Displaying items by tag: Results

Egypt: South Valley Cement has reported a net loss of US$959,000 for the first quarter of 2024, decreasing from a loss of US$768,000 in the same period in 2023. The company generated revenues amounting to US$6.8m in the January-March 2024 period, compared to US$7m in 2023. The company's financial results from 1 January to 31 March 2024 reveal ongoing challenges, with increased operational costs and reduced demand impacting the sector significantly.

Kazakhstan: Steppe Cement saw a notable decrease in net profit to US$4.5m in 2023, down from US$17.9m in 2022. The company also reported a decrease in revenue to US$81.8m from US$86.7m in 2022, largely due to competitive pressures and logistical challenges, that affected exports. Despite these hurdles, domestic sales grew by 4%, though exports nearly ceased, reflecting the new capacities in neighbouring Uzbekistan which have driven down prices and diminished profits from exports.

The country's cement market contracted slightly to 11.5Mt in 2023, with per capita consumption settling at 575kg. The local cement industry has balanced demand and production, but seasonal fluctuations continue to affect the market, particularly in northern regions. Production costs increased by US$8m and the company has responded by increasing capacity by 0.1Mt with a US$3.1m capital expenditure aimed to enhance efficiency at its facilities. Looking ahead to 2024, an additional US$2.4m is earmarked for further improvements.

Zimbabwe: Khayah Cement has reported a significant increase in sales volumes across its operations for the year ending 31 December 2023. Dry mortar product sales volumes surged by 153%, bolstered by the demand for the Supagrow agricultural lime range within the government's Pfumvudza agriculture programme, absorbing 0.34Mt during the period. The firm's cement business also saw a 34% year-on-year increase in sales volumes following the installation of a vertical cement mill in the third quarter of 2022.

Despite challenges such as power quality issues and equipment breakdowns impacting production, bulk cement volumes grew from 1% to 4% during the period. However, clinker production volumes fell by 21%, mainly due to the mothballing of the kiln in the last half of 2023.

The company said “A total of 1000 hours were lost as a result of the unplanned breakdowns which in turn impacted negatively on both clinker, cement production and sales volumes and with it profits and cash generation.”

Taiwan: Taiwan Cement recorded a net income of US$60.8m in the first quarter of 2024, marking a 39% rise from the same period last year, despite a 2.9% decline in revenue to US$790m. The company's profit margin increased to 7.7% from 5.4% in the first quarter of 2023, attributed to reduced expenses.

Egypt: Beni Suef Cement Company has reported a 32% year-on-year decline in profit for the first quarter of 2024, with a net profit after tax of US$873,000 compared to US$1.3m in the same period in 2023. Despite the fall in profits, sales rose significantly to US$14m from US$5.8m in the first quarter of 2023.

India: In the fiscal year April 2023 to March 2024, Adani Group recorded a profit increase of 55% year-on-year to US$3.6bn from US$2.3bn. Earnings before interest, taxation, depreciation, and amortisation (EBITDA) rose by 40% to US$7.9bn, although sales fell by 6%. Adani Group plans to spend US$90bn on capital expenditure over the next 10 years.

Egypt: Sinai Cement Company reported a consolidated net profit of US$6.4m for the first quarter of 2024, a turnaround from a net loss of US$1.2m in the same period last year. The company's net sales reached US$24.6m, down slightly from US$26.3m in the first quarter of 2023.

India: Heidelberg Cement India recorded a 38% year-on-year increase in net profit, reaching US$5.7m for the quarter ended 31 March 2024, up from US$4.1m. The company's net revenue fell slightly by 1% year-on-year to US$71.5m from US$72.3m. Operating expenses decreased by 5% to US$61m, contributing to a 29% year-on-year growth in operating profit to US$10.7m. Interest expenses and taxation also rose by 31% and 29%, reaching US$967,000 and US$2m respectively.

Japan: Sumitomo Osaka Cement recorded sales of US$1.42bn in the 2024 financial year, up by 9% year-on-year from 2023 financial year levels. The company’s net profit was US$104m, up by 32%. Its cement sales were US$1.02bn, up by 14% year-on-year.

Japanese cement demand for the financial year totalled 34.6Mt, down by 7% year-on-year. Under its 2025 Medium-Term Management Plan, Sumitomo Osaka Cement has continued work to increase its profitability and to expand its overseas business in Australia, as well as developing new ventures in the decarbonisation field.

India: Anjani Portland Cement’s consolidated sales were US$74.9m in the 2024 financial year, which ended on 31 March 2024. This corresponds to a year-on-year decline of 6% from US$80m in the 2023 financial year. Group operating expenditure rose by 4% to US$81m from US$77.4m. As such, the company recorded a loss of US$4.72m.