Global Cement Newsletter

Issue: GCW699 / 05 March 2025

Headlines


Cement producers based in North America and Europe reported stable revenues and growing earnings in 2024. Revenue growth at scale could be found in India and Sub-Saharan Africa. Notably, India-based UltraTech Cement’s sales volumes of cement surpassed those of Holcim’s. Yet, the European-headquartered multinationals were mostly happy due to increased earnings. Holcim lauded record performance in 2024, for example, and Heidelberg Materials reflected upon “a very good financial year.” This review of financial results looks at selected large heavy building materials companies, outside of China, that have released financial results so far.

Graph 1: Sales revenue from selected cement producers in 2023 and 2024. Source: Company reports. Note: Figures calculated for UltraTech Cement, consolidated data from Ambuja Cement used for Adani Cement. 

Graph 1: Sales revenue from selected cement producers in 2023 and 2024. Source: Company reports. Note: Figures calculated for UltraTech Cement, consolidated data from Ambuja Cement used for Adani Cement.

Holcim’s net sales may have dropped on a direct basis from 2023 to 2024 but its focus is on earnings. Its recurring earnings before interest and taxation (EBIT) rose by 4% year-on-year to US$1.31bn in 2024 from US$1.26bn in 2023. And the changing nature of where its earnings come from in recent years has led to the impending spin-off of the US business, scheduled to occur by the end of the first half of 2025. The company will be called Amrize and will be listed on the New York Stock Exchange, with an additional listing on the SIX Swiss Exchange. By product line, sales were down for cement, ready-mixed concrete (RMX) and aggregates, but they were up for the group’s Solutions & Products division. Despite this earnings were up for all four product lines. By region sales fell in North America, Europe and Asia, Middle East & Africa. They rose in Latin America. For reference, North America and Europe are the group’s two biggest segments.

Heidelberg Materials’ sales revenue remained stable in 2024 on a direct basis, although it dipped slightly on a like-for-like comparison. Its result from current operations before depreciation and amortisation (RCOBD) grew by 6% to US$3.4bn. Geographically, revenue in Europe and Asia Pacific fell. RCOBD increased, notably, by 19% to US$4.80bn in North America. It grew everywhere else apart from Africa-Mediterranean-Western Asia. As is becoming customary for Heidelberg Materials, it made a point of highlighting its sustainability progress. This includes demonstrating progress towards its sustainable revenue target and reminding markets that the delivery of its first carbon captured net-zero cement evoZero product is planned during 2025. The group plans to release its 2024 full annual report at the end of March 2025.

Graph 2: Cement sales volumes from selected cement producers in 2023 and 2024. Source: Company reports. Note: Annualised sales volumes provided for CRH, figures calculated for UltraTech Cement. 

Graph 2: Cement sales volumes from selected cement producers in 2023 and 2024. Source: Company reports. Note: Annualised sales volumes provided for CRH, figures calculated for UltraTech Cement.

CRH’s strength in North America gave it both rising revenues and earnings. Sales revenue from its Americas Materials Solutions division reported 5% growth to US$16.2bn in 2024. Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) sprung up by 22% to US$3.75bn. Revenue growth was attributed to price increases and acquisitions. Earnings growth was pinned on growth across all regions, pricing, cost management, operational efficiency and gains on land asset sales. Despite this, reported volumes in the division were down in 2024. The group’s International Solutions division performed more in line with its competitors, with revenue down slightly but earnings up. Lastly, CRH’s annualised sales volumes of cement grew in 2024. This is likely primarily due to the group’s acquisition of assets in Australia.

Cemex had a tougher time of it in 2024, compared to the previous three companies, with both sales revenues and earnings down. Sales and earnings were down on a direct basis for each of its three main regions – Mexico, the US, and Europe, Middle East, and Africa - although the picture was better in Mexico on a like-for-like basis. Sales volumes of cement, RMX and aggregates were either static or down in each of these areas. In the US the group may have been unlucky as it took an earnings hit from four hurricanes and a deep freeze in Texas. Group earnings improved in the fourth quarter of 2024. In spite of this it introduced ‘Project Cutting Edge’ in February 2025, a three-year, US$350m cost saving exercise.

The first takeaway from UltraTech Cement’s performance in 2024 is that a second (mainly) national producer has overtaken the multinationals. This happened with several China-based cement producers over the last decade. Now it has occurred in India with Ultratech Cement. It reported sales volumes of 120Mt in the 2024 calendar year. Shifting to the Indian financial calendar, Ultratech Cement ‘s revenue rose slightly in the nine months to 31 December 2024 but its new profit fell by 19% year-on-year to US$458m. Local press has blamed this on weak price realisations despite sales volumes growing. At the same time its energy costs have fallen so far in its 2025 financial year. Adani Cement, meanwhile, reported strong growth in both revenue and earnings in the 12 months to 31 December 2024. It too is likely to become one of the world’s largest cement producers by sales volumes by 2030, outside of China, if it follows-through on its expansion targets.

Finally, Dangote Cement reminded us all what growth really looks like as the Nigerian market started to rebound. Sales revenue increased by 62% to US$2.39bn and EBITDA by 56% to US$591m. Despite high domestic interest rates in Nigeria the group managed to grow its sales volumes of cement. Elsewhere in Sub-Saharan Africa sales volumes declined a little due to bad weather conditions in Tanzania and election uncertainties in Senegal and South Africa.

The importance of the US market for many multinational cement producers continued in 2024. However, this reliance on one place can carry risks, as Cemex’s results seem to suggest. Another reminder of this occurred this week when the US government imposed 25% tariffs on Canada and Mexico. The Portland Cement Association said in a statement, “The US cement industry would like to work with the administration to address federal laws and regulations that prevent American cement companies from increasing production, making it necessary for the US to import some 20% of its total cement consumption annually - including from Canada and Mexico.” Elsewhere, markets are changing as mega-markets such as India and Sub-Saharan Africa unleash their potential. China-based Huaxin Cement, for example, may start to gain a place on international round-ups like this one in 2025 when it completes its acquisition of Lafarge Africa.


Türkiye: The Cement Industry Employers' Union (ÇEİS) has appointed Nihat Özdemir as its chair, according to Yatirimlar. Özdemir is the honorary chair of Limak Holding. He co-founded the group, which includes Limak Cement, in 1976. He is the vice-chair of the Turkish Cement Manufacturers' Association (Turkçimento) and the Association of Turkish World Engineers and Architects amongst other governance roles. Notably, he was the chair of the Turkish Football Federation from 2019 to 2022.


Egypt: Tareq Samaha, the CEO of Egyptian Cement Group (ECG), has died. In a post on LinkedIn ECG said that he had “…passed away after a long career of giving and achievements in the field of cement industry.”

Tareq Samaha became the CEO of Egyptian Cement Group in 2018. Earlier in his career he was the Commercial Director for RAK White Cement in the UAE from 2006 to 2016. Before this he worked as the Trade Manager (cementitious products) for Heidelberg Materials Trading from 2003 to 2006. He also held roles with Al Jeri Transportation, Emirates Steel Arkan and Sika during his career. He was a graduate in architecture from Ain Shams University in Cairo.


Czech Republic: MAAG Gear has appointed Serhij Jolkin as its Head of Cement Sales. Jolkin previously worked for Wikov for over a decade. He started in sales roles before becoming the company’s Business Development Manager in 2022. He holds a degree in business, economics and management from the University of West Bohemia in Pilsen.


US: In response to the Trump Administration’s imposition of 25% tariffs on Canada and Mexico, Portland Cement Association (PCA) President and CEO Mike Ireland has released a statement.

He said “The US cement industry would like to work with the Administration to address federal laws and regulations that prevent American cement companies from increasing production, making it necessary for the US to import some 20% of its total cement consumption annually, including from Canada and Mexico.”

He added “US cement manufacturers, who provide the materials for America’s vast infrastructure and will have an essential role in helping to manifest the President’s vision of improved border and energy security, believe the right tax, regulatory and permitting environment will lead to more investments in US cement production.”

Canada and Mexico account for 27% of US cement imports, representing nearly 7% of total consumption. In 2023, the US imported 5Mt of cement from Canada and 2Mt from Mexico.


US: Construction service company Bridgesource led a community meeting to propose a cement plant in Glendale, Nevada. More than 150 people attended the meeting to discuss the project.

The proposed cement plant would occupy about 101 hectares and include a 122m preheater tower and a 137m smoke stack. Additionally, a 81 hectare plot of land is being considered for a limestone mining operation to supply the plant. The deposit is expected to sustain the plant for 70-80 years.

Bridgesource said that the site poses multiple advantages for the location of a cement plant, citing its proximity to transportation infrastructure, as well as access to natural gas from the Kern River pipeline and sufficient power supply from the national grid. The company stated that the proposal would create over 200 jobs.


India: Mahabal Cement has signed a memorandum of understanding (MoU) for a US$1.26bn investment at the Advantage Assam summit.

The investment will have several phases. The first phase will be the construction of an integrated cement plant in Assam's Dima Hasao district, followed by a ready-mix concrete plant, which will produce autoclaved aerated concrete blocks. More than 3000 jobs will reportedly be created through the investment.


Chad: Chad has been experiencing a cement shortage for several weeks, according to Tchad Infos. This has reportedly led to a rise in prices.

The Minister of Trade and Industry said "This situation is due to difficulties in supplying raw materials essential to the production of cement, in particular clinker, which must be transported by rail. Since 17 February 2025, an incident on the Camrail railway line in Cameroon has delayed deliveries. The orders, unloaded at the port of Douala due to the absence of a seafront for our country, could not be transported on time."


US: California Resources Corporation and its carbon management subsidiary, Carbon TerraVault (CTV), have signed a memorandum of understanding (MoU) with National Cement Company of California to develop the ‘Lebec Net Zero’ project, which will produce carbon-neutral cement at National Cement’s Lebec facility in Kern County, California.

CTV will provide transportation and sequestration solutions for up to 1Mt/yr of CO₂ emissions captured from the Lebec plant. The captured CO₂ will be transported and stored in CTV’s underground storage reservoirs. The project will integrate carbon capture technology, use locally sourced biomass fuel from agricultural byproducts and produce limestone calcined clay cement (LC3).

Pending customary approvals, operations are expected to commence in 2031.


India: UltraTech Cement has projected that India’s cement demand will surpass 640Mt by the 2030 financial year, driven by a compound annual growth rate (CAGR) of 7-8% between the 2024 and 2030 financial years.

According to industry research and estimates, cement demand for the financial year ending 31 March 2024 stood at 424Mt. The growth is expected to be supported by rising infrastructure development and construction activity across the country.


Pakistan: Total cement despatches in February 2025 reached 3.6Mt, marking a 10% increase from 3.27Mt in February 2024, according to data released by the All Pakistan Cement Manufacturers Association (APCMA).

Domestic cement sales rose by 7% year-on-year to 3.1Mt, compared to 2.9Mt in February 2024. However, growth remained below expectations following a 12% month-on-month increase in January 2025. Exports increased by 34%, rising to 0.53Mt from 0.4Mt in the same month last year. In the first eight months of the current financial year, total cement despatches, including domestic and exports, stood at 30.4Mt, a slight 0.45% decline from 30.6Mt in the previous year. Domestic despatches dropped by 6% year-on-year to 24.5Mt, while exports increased by 32% to 5.9Mt from 4.5Mt.


Philippines: The Surigao City government has expressed optimism that the planned reopening of Pacific Cement Corporation (Pacemco) will revitalise the local economy and create jobs. Pacemco ceased operations on 5 May 2014 due to financial and operational difficulties. According to the Philippines News Agency, it owed US$1.5m to the Surigao del Norte Electric Cooperative, therefore its power supply was cut. At the time, 343 workers were reportedly placed on forced leave after the company stopped operations.

The mayor of Surigao City, along with other officials, conducted an inspection of the facility and groundbreaking activities are scheduled later in March 2025.


Georgia: The government has raised the mineral extraction limit for Kartuli Cement, amending the company’s mining license under a decree issued on 28 February 2025. The revised limit now allows for the extraction of 718,415m3 of sand and gravel from the Lezhbadin mineral deposit in Khanji-Gazlo, Marneuli Municipality, until the license expires on 24 October 2025. In return for the additional 287,630m3 of extraction, Kartuli Cement paid US$151,000.

Kartuli Cement formerly operated as HeidelbergCement Georgia, and rebranded as 'Hunnewell Cement' in August 2024 following its acquisition by the Georgian Co-Investment Fund and Hunnewell Partners.


Burkina Faso: Freight forwarder Fracht Group has delivered cement plant equipment to a new plant being built in Burkina Faso. It delivered a cement mill shell weighing 76t, which was transported alongside an additional 1024t worth of accessories.


Switzerland: Holcim has announced its 2024 financial results, reporting record performance with full-year net sales of €28.2bn and an operating profit of €4.9bn. The company increased its use of recycled construction demolition materials by 20% to 10.2Mt. The planned listing of its North American business remains on track for completion by the end of the first half of 2025.

Holcim's net sales in the cement sector reached €14bn. In North America, net sales were €6.8bn despite challenging market conditions. Latin America achieved its 18th consecutive quarter of profitable growth, with net sales of €3bn. During the year, there were four acquisitions to enter the new market of Peru and expand operations in Mexico and Guatemala. The Asia, Middle East and Africa region reported net sales of €3.85bn, driven by growth in Australia and North Africa, alongside four divestments completed in 2024. The Solutions and Products sector continued its profitable growth, with net sales of €6.3bn, primarily due to increased sales of its advanced roofing systems. Sustainable building solutions contributed to profitable growth in Europe, with net sales of €7.7bn

In the fourth quarter of 2024, Holcim's net sales were €6.9bn, a 1.6% increase compared to the same period in 2023. The company remains optimistic about 2025, with a strong outlook across all business segments.


Nigeria: Lafarge Africa reported a profit after tax of US$67m for the 2024 financial year, up by 96% from the US$34.3m recorded in 2023. The cement producer saw its sales rise by 72% to US$468m in 2024 from US$272m in the previous year. According to its audited financial statements filed on the Nigeria Exchange, Lafarge Africa's performance was driven by higher sales volume and improved pricing strategies, despite prevailing macroeconomic challenges.

The company's gross profit rose by 68% to US$233m from US$139m in 2023. Its operating profit stood at US$130m, up by 89% from the US$68.6m recorded in 2023.


Libya: The Libya Africa Investment Portfolio (LAIP) reported that its Misrata cement plant project will move forward, following the committee’s eighth meeting, reports the Libya Herald. The project aims to produce 2Mt/yr in the first phase, rising to 4Mt/yr in the second phase in order to satisfy the demands of the local market, according to economic feasibility studies prepared for the project. The meeting confirmed that the quantity of raw materials is sufficient to operate the plant for at least 50 years. The project has been suspended since 2012, with completion at around 32%. China-based Sinoma Yuhan will construct the plant.


Guyana: Vice President Bharrat Jagdeo has received complaints about ‘delinquent’ cement suppliers, stating that the government will sanction any errant supplier, reports News Room Guyana.

Contractors engaged in road works along the East Bank of Demerara complained of challenges with cement suppliers. These suppliers were reportedly providing smaller quantities of cement and cement with lower-than-needed compressive strength.

The vice president noted that the Ministry of Public Works has been engaged on the matter and will issue a warning to suppliers soon, stating that, if the claims were true, the suppliers would lose the right to supply cement for government projects.

The situation comes amid the government's major infrastructure plan for the country. The ‘largest ever expansion’ of infrastructure is unfolding in Guyana under the current administration, although there have reportedly been some implementation challenges.


Ireland: CRH recorded a 2% year-on-year increase in sales to US$35.6bn in 2024, with net income rising by 15% to US$3.5bn during the period. The producer's earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 12% year-on-year to US$6.9bn.

In the fourth quarter of 2024, the company's sales rose by 2% year-on-year to US$8.9bn, while its net income increased by 24% to US$700m and its EBITDA by 12% to US$1.8bn.

CRH invested US$5bn in mergers and acquisitions during 2024. It maintains a positive outlook for the 2025 financial year, forecasting a net income of US$3.7 – US$4.1bn and an EBITDA of US$7.3 – US$7.7bn.


Spain: Molins has recorded a 22% year-on-year rise in net profit to €184m in 2024, despite market slowdowns and political instability in some regions.

Molins’ revenues grew by 1% year-on-year to €1.37bn in 2024, as price increases offset volume declines and currency effects. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 6% to €356m, with its operations in Europe, South America and North Africa showing growth. Mexico reportedly remains its largest contributor to results. The company increased investments by 31% to €98m, with 70% going to sustainability, digitisation and efficiency improvements.


Bangladesh: Chhatak Cement Factory has ceased production due to severe gas and limestone shortages, despite a modernisation project having reached 91% completion.

The Bangladesh Chemical Industries Corporation (BCIC) began a US$54.7m project to convert the plant’s production process from wet to dry in 2016, in order to increase capacity to 1500t/day (0.45Mt/yr). The project cost rose to US$116m, with US$68m spent by November 2024. However, the plant remains idle despite the completion of construction works over a year ago, due to the lack of a new gas pipeline and ropeway to import limestone from India. This ropeway was supposed to transport limestone from the Komorrah Limestone Mining Company in Meghalaya.

The project's committee has proposed extending the deadline to June 2026 and allocating an additional US$25m for a 43km gas pipeline from Sylhet to Chhatak. Trial runs are now being conducted every 15 days in order to prevent the plant’s machinery from rusting.

Project director Abdur Rahman Badsha said that the Chinese contractor responsible for the ropeway construction, Nanjing C-Hope Cement Engineering Group, is awaiting a subcontracting agreement with KLMC to begin work in India.


Peru: Cemento Yura has launched a premium white cement, designed to meet the increasing demand for architectural and decorative applications. The producer has a production capacity of 300,000t/yr, ensuring stable supply to domestic and export markets.

Technical manager of research and development Bruno Bertolotti said "This launch is the result of extensive research and innovation. Our goal is to provide our customers with a high-performance product that ensures unparalleled reliability and results."