Displaying items by tag: Results

India: Shree Cement’s profit plunged by more than 80% year-on-year to US$11.0m in the three months to 30 September 2024, weighed down by weakness in both demand and low prices. While the September quarter is seasonally weak for cement makers in India, the country's third largest producer's sales volume slipped as compared to the previous year too, falling by 7% to 7.6Mt.

Neeraj Akhoury, managing director of Shree Cement, said "Despite strong headwinds on account of an extended monsoon season and softer pricing environment across the industry, Shree Cement has delivered a steady performance on the back of accelerated operational efficiency measures, focused cost optimisation drive and product ‘premium-isation’ initiatives.” He added that the company expects an increase in demand in the remainder of the 2025 fiscal year due to the release of government budgetary allocations for national infrastructure projects.

Brazil: Votorantim Cimentos has reported that its net profit surged by 24% in the third quarter of 2024 compared to the same period of 2024, to reach US$179m. Its net revenue increased by 6% year-on-year to reach US$1.33bn.

However, when excluding currency fluctuations, revenue decreased by 1%. This highlights the significant impact of foreign exchange rates on Votorantim's global operations. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 20% to US386m. Cement sales volume increased by 3% to 10Mt during the quarter.

The company said that these figures indicate resilient demand across Votorantim's markets, despite challenging economic conditions in some regions. The company's diversified geographical presence has helped balance market fluctuations.

In the sustainability arena, Votorantim Cimentos also says that it has made significant progress. The company reduced its specific embodied CO₂ emissions by 4% to 556kg/t of cement in 2023. It has also increased its alternative fuel thermal substitution rate (TSR) from 26.5% in 2022 to 30.9% in 2023.

Tunisia: Société les Ciments de Bizerte’s local sales fell by 77.43% in the third quarter of 2024 compared with the same period in 2023, to US$1.7m in 2024. This decrease is due to the total cessation of clinker production during this period. Similarly, the total turnover of Société Les Ciments de Bizerte fell in the third quarter of 2024 due to the domestic sales situation and a total absence of exports. As a result of the company’s ongoing financial crisis, it has not been able to meet its commitments to suppliers or its bank debts.

The company made just 16,796t of cement during the third quarter of 2024, 75,020t less than in the same period of 2023 when it produced 91,816t.

Italy: Buzzi’s net sales decreased by 4% year-on-year to €3.18bn in the first nine months of 2024 from €3.30bn in the same period in 2023. Its cement and ready-mixed concrete sales volumes fell by 6% to 18.8Mt and by 8% to 7.74Mm³ respectively. The group attributed the declines to a “…challenging market environment in Central Europe and the lack of recovery in Italy and the US during the summer.” However, sales were up in Poland and the Czech Republic.

Italy: Cementir Holding has blamed a fall in earnings in the first nine months of 2024 on “lower results achieved in all geographical areas except Egypt.” It added that sales had fallen due to a decrease in volumes in some places and negative currency effects in Türkiye and Egypt. The group’s revenue fell by 5% year-on-year to €1.24bn in the first nine months of 2024, from €1.30bn in the same period in 2023. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) dropped by 9% to €296m from €326m. Sales volumes of cement and clinker remained stable at 7.98Mt. It noted that volumes increases were reported in Türkiye and, to a lesser extent, in Malaysia and the US. However, volumes of ready-mixed concrete rose by 5% to 3.33Mm³ from 3.18Mm³.

Francesco Caltagirone Jr, chair and CEO, said “The results for the first nine months of 2024 are in line with our expectations and, after several quarters of contraction, signs of a market turnaround in some geographies are emerging in the third quarter of 2024. We are strengthening our competitive position through initiatives such as: the investment on Kiln 4 in Belgium, the restart of the second line in Egypt, the acquisition in concrete in Nordic & Baltic, a new limestone quarry in Malaysia, and the repurchase of a large part of the minority interest in our Egyptian subsidiary, to prepare ourselves for any upcoming market opportunities”.

India: The India Cements’ revenue fell by 24% year-on-year to US$244m in the six months to 30 September 2024 from US$320m in the same period in 2023. Its reported loss grew to US$33.3m from US$19.8m. Sales volumes declined by 15% to 4.26Mt from 5.04Mt. The company’s performance was negatively affected by weak cement demand and a significant decline in prices, according to the Hindu newspaper. It also said that is was unable to benefit from lower fuel costs, particularly petcoke, as lower sales volumes reduced its margins. The cement producer was purchased by UltraTech Cement in July 2024.

Paraguay: Gerardo Guerrero, the president of Industria Nacional del Cemento (INC), says that the state-owned company is close to reaching its target of producing 11 million bags of cement in 2024. In October 2024 it manufactured 1.07m bags of cement and sold 1.27m, according to the Agencia de Información Paraguaya. Guerrero attributed the achievement to the company switching its supply chain to land-based transport due to poor conditions on the Paraguay River. INC reportedly has a 37% market share. It operates an integrated cement plant at Vallemí and a grinding unit at Villeta.

Greece: Titan Cement has announced its financial results for the first nine months of 2024. The group’s sales increased by 5% year-on-year to €1.99bn. Earnings before interest, taxation, depreciation and amortisation (EBITDA) for the period reached €455m, marking a 15% year-on-year increase. Net profit after tax also rose by 20% during the period to €238m.

In terms of regional performance, the US business saw an increase of 4.2% year-on-year to €1.15bn and EBITDA growth of 20%. Greece and Western Europe experienced an 8.4% increase in sales to €324m, though EBITDA declined by 4.5% year-on-year. Southeast Europe saw an increase in sales of 4% to €327m with EBITDA rising by 19% during the period. Meanwhile, in the Eastern Mediterranean region, sales improved by 5% to €183m, despite a 21% reduction in EBITDA. Titan Cement said that it maintains a positive outlook for the remainder of 2024, driven by solid pricing and overall healthy volumes.

Germany: In the first nine months of 2024, Heidelberg Materials' sales fell by 2.1% to €15.75bn from €16.8bn in the same period of 2023. The result from current operations before depreciation and amortisation rose by €101m or 3% to €3.28bn, while the result from current operations increased by €58m or 2.6% to €2.33bn.

The company’s businesses in Europe reported a revenue of €7.1bn in the nine-month period, a 2.7% decrease from €7.3bn in 2023. In North America, Heidelberg Materials reported a revenue of €3.98bn, marking a 0.5% increase from January - September 2023. In the Asia-Pacific region, revenue decreased by 5.2% to €2.6bn, and the Africa-Mediterranean-Western Asia region also saw a decline of 6.2% year-on-year to €1.65bn.

Ireland: CRH reported a rise in revenue to €9.56bn in the third quarter of 2024, up by 4% year-on-year. Net income grew by 5% in the third quarter to €1.27bn. Adjusted earnings by interest, taxation, depreciation and amortisation (EBITDA) rose by 12% to €2.28bn.

For the first nine months of 2024, total revenues increased by 2% to €24.3bn. Year-to-date net income grew by 13% to €2.55bn, with adjusted EBITDA also up by 12% to €4.73bn. Despite adverse weather, CRH anticipates positive market dynamics to continue into 2025, projecting net income between €3.44bn and €3.5bn and adjusted EBITDA between €6.25bn and €6.34bn. ​