Displaying items by tag: Results
Switzerland: LafargeHolcim’s net sales have fallen by 7.5% year-on-year to Euro18.9bn in the first nine months of 2016, from Euro20.4bn in the same period of 2015. However, on a like-for-like basis it said its net sales fell by 1.8%. Cement sales volumes fell by 6.4% to 177Mt from 189Mt. Its adjusted operating earnings before interest, taxation, depreciation and amortisation (EBIDTA) fell by 3.3% to Euro3.9bn from Euro4.03bn. No direct comment was made on the nine-months results but Nigeria was blamed for significantly affecting earnings and ‘challenging’ markets were also reported in Brazil, Indonesia and Malaysia.
“These results demonstrate the strength of our balanced portfolio with solid contributions from both mature and emerging countries across our regions. As we anticipated, challenging conditions in Nigeria continued to impact our earnings, but we started to see the positive effects of higher prices and of our actions to diversify our fuel mix towards the end of the quarter,” said Eric Olsen, CEO.
Cement sales volumes have fallen in most of the group’s operating regions. Although on a like-for-like basis modest rises were reported in Asia Pacific, Middle East and Africa and North America. In Nigeria the company has taken steps towards greater fuel flexibility following gas supply interruptions earlier in 2016 but production levels only recovered at the end of the third quarter in the year.
Vicat sales revenues fall slightly so far in 2016
04 November 2016France: Vicat’s sales revenue has fallen by 0.9% year-on-year to Euro1.87bn in the first nine months of 2016 from Euro1.88bn in the same period of 2015. However, its cement sales volumes rose by 10% to 16.6Mt from 15.1Mt. It noted that negative currency effects had affected its results.
“Excluding currency effects, our sales during the period were boosted by further growth in the US, improvement in the French market and a rebound in the markets in India, Egypt and Kazakhstan. In Turkey, business trends remained brisk in spite of recent events. In West Africa, the strong performance recorded in Senegal helped to partly offset the decline in Mauritania. Lastly, the temporary slowdown in our business in Switzerland held back the Europe (excluding France) region,” said the group’s chairman and CEO, Guy Sidos.
Titan results gather momentum in first three quarters of 2016
04 November 2016Greece: Titan’s turnover has risen by 9.2% year-on-year to Euro1.12bn for the first nine months of 2016 from Euro1.03bn in the same period of 2015. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 24.2% to Euro205m from Euro165m. It attributed the result to growth in the US market and improvements in Egypt.
In the US the cement producer’s turnover rose by 17.7% to Euro584m and in Greece it grew by 4.9% to Euro188m despite negative currency effects. This was due partly to increased production and sales volumes and partly to the decline in production costs following the gradual conversion of its plants to solid fuels.
In addition, the group concluded its deal to buy a 50% stake in Cimento Apodi in Brazil in September 2016. Cimento Apodi owns a cement plant in Quixeré that has operated since 2015 and a grinding cement plant in Pecém near Fortaleza, that has been in operation since 2011. It has a production capacity of over 2Mt/yr.
Ambuja Cement presents mixed results so far in 2016
04 November 2016India: Ambuja Cement’s sales volumes have risen slightly to 16.1Mt in the first nine months of 2016. Its net sales fell slightly to US$1.04bn and its net profit after tax rose by 41% year-on-year to US$147m. The cement producer said that sales volumes fell due to poor demand but profits have risen due to increased prices.
Japan: Ube Group’s sales of cement have fallen by 7.2% year-on-year to US$1.05bn in the first half of its 2016 financial year that ended on 30 September 2016 from US$1.13bn in the same period in 2015. Its operating income fell by 24.5% to US$69.8m from US$93.8m. The company blamed this on sluggish demand for cement domestically and low market prices for exports despite buoyant volumes. Overall the group reported that its total new sales fell by 13.1% to US$2.69bn from US$3.09bn.
Anhui Conch revenue holds steady in first nine months of 2016
31 October 2016China: Anhui Conch has reported that its revenue fell by 0.05% year-on-year to US$5.6bn in the first nine months of 2016. Its net profit fell by 2.2% to US$881m from US$901m. Although after extraordinary items, due to government subsidies and asset disposals, its profit rose by 28% to US$782m. No comment was made on the results but the cement producer did note that its prepayments for coal and other raw materials and fuel rose during the third quarter of the year.
China: China National Building Material Company’s (CNBM) total operating revenue has fallen by 8.6% year-on-year to US$10.4bn in the first nine months of 2016 from US$11.4bn in the same period in 2015. Its net profit attributable to the owners of the company fell by 5% to US$106m from US$112m. No comment has been made regarding the results.
Mexico: Cemex’s net sales have fallen by 2% year-on-year to US$10.5Bn in the first nine months of 2016 from US$10.7Bn in the same period in 2015. However, in a like-for-like basis adjusted for ongoing operations and currency fluctuations its sales rose by 5%. Its gross profit rose by 3% to US$3.65bn and its operating earnings before interest, taxation, depreciation and amortisation (EBTIDA) rose by 9% to US$2.14bn. It attributed the rise in sales on a like-for-like basis to higher prices in local currency terms and higher volumes in Mexico and its European and Asia, Middle East & Africa regions.
“During the third quarter, we continued to deliver strong underlying operational and financial results by remaining focused on the variables we can control. Our year-to-date operating EBITDA grew 17% on a like-for-like basis, with a 5% growth in sales. This was the highest year-to-date EBITDA growth in a decade,” said the group’s chief executive officer, Fernando A Gonzalez.
Overall, the cement producer saw its cement volumes rise by 1% to 50.8Mt from 50.1Mt. Its net sales on a like-for-like basis and sales volumes rose in most of its operating regions except for South, Central America and the Caribbean and Europe.
Nigeria: Dangote Cement’s pre-tax profit has fallen by 10.9% year-on-year to US$466m in the first nine months of 2016 from US$523m in the same period in 2015. Its earnings before interest, taxation, depreciation and amortisation (EBTIDA) fell by 16.3% to US$559m from US$667m. However, sales revenue rose by 20.9% to US$1.38bn from US$1.14bn. It blamed the drop in profitability on falling prices in Nigeria, negative currency effects and on rising fuel and power costs.
“Nigeria has achieved record volume growth and our non-Nigerian operations are performing well across Africa. Our switch to coal in Nigeria will have an immediate impact on margins now that we have abandoned the use of low pour fuel oil (LPFO), improving fuel security and reducing the need for foreign currency. Furthermore, our new pricing will offset the impact on costs of the devalued Naira,” said the chief executive officer, Onne van der Weijde. He added his company’s strong performance in sales had been hit by poor economies in the countries it operates in and by heavy seasonal rains in West Africa.
The producer reported that its sales volumes of cement sold grew by 28.1% to 11.9Mt in Nigeria and by 72.9% to 6.5Mt elsewhere in Africa. Sales outside of Nigeria were bolstered by production ramp-up in Ethiopia and Zambia, new operations in Tanzania and improved sales in Ghana. Plants in the Republic of Congo and Sierra Leone are due to become operational in mid-November 2016.
Eagle Materials revenue rises slightly in first half of 2016
26 October 2016US: Eagle Materials’ revenue has risen by 2.6% year-on-year to US$630m in the first half of 2016 from US$614m in the same period of 2015. Its net earnings rose by 56% to US$106m from US$67.6m. Revenue from its cement business rose by 10% to US$252m from US$229m. The company singled out the strong performance of its cement business in the second quarter of 2016 with record earnings. However, it also noted that average net cement sales price at its joint venture declined year-on-year due to the shift from oil well cement to construction-grade cement over the past year. Overall cement sales volumes remained static at 2.23Mt in the first half of 2016.