Displaying items by tag: Results

UAE: RAK White Cement’s revenues declined by 3% year-on-year to US$34.1m in the first half of 2024. Nonetheless, the company more than tripled its net profit, to US$5.3m.

Brazil: Votorantim Cimentos ended the second quarter of 2024 with global net revenue of US$1.3bn, up by 1% from 2023. The company recorded a net profit of US$2.8m, a 10% rise from the same period of 2023. In North America, revenue fell by 13% to US$403m, impacted by reduced demand, though this was partially offset by price increases and improved operational efficiency. Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) stood at US$112m, down from US$119m in 2023.

In Latin America, revenue grew by 2%, with Bolivia showing improved volumes. However, adjusted EBITDA dropped by 25% to US$5.3m, affected by tough market conditions in Uruguay and maintenance schedules. In Brazil, revenue was stable at US$586m, with adjusted EBITDA also stable at US$104m, supported by new business growth and cost improvements.

Osvaldo Ayres, global CEO of Votorantim Cimentos, said "At the end of the first half of the year, our results demonstrate the resilience and effectiveness of our diversification and capital allocation strategy. We remain focused on strengthening our structural competitiveness, advancing decarbonisation projects and new businesses, while maintaining our solid financial discipline. We stay on course with our investment plan, aligned with our global strategy and strategic mandate."

Colombia: Cementos Argos recorded revenues of US$329m in the second quarter of 2024, down 1% from the same period in 2023. The company’s quarterly earnings before interest, taxation, depreciation and amortisation (EBITDA) was US$68.8m, while net profit reached US$31.2m. This net profit result includes the markets where it operates directly and the 31% stake it holds in Summit Materials in the US. According to the company, this result is explained "by the impact of seasonality in Summit's operations, which generate most of its net profit during the second and third quarters of the year."

Cementos Argos shipped 2.5Mt of cement across Colombia, Central America and the Caribbean in the second quarter of 2024, up 2%. However, in Colombia alone, volumes fell by 5% to 1.3Mt, despite rising exports. The company recorded a 14% rise in quarterly EBITDA to US$41.2m, with year-to-date EBITDA up by 11% to US$89.6m. In Central America and the Caribbean, Q2 2024 EBITDA was US$38m, a 13% year-on-year increase.

Cementos Argos expects improvements in Colombia's cement deliveries over the next 12 to 18 months due to stabilising new home sales, reduced mortgage rates, moderated inflation and improved housing subsidies.

US: CRH has announced its financial results for the second quarter of 2024. Revenue was US$9.7bn, down by 1% year-on-year, net income was US$1.3bn, up by 8% year-on-year, and adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) were US$2.3bn, up by 12%. CRH raised its 2024 financial year guidance, projecting net income increase to US$3.85bn from the previous figure of US$3.7bn and an adjusted EBITDA increase from US$6.82bn to US$7.02bn.

Albert Manifold, chief executive of CRH, said "We are pleased to report another period of further profit growth and margin expansion for CRH. Reflecting the strength of our financial performance, the positive underlying momentum in our business as well as the positive contribution from recent portfolio activity, we are raising our guidance and remain well positioned to deliver another record year in 2024."

Argentina: Loma Negra has announced its financial results for the second quarter of 2024. Net sales were US$147m, down by 28% year-on-year. Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) fell to US$51m, a 19% decrease from the second quarter of 2023. Net profit reached US$31.6m, up by 226% from US$9.7m in the same period in 2023, reportedly due to the ‘solid’ operational results and an improvement in the net total finance gain.

CEO Sergio Faifman said "We are glad to report another set of solid results. We are optimistic that this positive trend in the industry will consolidate, as July 2024’s dispatch figures already show significant improvement. Therefore, we have strong indications to expect further recovery in the second half of 2024."

Saudi Arabia: Eastern Province Cement Company raised its sales by 29% year-on-year to US$156m in the first half of 2024. Its net profit grew to US$34.1m, up by 20% year-on-year.

Saudi Arabia: Southern Province Cement's sales dropped to US$124m in the first half of 2024, down by 2.5% year-on-year. Nonetheless, the company grew its net profit by 36%, to US$24.5m.

Nigeria: Lafarge Africa has reported an increase in sales and net income for the second quarter ending 30 June 2024. Sales rose from US$66.7m in the second quarter of 2023 to US$99.5m in the same period in 2024, representing a year -on-year increase of 49%. Net income also increased, from US$12.9m to US$15.2m, a year-on-year increase of 18%.

Jamaica: Caribbean Cement has recorded a profit of US$15m for the end of its second quarter, a year-on-year increase of 9% from the US$13.8m in the same period in 2023. Six-month earnings reached US$27m. Revenue also rose by 3% to US$49.2m. The company will undertake its annual maintenance in the current July – September quarter and expects fluctuating demand due to prevailing weather conditions. The company is continuing its expansion programme to boost production capacity by up to 30% and reduce its carbon footprint.

Italy: Buzzi has disclosed its financial results for the first half of 2024. It reported a decrease in cement sales volumes by 8%, mainly due to weak demand in Central Europe and increased rainfall in Italy and the US. Despite this, the company achieved a consolidated turnover of €2.05bn, down by 4.5%. After taxes, the net profit stood at €422m, a 2.1% decrease from €431m in the first half of 2023. The net financial position closed at €898m, compared to €798m at the end of 2023.