11 November 2024

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.

Spain: FCC spin-off company Inmocemento plans to start trading shares on the Spanish Stock Exchanges from 12 November 2024. The cement and real estate business is expected to have a market value of €1.93bn, according to Reuters. FCC said in October 2024 that it had transferred related assets to Inmocemento. This included most of the assets from subsidiaries FCYC and Cementos Portland Valderrivas, in addition to FCC's cement plants and the share it owns in real estate developers Realia and Metrovacesa. All FCC shareholders received a number of shares in Inmocemento proportional to their holdings in FCC. Plans for the spin-off were first reported in May 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.