third quarter of the 2025 financial year, its profit after tax fell by 72%, to US$22.4m, down from US$81m in the previous corresponding period. The company’s net consolidated total income declined by 12% year-on-year to US$540m, whilst sales volumes increased by 15% to 8.77Mt compared to the second quarter of the 2025 financial year. The company plans to commission its ongoing expansion projects in Rajasthan, Karnataka, Chhattisgarh and Uttar Pradesh in the first quarter of the 2025-2026 financial year.

India: Ambuja Cements has released its financial results for the third quarter of 2025. The company has reported consolidated net profit of US$244m crore for the third quarter of the 2025 financial year, up 157% from US$95.1m in the corresponding period of the previous year. Revenue rose 4.5% to US$971m, with cement sales volumes reaching a record 16.5Mt, marking 17% year-on-year growth.

The company's expansion plans target 104Mt/yr capacity by the fourth quarter of the 2025 financial year, rising to 118Mt/yr by the 2026 financial year and 140Mt/yr by the 2028 financial year.

A statement from the company said "This demand is expected to grow by 4-5% in the 2025 financial year, further supported by the infrastructure and housing budget. Ambuja Cements is well-positioned to benefit from these trends. The anticipated rebound in demand, supported by government initiatives, is likely to enhance cement sector performance in the coming quarters. Ambuja Cements will continue to grow at a faster pace than the industry."

Qatar: Qatar National Cement has reported a net profit of US$44m for 2024, down from US$56.3m in 2023, while sales revenue declined to US$109m from US$126m.The company maintained profitability despite reduced demand for its core products due to cost optimisation and operational improvements.

The firm reportedly plans to implement refuse derived fuel at its Umm Bab facility in 2025, following technical consultations.

Tunisia: Carthage Cement recorded a fall in turnover of 2% year-on-year to US$133m at the end of the 2024 financial year, ‘in an economic context marked by numerous challenges’, according to local news reports. Despite this, the company recorded a rise in cement production and clinker production, to 1.82Mt (+3% year-on-year) and 1.57Mt (+1% year-o-year) respectively. Local sales rose by 2% year-on-year to US$109m, while exports fell by 30% to U$12.6m. This decrease was reportedly mainly due to a strategic decision to limit export clinker sales in view of ‘unattractive’ market conditions. The producer reduced its debt by 10% to US$101m.

India: UltraTech Cement’s profit after tax for the third quarter of the 2025 financial year declined by 17% year-on-year to US$166m, compared to US$199m in the third quarter of the 2024 financial year. Net sales rose slightly, by 1.4%, to US$1.87bn from US$1.84bn in the previous corresponding period.

The company projected a future growth in volume of 7-8%, due to its focus on infrastructure and housing projects, as well as increased demand. It said that its capacity expansion program remains on track, with 1.8Mt/yr added during the quarter. Including its acquisition of The India Cements, UltraTech’s total cement capacity has reached 171Mt/yr. It expects to reach 200Mt/yr capacity by the end of the 2027 financial year.

India: Dalmia Bharat recorded a 2% year-on-year decline in cement sales volumes to 6.7Mt in the third quarter of the 2025 financial year, compared to 6.8Mt in the previous corresponding period. Profit before tax dropped by 77% to US$9.6m, while earnings by interest, taxation, depreciation and amortisation (EBITDA) dropped by 34.5% to US$5.9m from US$9m in the same period last year.

Managing director and CEO Puneet Dalmia said “After multiple years of high growth, India witnessed a slightly slow start to the year, but the government's continuous focus on investment-led growth underpin my confidence in a rebound of the Indian economy. In this backdrop, I believe cement demand growth will regain momentum. Our capacity expansion plans are on track, as we will reach 49.5Mt/yr by the end of 2025.”

CFO Dharmender Tuteja added “Cement demand growth in the third quarter fell short of our earlier expectations. Our volumes declined by 2% year-on-year while EBITDA fell 34.5% year-on-year to US$5.9m with persistent weakness in cement prices. With demand now gaining traction and prices showing signs of optimism, we are confident about a stronger performance in the upcoming quarters.”

India: Nuvoco Vistas has reported 16% year-on-year growth in its consolidated cement sales to 4.7Mt in the third quarter of the 2025 financial year ending on 31 December 2024.  Consolidated revenue from operations stood at US$279m and consolidated EBITDA at US$30m. In its release, the company stated that the cement industry was recovering following a challenging first half of the 2025 financial year and subdued demand.

Nuvoco stated that it had achieved the industry's ‘lowest carbon emissions’ at 457kg of CO₂ per tonne of cementitious materials.

Managing director Jayakumar Krishnaswamy said “The company proactively seized demand opportunities to bolster its position in the market and delivered strong volume growth during the quarter. The company is confident in its expansion strategy and ability to execute on growth plans pertaining to Vadraj Cement, which will diversify its market footprint in western India, thereby supporting long-term growth ambitions and further consolidating its position as the fifth largest player in India.”

The company is reportedly on track to achieve 31Mt/yr cement capacity by the third quarter of the 2027 financial year.

India: Cement companies are expected to report weak financial results for the December quarter of the 2025 financial year due to lower demand, suppressed by reduced government infrastructure spending and weak private capital expenditure, according to The Hindu Businessline.

Large players, including UltraTech Cement and Ambuja Cements, are expected to lead demand growth by 8% year-on-year in the December quarter, but earnings before interest, tax, depreciation, and amortisation (EBITDA) may decline by 18%. Efforts to increase prices in October and November 2024 were rolled back, and a mid-December increase reportedly failed to boost profits.

Parvez Qazi, research analyst at Nuvama Research, said “We expect further consolidation in the space mostly in the southern region due to its fragmented nature. Softening fuel prices, along with cost efficiency measures undertaken by various players, are likely to provide some relief on the cost front, thereby cushioning the impact of weak realisations to some extent.”

Vietnam: Vietnam National Cement Corporation (Vicem) has reported consolidated losses for the second consecutive year, of US$55.15m, according to a draft annual report by the Ministry of Construction. Vicem is the only company among six under the ministry to report losses in 2024, with a consolidated loss of US$55.15m due to ‘unfavourable market conditions’, according to The Investor magazine. Its parent company’s loss reached US$9.33m. In 2023, it reported its first-ever loss of US$44.5m amid a drop in demand following the 2016 economic slowdown. By the end of 2023, cumulative losses reached US$88.24m.

The Ministry of Finance's inspection department recently highlighted capital loss risks in Vicem’s subsidiary investments, requiring provisions exceeding US$118.2m. Inspectors have urged the company to assess the financial performance of underperforming businesses.