Displaying items by tag: Profit

Indonesia: Semen Indonesia has blamed falling sales and earnings in 2024 on a contracting local market and increased competition. The group’s revenue fell by 6% year-on-year to US$420m in 2024 from US$449m in 2023. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) dropped by 30% to US$63.9m from US$90.5m. It noted that, despite this, it managed to maintain a positive profit before tax due to lowered operating and financing costs.

Its sales volumes decreased by 6% to 38.3Mt from 40.6Mt. The group attributed a fall in demand for bagged cement nationally as a contributing factor to lowered local demand. A slowdown in several infrastructure projects, including the Nusantara Capital City, in late 2024 further added to this trend. Export sales also declined.

China: China Resources Building Materials Technology expects its full-year profit to have dropped by 62 – 72% year-on-year in 2024, Reuters has reported. This would correspond to a gross profit of US$579 – 786m, compared to US$2.07bn in 2023. The producer attributed the anticipated decline to ‘lower gross margins’ in its various businesses.

India: Grasim Industries reported 11% year-on-year growth in sales to US$3.98bn in the second quarter of the 2025 financial year. Earnings before interest, taxation, depreciation and amortisation (EBITDA) fell by 10% year-on-year to US$479m, partly due to reduced profitability in the cement business. Group net profit dropped by 66% to US$46.2m.

China: Asia Cement (China)’s nine-month profit of US$16.3m in 2023 turned to a loss of US$64.6m in 2024, Dow Jones Institutional News has reported. The group attributed the reversal to a drop in its selling prices.

Philippines: DMCI Holdings is 'optimistic' that Cemex Philippines will swing back to profit in 2024. Cemex Philippines saw its net loss increase to US$34.6m in 2023 from US$17.3m in 2023, representing a year-on-year increase of 50%. This was mainly due to higher costs and lower sales volume, according to The Manila Times.

DMCI Chairman and President Isidro Consunji said "We recognise Cemex Philippines' operational and financial issues, and we are positive that we can turn it around by 2025 because of its ongoing capacity expansion and the clear synergies it brings to our group."

DMCI expects Cemex Philippines to double its capacity in the Luzon region with the completion of a 1.5Mt/yr integrated cement production line, which is scheduled to commence operations by September 2024. The new production line, located at Cemex Philippines's plant in Antipolo, Rizal, will increase the company’s annual production capacity by 26%, to 7.2Mt/yr from 5.7Mt/yr.

Qatar: Qatar National Cement Company’s net profit was US$14.1m in the first quarter of 2024, Mist News has reported. This represents a decline of 20% year-on-year from same period in 2023.

Taiwan: Taiwan Cement Corporation's sales were US$3.45bn in 2023. Smartkarma Newswire has reported that this is 1.4% lower than its forecast of US$3.5bn. Nonetheless, the company’s profit exceeded its expectations by 3.6%, at US$316m.

South Korea: Sungshin Cement's sales rose by 8% to US$832m in 2023, from US$771m in 2022. The producer reported a surge in its operating profit to US$54.9m from US$1.37m.

UAE: Sharjah Cement’s sales were US$172m in 2023, down by 0.2% from US$173m in 2022. Mubasher has reported that the company successfully turned a profit of US$308m, compared to a US$10.8m loss in 2022.

Japan: Sumitomo Osaka Cement expects to record a 9.5% year-on-year rise in its sales in the 2024 financial year (1 April 2023 – 31 March 2024), to US$1.5bn. Nikkei Financial News has reported that this represents a downward revision of 1.3% from the producer’s previous estimate of US$1.52bn. On the other hand, Sumitomo Osaka Cement revised its profit forecast upwards by 12%, to US$79m. Previously in the 2023 financial year, it reported a loss of US$38.3m.