Displaying items by tag: Results

UK: Breedon Group says that it has “continued to deliver an encouraging trading performance since demand began to return in early May 2020 after the Covid-19 lockdown,” recording eight-month sales of Euro580m over the period that ended on 31 August 2020, down by 15% from Euro681 over the corresponding period of 2019. The group says that the figure includes the contributions of its newly acquired Cemex ready-mix and aggregates assets for August 2020.

As a result of this performance, the board reinstated its 2020 guidance, with underlying earnings before interest and taxation (EBIT) for the second half of 2020 anticipated to be in line with that in the second half of 2019. It added, “We continue to be reassured by the UK government's restated commitment to investment in the UK's infrastructure and to encouraging demand from the UK housing market, complemented by similar trends in the Republic of Ireland.”

Pakistan: Bestway Cement has recorded a loss of US$157,000 in the 2020 financial year, which ended on 30 June 2020, compared to a US$80.3m profit in the 2019 financial year. Its net turnover declined by 31% year-on-year to US$224m form US$324m.

Group chair Sir Mohammed Pervez said, “Despite various challenges, it is a matter of great satisfaction that management’s proactive approach and preparedness meant that the company demonstrated resilience and remains in good financial health.”

Pakistan: Fauji Cement recorded a net loss of US$354,000 in the 2020 financial year, which ended on 30 June 2020, compared to a profit of US$17.0m in the 2019 financial year. MarketScreener News has reported that sales fell by 18% year-on-year to US$103m from US$125m.

Egypt: HeidelbergCement subsidiary Suez Cement recorded a net loss of Euro38.0m in the first half of 2020, up by 99% year-on-year from 19.1m in the first half of 2019. The company made sales worth Euro145m over the period, down by 18% from Euro177m. The causes of the decline were market saturation and reduced demand in the short term due to the coronavirus lockdown from 19 March 2020 to 27 June 2020.

Egypt: HeidelbergCement subsidiary Egyptian Tourah Portland Cement recorded a second-quarter loss of Euro4.65m in 2020, down by 79% year-on-year from Euro21.9m in 2019. The company made sales worth Euro1.81m over the period, down by 81% Euro9.74m, according to Reuters. In line with its position regarding future losses at 31 December 2019, the company called a shareholder’s meeting to decide on its continuity.

Mexico: Cemex has announced that its chief executive officer (CEO), Fernando González, will host a ‘virtual conversation,’ in which he will discuss aspects of the group’s financial and business strategy and its operation resilience post-Covid-19 performance enhancement programme, on 10 September 2020. The company says that chief financial officer (CFO) Maher Al-Haffar and strategic planning and business development executive vice president José González will also be on hand to answer questions.

China: Huaxin Cement’s sales and profit fell in the first half of 2020 due to the coronavirus outbreak. It said that the health situation, “resulted in grave insufficient demand in the markets of main products and rapid slump in price, coupled with restrictions on personnel flow and traffic, equipment maintenance plan was affected severely.” The cement producer disposed of medical waste for free at its Yangxin, Wuxue and Yichang plants before the market recovered in the second quarter.

Huaxin’s sales revenue fell by 12.7% year-on-year to US$1.84bn in the first half of 2020 from US$2.11bn in the same period in 2019. Its net profit dropped by 29% to US$330m from US$463m. Cement sales and concrete volumes declined by 8% to 32.7Mt. The company also started clinker production at its 2Mt/yr Jizzakh cement plant in Uzbekistan in June 2020.

India: JK Cement’s profit in the three months ended 30 June 2020, the first quarter of the 2021 financial year, was US$6.85m, down by 62% year-on-year from US$18.1m in the first quarter of the 2020 financial year. Revenues fell by 28% to US$138m from US$191m. The company said, “The operations and business performance of the group during the quarter ended 30 June 2020 was adversely impacted by the shutdown of the group's plants at various locations due to the lockdown announced by the government after the outbreak of the Covid-19 pandemic in March 2020.”

Australia: Adelaide Brighton has recorded a net profit of US$21.1m in the first half of 2020, compared to a US$13.0m loss in the first half of 2019. Revenues fell by 7.3% to US$508m from US$548m due to a 12% construction decline over the period, according to the company. Residential construction fell by 16%, however mining and infrastructure activity remained consistent with levels in the first half of 2019. Adelaide Brighton said, “Cement demand is likely to continue to benefit from a strong production outlook for gold, nickel, and iron ore in particular, and stable demand from the alumina sector.”

Pakistan: Lucky Cement’s profit for the 2020 financial year ended 30 June 2020 was US$19.9m, down by 68% year-on-year from US$62.4m in the 2019 financial year. The company recorded a 13% sales drop to US$249m from US$285m, which it said was due to the impacts of the coronavirus pandemic.