Displaying items by tag: Results

China: China Resources Cement (CRC)’s first-half net profit increased by 11% year-on-year to US$541m in 2020 from US$481m in 2019. This was in spite of a 3% fall in revenues to US$2.18bn from US$2.25m. CRC said, “The gradual stabilisation of infrastructure construction and the real-estate market - as well as the steady progress of urbanisation and rural construction - will be conducive to the stable development of the cement industry."

Ireland: CRH recorded a profit of US$406m in the first half of 2020, down from US$602m in the first half of 2019. Sales fell by 4.9% year-on-year to US$12.2bn from US$12.8bn. Price rises in many markets offset the general reduction in cement volumes caused by coronavirus lockdown, while volumes grew in Germany, the Benelux countries, Brazil and the US.

Chief executive officer (CEO) Albert Manifold said, “We took swift and comprehensive action in response to the Covid-19 crisis, and our ability to flex our cost base and deliver improved profitability, margins and cash generation in a rapidly evolving environment demonstrates the strength and resilience of our business. The outlook for the rest of the year and into 2021 remains uncertain and is dependent on an improving health situation across our markets.” Though the group provided no full-year guidance for 2020, it said, “The longer-term prospects for CRH remain positive, benefiting from significant financial strength and resilience together with a portfolio of high-quality assets in attractive markets.”

South Africa: PPC has delayed the publication of its annual results for the year to 31 March 2020 for a second time due to a “restructuring and refinance project.” It now expects to publish the results by late September 2020. It previously delayed reporting its financial results when the Johannesburg Stock Exchange allowed it to delay releasing the figures because of challenges created by the coronavrius pandemic. The cement producer also said it has found errors in its financial reporting for the year that ended in March 2019 due to mistakes made in valuing operations in Ethiopia and Zimbabwe and a miscalculation of the accounting of a foreign-exchange transaction in the Democratic Republic of Congo (DRC).

The group expects that revenue for the year to 31 March 2020 will decline by no more than 5% year-on-year from US$605m in the same period in 2019. Earnings before interest, taxation, depreciation and amortisation (EBITDA) are expected to fall by up to 20% from US$113m.

In an operational update for April to July 2020 the group said that it ramped up cement operations in May 2020 following the relaxation of coronavirus-related lockdowns in most of its territories. It attributed strong growth in cement sales volumes in June and July 2020 due to a reduction in imports as well as pent-up demand. Similarly, sales volumes were strong outside of South Africa, particularly in Zimbabwe and Rwanda, and in the DRC to a lesser extent.

China: Tangshan Jidong’s net profit in the first half of 2020 was US$140m, down by 33% year-on-year from US$210m to US$246m. Cement sales fell by 14% to US$1.58bn from US$1.83bn, while clinker sales fell by 11% to US$218m from US$246m. The Hebei Province-based group attributed the sales fall to the effects of the coronavirus lockdown in early 2020.

Brazil: Votorantim Cimentos recorded a loss of US$94.0m in the first half of 2020, up by 99% year-on-year from US$47.2m in the first half of 2019. Sales fell by 8% to US$680m from US$739m. During the period Votorantim Cimentos and its subsidiary St Mary’s Cement increased the balance withdrawn from credit facilities by US$247m, in order to “strengthen liquidity as protection within the current crisis context due to the Covid-19 pandemic and to cope with the seasonality that recurrently affects North America.” The group says that it will reduce the value of its 2020 investments by 25% to US$545m from a planned US$726m, down by 6.3% year-on-year from US$581 in 2019.

India: Aditya Birla subsidiary Grasim Industries recorded a loss of US$36.0m in the first-quarter of the 2021 financial year (1 April 2020 – 30 June 2020), compared to US$26.9m profit in the first quarter of the 2020 financial year. The company attributed this to a 61% year-on-year fall in sales to US$260m from US$668m due to ‘lower realisation and weak demand’ during coronavirus lockdown. Consolidated cement sales over the period were US$228m, down by 29% year-on-year from US$320m.

Japan: Taiheiyo Cement recorded a net profit between 1 March 2020 and 30 June 2020, the first quarter of the 2021 financial year, of US$30.6m, down by 42% year-on-year from US$52.6m in the first quarter of the 2020 financial year. Sales fell by 3% to US$1.88bn from US$1.94bn. The company said that the coronavirus outbreak affected sales in all regions.

India: Star Cement’s profit in the first quarter of the 2021 financial year, to 30 June 2020, fell by 47% year-on-year to US$5.91m from US$11.2m. This was caused by a by 37% decline in sales to US$39.0m from US$61.6m. Earnings before interest, taxation, depreciation and amortisation (EBITDA) also fell, by 42% to US$8.72m from US$15.0m.

Philippines: Eagle Cement recorded a net profit of US$26.5m in the first half of 2020, down by 61% year-on-year from US$68.0m. Sales also fell, by 44% to US$120m from US$214m.

Chief executive officer (CEO) Paul Ang said, “These are very difficult times but we remain confident that the economy will recover from this pandemic and emerge stronger. The government’s steady push for the completion of major infrastructure projects and the private sector’s readiness to bounce back offer encouraging signs for our company’s prospects moving forward.” He added, “More aggressive strategies in pricing and marketing will be undertaken in the remaining half of the year.”

Argentina: Loma Negra’s first-half net profit declined by 68% year-on-year in 2020 to US$14.2m from US$44.4m in the 2019. Sales fell by 30% to US$215m from US$306m. The company said that business was “impacted by the increasing complexities of the Covid-19 pandemic,” but that a strong recovery in bagged cement sales beginning in May 2020 was an indicator of general growth to come in the second half of the year.