10 May 2024

Ireland: CRH has reported a positive start to 2024, with total revenues reaching US$6.5bn in the first quarter of 2024, marking a 2% year-on-year increase from US$6.4bn in the same period of 2023. The company attributes this growth to early-season project activity and favourable weather in parts of the US, alongside gains from pricing strategies and acquisitions which helped counterbalance lower volumes in Europe. CRH turned a net income of US$114m, an improvement from a net loss of US$31m in the first quarter of 2023. Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) also rose by 15% year-on-year to US$445m.

As a reward for investors following this profit rise, CRH has launched an additional US$300m share buyback. This new tranche, set to be completed by 7 August 2024, follows the US$600m in shares the company has already repurchased this year as part of its ongoing buyback programme. CRH also indicated it would continue to evaluate its buyback strategy throughout the remainder of 2024.

Albert Manifold, CEO, said "We are pleased to report a good first quarter performance in what is the seasonally least significant period for our business. That performance was supported by positive pricing momentum, early-season project activity, favourable weather in certain regions and the contribution from acquisitions.”

US: Cemex, in collaboration with the Mission Possible Partnership (MPP) and supported by the Bezos Earth Fund, is undertaking an analysis of decarbonisation strategies at its Balcones cement plant in Texas, US. This initiative is part of Cemex's broader goal to achieve net-zero CO₂ emissions by 2050. The analysis will explore various technological pathways including the use of alternative fuels, incorporation of lower-carbon materials, carbon capture and storage and the utilisation of captured carbon for producing synthetic fuels, chemicals, or construction materials. The partnership focuses on innovations such as substituting traditional fossil fuels with waste, renewable gas, biomass, hydrogen and electrification in the cement production process.

CEO of Cemex, Fernando González said “Our collaboration with the Mission Possible Partnership represents a joint effort seeking to accelerate our sustainable commitments and comprehensively evaluate the extent to which we can utilise decarbonisation levers within a specific plant ecosystem. This involves leveraging scalable technologies that would contribute to achieving our ambitious decarbonisation goals on the path to becoming a net-zero company by 2050.”

Italy: Cementir Holding has disclosed its financial results for the first quarter of 2024, showing a mixed performance. While the company saw growth in volumes compared to 2023, with cement up 2.3%, ready-mixed concrete up 3.7% and aggregates up 8.9%, financial metrics indicated some challenges.

Revenue for the quarter stood at €368m, marking an 11.2% decrease from €415m in the same period of 2023. Similarly, earnings before interest, depreciation and amortisation (EBITDA) fell by 18.1% year-on-year to €66.5m, down from €81.2m in the first quarter of 2023. The company's profit before taxes also declined by 8.2% year-on-year to €58.7m from €63.9m. However, Cementir Holding reported net cash of €76.6m, a substantial increase from a net financial debt of €32.1m as of 31 March 2023.

India: Top executives from major cement manufacturers project stable prices and decreased costs for the fiscal year 2024-25 (FY25), with some anticipating moderate growth in demand. This follows an estimated 8-9% growth in cement demand for the FY24 in India.

During a recent post-earnings call, Atul Daga, CFO UltraTech Cement, said "Our belief is that the slowdown should be shorter than in earlier years, primarily because private sector housing has also picked up momentum."