Displaying items by tag: Results
Spain: Cementos Molins’ turnover fell by 8.9% year-on-year to Euro588m in 2018 from Euro646m. It blamed the falling sales on currency depreciation in Argentina and a decrease in sales in Mexico. Its net income decreased by 4.2% to Euro85.3m from Euro89.1m. Its cement sales volumes rose by 7.5% to 6.05Mt from 5.6Mt but its concrete sales volumes reduced by 4.5% to 1.5Mm3 from 1.58Mm3. Spain remained the group’s biggest sales territory and these rose by 11.1% to Euro260m.
CRH’s sales rise by 6% to Euro26.8bn in 2018
28 February 2019Ireland: CRH’s sales revenue rose by 6% year-on-year to Euro26.8bn in 2018 from Euro25.2bn in 2017. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 7% to Euro3.37bn from Euro3.15bn.
“2018 was another year of record profit delivery for CRH. We benefited from good demand and continued favourable market fundamentals in the Americas coupled with positive underlying momentum in Europe. Both were experienced against a backdrop of energy-related input cost inflation and significant weather disruption throughout the year but with a continued focus on performance improvement and operational delivery, margins were ahead of last year,” said group chief executive officer (CEO) Albert Manifold.
The group’s Europe Heavyside division, including European cement production, saw its sales grow by 10% to Euro7.61bn and EBITDA grew by 9% to Euro911m. Positive performances were noted in Ireland, Belgium, Netherlands, Luxembourg, Denmark and Poland. However, ‘challenging’ trading conditions were reported in the UK due to rising input costs and uncertainty about its departure from the European Union (EU). The Americas Materials division, which acquired Ash Grove Cement in mid-2018, saw its sales rise by 12% to Euro8.95bn and its EBITDA rise by 18% to Euro1.49bn.
Nigerian growth drives Dangote Cement in 2018
28 February 2019Nigeria: Domestic sales growth drove Dangote Cement’s financial results in 2018. Its local cement sales volumes grew by 11.4% year-on-year to 14.2Mt in 2019 from 12.7Mt in 2018. Sales in the rest of Africa remained stable at 9.4Mt. Sales revenue grew by 11.9% to US$1.71bn in Nigeria and by 9.6% to US$784m in the rest of Africa. Overall revenue grew by 11.9% to US$2.49bn from US$2.23bn. Earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 12.1% to US$1.20bn from US$1.07bn.
“This is a record financial performance by Dangote Cement, driven by a strong increase in our home market, Nigeria, despite heavy rains and uncertainties about the election,” said Joe Makoju, group chief executive officer. He added that, although Pan-African volumes were unchanged in 2018, he was confident that the group would see an increase in 2019, driven by higher volumes in Tanzania, Ethiopia, Congo and Sierra Leone. Elsewhere in Africa the cement producer said that plant shutdowns in Tanzania due to delays to a gas turbine installation, civil unrest in Ethiopia and a reduction of imports from Nigeria to Ghana had reduced its sales.
DG Khan Cement’s reports mixed half-year
28 February 2019Pakistan: DG Khan Cement’s sales rose by 26% year-on-year to US$154m in the six months to 31 December 2018 from US$122m in the same period in 2017. Its net profit more than halved to US$12m from US$24.8m. However, its net profit fell by 7% to US$10.9m from US$11.8m.
Kohat Cement’s sales grow in half-year
28 February 2019Pakistan: Kohat Cement’s net sales grew by 22% year-on-year to US$60m in the six months to 31 December 2018 from US$49.1m in the same period in 2017. Its cement production rose by 16% to 1.99Mt from 1.71Mt. The cement producer said that work on a new 7800t/day production line was on schedule with all of the equipment delivered on site.
Najran Cement blamed competition for poor sales in 2018
28 February 2019Saudi Arabia: Najran Cement’s sales fell by 20% year-on-year to US$74.2m in 2018 from US$92.3m in the same period in 2017. Its net loss after tax grew to US$22.3m from US$5.8m. The cement producer blamed this on market competition, poor prices and decreased sales volumes.
Slowdown in construction reduces Cherat Cement’s sales
27 February 2019Pakistan: A slowdown in construction activity has reduced Cherat Cement’s sales. Its local cement sales volumes fell by 12% year-on-year to 0.90Mt in the half-year to 31 December 2018 from 1.03Mt in the same period in 2017. Its exports declined by 23% to 0.18Mt from 0.23Mt. The cement producer’s net turnover decreased by 7% to US$50.3m from US$54.3m. Its net profit fell by 24% to US$7.35m from US$9.65m. The cement producer noted that the price of coal had risen.
Cherat Cement said that it had commissioned a third line at its integrated plant during the reporting period. The new line has a clinker production capacity of 6700t/day and it includes a waste heat recovery unit. Following the upgrade, Cherat Cement’s plant has a production capacity of 4.5Mt/yr. The company also installed Wartsila dual fuel engines. These generators have been ordered in anticipation of the completion of new gas pipeline to the plant.
Coal prices drag on profits at Fecto Cement
27 February 2019Pakistan: Rising coal prices have reduced the profit at Fecto Cement in the half-year to 31 December 2018. Its profit after tax nearly halved to US$0.75m from US$1.63m. Its net turnover rose slightly to US$17.8m. Local cement sales volumes dropped by 9% to 0.32Mt from 0.35Mt and exports declined by 33% to 29,500t from 44,300t.
EAPCC reports US$12m loss for half year
27 February 2019Kenya: The East Africa Portland Cement Company (EAPCC) made a loss of US$12m in the half-year to 31 December 2018 compared to a loss of US$9.7m in the same period in 2017. It blamed the loss on a ‘difficult’ market and production issues, according to the Standard newspaper.
CMS cement profit down in 2018 due to maintenance costs
27 February 2019Malaysia: Cahya Mata Sarawak’s (CMS) sales from its cement division rose by 7% year-on-year to US$137m in 2019 from US$128m in 2017. Its operating profit fell by 11% to US$22.2m from US$24.9m. CMS attributed the drop in profit on repair costs from maintenance to its integrated plant at Kuching. Rising international clinker prices were also blamed.