Displaying items by tag: Results

Lithuania: Akmenes Cementas has benefitted from a European Union (EU) ban on cement exports from Belarus in response to the Russian-led invasion of Ukraine in 2022. The subsidiary of Germany-based Schwenk Zement reported a profit of Euro16m in 2022, according to the Baltic News Service. This is its first recorded profit since 2013. Artūras Zaremba, the head of Akmenes Cementas, added that higher cement prices, further borrowing from its parent company and fixed electricity prices also helped it make a profit.

The company’s income grew by 53% year-on-year to Euro134m in 2022 from Euro87.5m in 2021. Its cement sales volumes increased by 6% to 1.5Mt and cement production rose by 8% to 1.1Mt. Around 1.1Mt of cement was sold domestically with the remainder exported to other countries within the EU. Cement sales are expected to fall in 2023 due to changes in the local market.

India: JK Cement's consolidated income rose by 21% year-on-year to US$1.19bn in the 2023 financial year, from US$983m in the 2022 financial year, Accord Fintech News has reported. High costs caused the group's net profit to fall by 38% to US$50.7m from US$82.1m.

India: Anjani Portland Cement recorded sales of US$80m in the 2023 financial year. This corresponds to a 17% year-on-year drop from US$97m in the previous financial year. India InfoLine News has reported that the producer's total expenditure also dropped, by 2.6% to US$77.4m from US$79.5m. It reported a net loss after minority interests of US$7.03m, compared to a net profit of US$5.01m in the 2022 financial year.

India: The India Cements recorded full-year consolidated sales of US$678m during the 2023 financial year, up by 15% year-on-year from 2022 financial year levels. The Economic Times newspaper has reported that the company increased its cement sales volumes by 9%, in line with overall volumes growth in the cement industry in India. It reported a net loss of US$205m, compared with a US$7.97m net profit in the previous financial year.

The India Cements said "The performance of the company during the year under review was adversely impacted by the record increase in the cost of fuel and power, which could not be compensated in the market due to supply overhang."

India: Shree Cement's consolidated sales were US$2.16bn in the 2023 financial year, up by 19% year-on-year from US$1.81bn during the preceding financial year. The company's total expenses rose by 33% to US$2.03bn from US$1.53bn. This led to a drop in profit of 46%, to US$153m from US$282m.

India: JK Lakshmi Cement increased its full-year sales during the 2023 financial year to US$786m, up by 19% year-on-year from US$662m during the 2022 financial year. Over the same period, the producer's net profit dropped by 23% year-on-year to US$44.6m from US$57.7m. This was primarily due to a 24% rise in its total costs to US$722m from US$584m.

MoneyControl News has reported that JK Lakshmi Cement's vice chair and managing director Vinita Singhania said "Despite an unabated increase in the price of fuel, the company has been able to record satisfactory performance by increasing its efficiency parameters, optimising its product mix and geographies and focusing on several green initiatives."

US: Eagle Materials reported sales of US$2.1bn in 2022, up by 15% year-on-year from 2021 levels. The producer's earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 19% to US$782m. Its cement sales rose by 7% to US$1.1bn due to increased prices, despite a drop in volumes. Throughout the year, the company increased its production of Portland limestone cement (PLC).

President and CEO Michael Haack said "Looking ahead, we anticipate continued attractive fundamentals in our markets, despite headwinds relating to higher interest rates and affordability constraints in single-family residential construction. Among the favourable demand factors we expect will affect our results in future periods are projected funding increases for infrastructure projects and healthy demand for heavy industrial projects and multi-family residential construction. We remain well-positioned to capitalise on these conditions, given our geographical footprint across the (Central) US Heartland and fast-growing Sun Belt (Southern US) and our financial strength and flexibility."

India: Ramco Cements' sales were US$987m during the 2023 financial year, up by 36% year-on-year from US$726m during the 2022 financial year. The producer sold 15Mt of cement and dry mortar products, up by 36%. The Times of India newspaper has reported that the producer's profit after tax declined by 62% to US$41.5m from US$108m.

The producer expects that anticipated infrastructure investments and a 'normal' monsoon will maintain strong cement demand in India in the full-year 2023 financial year. It forecast growth in its profit margins from the second quarter of the 2024 financial year (July - September 2023) onward.

Peru: Unacem recorded consolidated sales of US$380m during the first quarter of 2023, corresponding to year-on-year growth of 2.6%. Despite this, the producer's earnings before interest, taxation, depreciation and amortisation (EBITDA) fell by 7.4% to US$105m. Unacem attributed its sales growth to 'strong' cement sales volumes in the US, as well as increased prices across its markets. The domestic Peruvian market contributed US$247m (65%) of Unacem's sales, up by 0.5% year-on-year. Peruvian cement volumes fell by 8%, while high fuel costs there contributed to a local decline in earnings.

Looking ahead to the full 2023 financial year, Unacem CEO Pedro Lerner expects the group's consolidated sales to rise year-on-year. He forecast a 10% drop in Peruvian cement volumes to 6Mt. Lerner said that the company is 'monitoring events' in neighbouring Ecuador, but considers it inevitable that on-going political disturbances will 'affect economic conditions' in the market.

Trinidad & Tobago: Trinidad Cements' sales were US$309.6m in 2022, up by 9% year-on-year. Group earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 19% to US$77.0m. The Trinidad and Tobago Guardian newspaper has reported that the producer recorded a US$16.1m loss during the fourth quarter of the year. The producer attributed this to a weather-related drop in cement demand across its markets, as well as restructuring costs for its Barbados-based subsidiary Arawak Cement.

Trinidad Cement chair David Inglefield and managing director Francisco Aguilera Mendoza said "We will ensure that our operations remain resilient by continuing effective cost management initiatives to maximise value in this challenging economic environment. Additionally, we expect improved productivity and efficiency of our equipment on completion of major planned maintenance in 2023."