Italy: Cementir’s acquisition of Compagnie des Ciments Belges has propped up its sales revenue, volume and operating profit for the first half of 2017. Its sales revenue rose by 31.3% year-on-year to Euro631m in the first half of 2017 from Euro481m in the same period in 2016. However, on a like-for-like basis its sales revenue fell by 1.5%. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 68.5% to Euro85.1m from Euro72m but fell by 4.9% on a like-for like basis. Its sales volumes of cement rose by 34% to 6.37Mt from 4.75Mt but fell by 2.4% on a like-for-like basis. The group blamed its poor like-for-like performance on falling revenue in Turkey and Malaysia despite good results in Denmark, Norway, Sweden, China and Italy.
“Results in the first half 2017 were up thanks to the effect of the acquisitions concluded in the second half 2016, which added Euro16.6m to EBITDA, despite adverse changes in exchange rates. On a like-for-like basis, the improvement in EBITDA in Egypt, Italy, China and Norway partially compensated lower earnings in Turkey and, to a lesser extent, in Denmark and Malaysia, as well as the depreciation of foreign currencies against the Euro – mainly the Egyptian Pound and the Turkish Lira,” said Francesco Caltagirone Jr, Chairman and Chief Executive Officer (CEO).
