Displaying items by tag: Results

Pakistan: DG Khan Cement recorded sales of US$114m during the first half of the 2023 Pakistani financial year. The figure corresponds to growth of 8.5% year-on-year from US$105m in the first half of the 2022 financial year. Its cost of sales was US$97.4m, up by 82% from US$53.4m. Its profit was US$3.56m, up by 72% from US$2.07m.

Pakistan: Pioneer Cement's sales were US$95.7m in the first half of its 2023 financial year. This corresponds to a 19% year-on-year rise from US$80.2m in the first half of the 2022 financial year. The producer overcame 20% growth in its cost of sales to US$53.2m from US$44.2m, to record a profit after tax of US$6.72m, up by 54% from US$4.36m.

Colombia: Cementos Argos has introduced a share price recovery programme at the same time it has released its financial results for 2022. It plans to spend around US$50m on a share buy-back program. Its sales revenue rose by 24% year-on-year to US$2.37bn from US$1.92bn. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 7% to US$422m from US$396m. However, its net income dropped by 14% to US$81.7m from US$95.5m due to mounting financial expenses. Its cement sales volumes fell by 3.7% to 16.2Mt in 2022 from 16.8Mt in 2021.

The group blamed the decline in cement sales volumes on problems in the Haitian market as well as lower trading volumes to the Caribbean and Central America region. Sales volumes of cement and revenue grew in the US but earnings fell. In Colombia, local cement sales volumes fell but were boosted overall by exports.

Chile: Melón’s sales rose by 2% year-on-year to US$305m in 2022. The producer recorded a 17% drop in its cement production to 1.13Mt. Operating costs rose by 11%, with rises across raw materials, transport and utilities costs. As such, the producer reported a net loss of US$12m, compared to a net profit of US$15.3m in 2021.

Melón noted a ‘very challenging market’ with ‘active competition’ so far in 2023, including a low capacity utilisation situation in the domestic cement industry.

South Korea: SungShin Cement recorded full-year consolidated sales of US$792m in 2022, up by 24% year-on-year from US$641m in 2021. The producer recorded a net loss of US$19.5m, compared to US$5.01m net profit in 2021.

US: Martin Marietta Materials posted lower revenue in the fourth quarter of 2022 as a slowdown in the housing market and bad weather in Texas reduced shipments of materials, especially concrete. While the company reported a net income for the fourth quarter of US$184m, a 17% rise year-on-year compared with US$157m in the fourth quarter of 2021, its revenue fell to US$1.48bn from US$1.50bn. This was partly due to a 1.7% fall in building material revenues. Cement shipments fell by 11%, mostly due to wet and cold weather in Texas, though prices rose by 21%. Ready-mixed concrete revenue fell by 35% due to the sale of the company's Colorado and Central Texas ready-mixed concrete business.

Saudi Arabia: Yamama Cement Company recorded net profits after Zakat and tax worth US$68.2m in 2022, a year-on-year increase of 132% from US$41m in 2021. Its revenues for 2022 amounted to US$272m in 2022, up by 39% from US$196m in 2021.

India: Grasim Industries, a subsidiary of Aditya Birla Group, has posted a 44% year-on-year rise in its consolidated net profit to US$303m for the third quarter of the 2023 Indian fiscal year, a period that ended on 31 December 2022.

During the quarter under review, the company’s consolidated revenue rose by 17% to US$3.45bn. Grasim Industries said that the growth in revenue was driven by strong performances by its subsidiaries UltraTech Cement and Aditya Birla Capital. UltraTech Cement’s sales for the quarter rise by 12% year-on-year to 26Mt. This led to an increase in capacity utilisation rate from 75% to 83%.

France: Vicat’s full year results for 2022 show a 16.6% year-on-year rise in consolidated sales, from Euro3.12bn to Euro3.12bn. Its earnings before interest, tax, depreciation and amortisation (EBIDTA) came to Euro570m, a 7.9% fall compared to Euro619m in 2021. Its net income for 2022 was Euro156m, a fall of 23.6% year-on-year from Euro204m in 2021.

Commenting on these figures, Guy Sidos, the Group’s chair and chief executive officer, said “In 2022, the Vicat Group demonstrated resilience amid tough conditions. Faced with an unfavourable basis of comparison as a result of the sharp post-Covid rebound in business trends during 2021, a very strong increase in energy costs and non-recurring industrial costs in the US, France and India, we responded rapidly, raising our selling prices significantly across almost all the markets in which we operate to offset the impact of inflation. We have made progress with our policy of lowering our greenhouse gas emissions by harnessing existing solutions and investing in technologies that will enable us to reach our new 2030 targets.”

Australia: Rampant inflation, restructuring costs and a softening US housing market have been blamed for a third earnings downgrade at building materials group James Hardie. The company’s new chief executive officer Aaron Erter has also warned of ongoing challenges for the business in Australia, where the housing boom is grinding to a halt in the face of surging interest rates and the end of the federal government’s HomeBuilder stimulus.

James Hardie reported an adjusted net income of US$129.2m in the three months to December 2022, down by 16% year-on-year from the same quarter of 2021. Global net sales of its fibre cement and cladding products were down 4% during the quarter, at US$860.8m, driven down by falling sales volumes in its largest market in the US, as well as in Europe and the Asia-Pacific region.

More widely, price increases partially offset an 11% decline in global sales volumes across James Hardie’s entire range of business lines. The challenging conditions led to full-year earnings guidance for the 12 months to 31 March 2023 being cut for a third time, to US$600 - 620m, in line with the prior fiscal year.