Displaying items by tag: Results
CNBM’s sales and earnings fall in the first half of 2023
30 August 2023China: CNBM’s sales from its cement businesses fell by 16% year-on-year to US$6.14bn in the first half of 2023 from US$7.34 in the same period in 2022. Its adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) dropped by 39% to US$991m from US$1.63bn. The group’s sales volumes of cement and clinker fell by 1% to 127Mt and 15% to 15.4Mt respectively. Sales volumes of concrete decreased by 10% to 35.6Mm3 from 39.5Mm3. Overall the group’s sales fell by 8% to US$14bn and its adjusted EBITDA by 27% to US$2.03bn.
The company said that its building materials division faced weakening demand, high inventory, low prices and declining profits. It noted that industry overcapacity remained high, despite supply-side structural changes, and that although the price of coal was declining it was insufficient to offset the fall in cement prices and profit in turn.
China: Anhui Conch grew its concrete and aggregate sales in the first half of 2023 to increase overall sales. Its revenue grew by 16% year-on-year to US$8.99bn in the first half of 2023 from US$7.73bn in the same period in 2022. However, its cement and clinker sales fell by 7% to US$6bn from US$6.46bn. Sales revenue fell in all of its domestic sales regions, although they rose overseas. By contrast, sales and trading of other products more than doubled to US$2.7bn. The group’s sales volumes of cement and clinker increased by 3% to 134Mt. Its total profit fell by 32% to US$928m from US$1.37bn.
In its interim results the company said that it had “actively responded to the complicated and difficult industry situation and strived to overcome the impact of unfavourable factors such as declining real estate investment, sluggish market demand and intensified industry competition.”
China: Tangshan Jidong Cement’s operating income fell by 14% year-on-year to US$1.99bn in the first half of 2023 from US$2.31bn in the same period in 2022. Its sales volumes of cement and clinker grew by 14% to 44Mt. However, it reported a loss of US$50.7m compared to a profit of US$157m previously. Its operating income fell in all regions domestically except the North-east of the country. The company noted that low cement prices had led to a decline in the profits of the cement sector.
CRH boosts sales and earnings in first half of 2023
25 August 2023Ireland: CRH recorded US$16.6m in consolidated sales during the first half of 2023, up by 8% year-on-year from first-half 2022 levels. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) totalled US$2.5bn, up by 14%. Throughout the half, CRH invested US$600m in acquisitions, and maintained a ‘robust’ pipeline of further opportunities. In its Americas business, cement sales were ‘robust.’ There, volumes rose by 5%, and prices rose by 17%, despite adverse weather in Texas and the Western US. Meanwhile, price rises successfully offset local volume declines in Europe, but failed to do so in the Philippines. CRH said that infrastructure projects in the Philippines are experiencing delays. In Ukraine, it said that construction activity increased in the first half of 2023, despite the continuing Russian invasion.
CEO Albert Manifold said "I am pleased to report a strong first half performance, reflecting the continued delivery of our differentiated strategy, further commercial progress across our businesses and good contributions from acquisitions. The strength of our balance sheet, together with our relentless focus on disciplined capital allocation, will enable us to invest in future growth and value creation opportunities for our business."
Malayan Cement’s sales rise in 2023 financial year
25 August 2023Malaysia: Malayan Cement recorded consolidated sales of US$808m during the 2023 financial year, up by 39% year-on-year from US$583m in the previous financial year. Its net profit was US$34.2m, up by 90% from US$18m. The company partly attributed its sales growth to its incorporation of YTL Cement, which took place in the 2022 financial year on 21 September 2021. It also increased its cement sales volumes and prices.
Looking to the current, 2024 financial year, Malayan Cement said “Non-residential construction activities are expected to benefit from higher investments in manufacturing facilities, given the shift in global supply chains. Nonetheless, the group's optimism is tempered with caution, as inflation and higher interest rates may have a knock-on effect on cement demand.” It added “Our ability to deliver seamless solutions to customers will be optimised, boding well for the positive growth and outlook of the group and the industry going forward.”
Malaysia: Hume Cement Industries’ sales were US$218m in the 2023 financial year, up by 40% year-on-year from US$156m in the 2022 financial year. The producer increased its net profit by a factor of 19, to US$12.9m from US$672,000.
Adani Group increases earnings, including cement earnings, in first quarter of 2024 financial year
24 August 2023India: Adani Group recorded earnings before interest, taxation, depreciation and amortisation (EBITDA) of US$2.85bn in the first quarter of the 2024 financial year, up by 42% year-on-year. The conglomerate’s cement business contributed an EBITDA of US$235m, up by 54% year-on-year. This represented 8.2% of the quarterly total. The group sold 15.4Mt of cement.
Financial Express Online News has reported that Adani Group said “The robust portfolio performance was primarily driven by the renewable power business under Adani Green, the infrastructure businesses under Adani Enterprises and the cement businesses under Adani Cement.”
China: Xinjiang Tianshan Cement recorded a profit of US$19.5m during the first half of 2023, Reuters has reported. This corresponds to a 96% decline from first-half 2022 levels.
Hail Cement’s sales dip in first half of 2023
23 August 2023Saudi Arabia: Hail Cement recorded sales of US$32.4m during the first half of 2023, down by 26% year-on-year. Mubasher News has reported that the producer recorded a net profit of US$6.53m over the six-month period, compared to a first-half loss of US$3.66m one year previously.
West China Cement raises sales in first half of 2023
22 August 2023China: West China Cement recorded sales of US$605m during the first quarter of 2023, up by 5.6% year-on-year from US$573m in the first half of 2022, Reuters has reported. Nonetheless, its net profit dropped by 19% to US$72.9m from US$90.6m.