Displaying items by tag: Results

India: Motilal Oswal Securities predicts that Aditya Birla subsidiary UltraTech Cement’s second-quarter profit is likely to rise by 100% year-on-year in the 2021 financial year, which began on 1 April 2020, to US$161m from US$80.5m in the second quarter of the 2020 financial year. The Economic Times newspaper has reported that the analysts expect an increase in sales of 3.5% to US$1.36bn from US$1.31bn, an increase in cement volumes of 3.9% to 19.4Mt from 18.7Mt, a price drop and a fall in costs in the quarter, which ended on 30 September 2020. The analysts added that cement makers may show volume growth in the seasonally weak quarter due to pent-up demand as the economy has reopened following coronavirus-related disruption.

Global Cement apologies to UltraTech Cement for the previous version of this article that wrongly suggested that the company had made the forecast

Egypt: South Valley Cement’s first-half sales were US$12.5m in 2020, down by 21% year-on-year from US$15.9m in the first half of 2019. Arab Finance News has reported that the company’s net loss fell by 31% to US$4.45m from US$6.43m. South Valley Cement was last profitable in 2018, when it recorded a full-year net profit of US$0.65m.

Oman: Oman Cement recorded a profit of US$7.27m in the first nine months 2020, up by 3.7% year-on-year from US$7.01m. Reuters News has reported that revenues rose by 4.3% to US$10.4m from US$9.95m.

South Africa: PPC recorded sales of US$618m in the 2020 financial year, which ended 31 March 2020, down by 2.4% year-on-year from US$634m in the 2019 financial year. Earnings before interest, taxation, depreciation and amortisation fell by 17% to US$97.0m from US$118m.

Chief executive officer (CEO) Roland van Wijnen said, “The 2020 financial year was characterised by difficult trading conditions, especially in South Africa. The global Covid-19 pandemic, which emerged during the last month of the financial year, further exacerbated an already difficult trading cycle. While we have seen a decline in our financial performance, we also see that the actions we have taken to reposition PPC to deliver sustainable value for all our stakeholders are beginning to yield results.”

He added, “After the resumption of trading in the 2021 financial year, the performance across all of our core businesses has been encouraging. The group’s capital restructuring remains a key priority. Over the next nine months, we will take the strategic and operational actions needed to improve the group’s financial position and performance. It is encouraging to see how PPC employees have come together to drive performance to sustain our purpose to empower people to experience a better quality of life.”

China: Gansu Qilianshan Cement has announced that it expects to record a profit of US$208m in the first nine months of 2020, up by 41% year-on-year from US$147m in the corresponding period of 2019, according to Reuters. It said the results would be in line with its growth trajectory thanks to a significant increase in demand towards the end of the first half of 2020.

China: Huaxin Cement has published a figure for its predicted profit for the first nine months of 2020 of US$135m, down by 44% from US$241m in the first nine months of 2019. The company attributed the forecasted decline “mainly to the severe impact of the coronavirus epidemic in the first half of 2020 and the large-scale flooding in the River Yangtze in July.” It added, “The production and sales of the company’s leading products were greatly affected, and prices also fell, resulting in operating income decline.” The company noted that third-quarter profit is expected to increase by 5% year-on-year.

Kazakhstan: Steppe Cement’s sales in the first nine months of 2020 were US$26.0m, up by 5% year-on-year from US$24.7m over the corresponding period of 2019. Dow Jones Institutional News has reported that cement sales volumes fell by 4% to 556,000t from 535,000t. Steppe Cement forecast full-year cement market growth of 2% to 9.0Mt in 2020 from 8.9Mt in 2019.

France: Hoffman Green Cement Technologies recorded a net loss of Euro 4.41m in the first half of 2020, up by 320% year on-year from a loss of Euro1.04m in the first half of 2019. Its revenues nearly tripled to Euro96,000 from Euro33,000.

Co-founders Julien Blanchard and David Hoffman said, “The first half of 2020 was very active, notably on the industrial and commercial fronts. We continued our actions in all of our strategic areas under sometimes delicate conditions as a result of the Covid-19 pandemic. The rollout of our industrial plan is progressing in line with our objectives. We have used this period to integrate additional resources that will enable us to accelerate our development in the coming months and years.” They added, “Thanks to the recent resumption of building sites activity and more generally of the construction sector, we have been able to reactivate our commercial negotiations and have signed a number of new contracts since July 2020.”

South Africa: PPC has announced the postponement of its full year results for the financial year that ended 31 March 2020 “as a result of required restatements and the finalisation of the year-end audit.” The company has twice delayed the results already, most recently to 18 August 2020 due to a “restructuring and refinancing project.”

In a notice to the Johannesburg Stock Exchange, PPC said, “The company wishes to advise shareholders that during the audit process for the year ended 31 March 2020, and subsequent to 18 August 2020, additional prior year errors were identified and corrected.”

Kazakhstan: Steppe Cement has recorded a consolidated profit after tax of US$4.1m in the first half of 2020, down by 24% year-on-year from US$3.1m in the first half of 2019. Sales volumes declined by 2% to 765,000t from 780,000t. The company says that it maintained its 2019 prices until the end of the first quarter of 2020, when reduced demand due to the coronavirus lockdown caused a fall. Production costs declined by 4% over the entire period.