Displaying items by tag: Results
Bamburi Cement profit rises by 46% to US$83.5m in 2015
14 March 2016Kenya: Bamburi Cement’s pretax profit has risen by 46% year-on-year to US$83.5m in 2015, according to Reuters. Its turnover rose by 9% to US$386m. The rise in profit was attributed to higher sales, investment income and currency gains.
"Turnover increased... driven by increased demand in the key domestic markets in Kenya and Uganda resulting mainly from growth in large infrastructure projects and contractor segments, despite some slow down in domestic market in the last quarter," said Bamburi in a statement.
Titan sales rise by 20.7% to Euro1.4bn in 2015
11 March 2016Greece: Titan’s turnover grew by 20.7% year-on-year to Euro1.14bn in 2015 from Euro1.16bn in 2014. Its net profit rose by 9.1% to Euro33.8m from Euro30.9m. The cement producer attributed the result to growth in the US market.
Despite rising turnover in the fourth quarter of 2015 the group reported a net loss of Euro2.4m down from a net profit of Euro0.4m in the fourth quarter of 2014. This was due to its subsidiary Titan America suspending construction of a cement plant in Castle Hayne, North Carolina, resulting in a Euro12.4 impairment charge due to the suspended investment.
By region the group reported that its total turnover for Greece and Western Europe in 2015 fell by 5.6% to Euro269m, mainly due to the continued depression in the construction market in Greece. Turnover in the US grew by 45% to Euro680m, supported by a growing residential housing market particularly in the south east of the country. In Southeastern Europe turnover remained static at Euro209m. In Egypt cement demand grew by 5% but low prices in the second half of the year reduced profits. Turnover increased by 22.3% to Euro241m in this territory.
Group net debt rose by Euro81m in 2015 to Euro621m, due to high capital expenditure in 2015, the acquisition of a minority stake in Antea in Albania and the strengthening US Dollar.
Magnesita revenue rises by 18% to US$937m in 2015
11 March 2016Brazil: Magnesita’s revenue has risen by 18% year-on-year to US$937m in 2015 from US$796m in 2014. Its net loss decreased to US$294m in 2015 from US$27m in 2014. The company described 2015 as a year ‘marked by a challenging economic environment globally.’ It noted a drop in steel production in the US due to high imports, currency effects and the poor economy in Brazil.
The manufacturer’s production volumes of refractories fell by 6.9% to 958,000t in 2015 from 1.03Mt in 2014. However, its sales revenue from its refractories business rose by 15.6% to US$816m from US$706m. Although the majority of Magnesita’s refractory sales were to the steel industry, its sales volumes to other industries, including cement, fell faster in 2015 by 11.7% to 133,000t. This decrease was mainly attributed to the decline of the Brazilian cement industry and by lower demand for cement in Venezuela. Despite this, sales volume growth of 15% was reported in Middle East and Africa led by Saudi Arabia and Egypt.
Lafarge Zambia revenue falls by 6% to US$250,000 in 2015
09 March 2016Zambia: Lafarge Zambia’s revenue has fallen by 6% year-on-year to US$250m in 2015 from US$267m in 2014. Its profit fell by 24% to US$62m from US$82m. The subsidiary of LafareHolcim blamed the results on challenging markets, power costs increase and steep currency depreciation.
“Despite new competition and challenging markets, Lafarge Zambia maintained its market leadership in 2015 both in Zambia and in the Democratic Republic of the Congo, with a marginal reduction versus our record 2014 volume numbers. The second half of 2015 saw a combination of negative factors both in terms of market and in terms of production costs,” said Lafarge Zambia CEO Emmanuel Rigaux.
In 2016 the cement producer expects the market to be challenging for both price and volume. It intends to focus on exports markets in the Democratic Republic of the Congo, Malawi, Zimbabwe and Tanzania. A partnership with the rail authorities including Zambia Railways Limited is also expected to further aid exports.
Dangote makes US$910m profit in 2015
08 March 2016Nigeria: Dangote Cement has reported that its profit rose by 14% year-on-year to US$910m in 2015 from US$801m. Its revenue rose by 26% to US$2.47bn from US$1.97bn. No comment on the results was given in the financial statements released to the Nigerian Stock Exchange.
Cement production volumes for the group rose by 35% to 18.9Mt in 2015 from 14Mt in 2014. Cement production capacity rose by 87% to 42.6Mt/yr from 22.8Mt/yr.
By business region, sale revenue in Nigeria rose by 5% to US$1.95bn from US$1.86bn. Sales revenue in West & Central Africa rose by over five times to US$212m from US$31m. Sales revenue in South & East Africa rose by over three times to US$307m from US$69.8m.
The statement also reported that Dangote Group set up a 100% owned subsidiary for cement production in Nepal and two 90% owned subsidiaries for cement production in Zimbabwe in 2015.
CRH operating profit grows by 39% to Euro1.28bn in 2015
03 March 2016Ireland: CRH’s operating profit has grown by 39% year-on-year to Euro1.28bn in 2015 from Euro917m in 2014. Its sales revenue grew by 25% to Euro23.3bn from Euro18.9bn. Favourable weather, encouraging markets and currency benefits were all attributed to the positive result.
“As a result of good performance from our heritage businesses and contributions from acquisitions, 2015 was a year of significant profit growth for CRH. Strong cash generation resulted in our year-end debt metrics being ahead of target, and we are well on track to restoring these metrics to normalised levels during 2016. Recently there has been some uncertainty about the pace of global growth. Our focus remains on consolidating and building upon the gains made in 2015. Against this backdrop, we believe 2016 will be a year of continued growth for the Group,” said Albert Manifold, chief executive of CRH.
The group’s Europe Heavyside division, which includes cement production, reported a fall of 8% year-on-year to Euro3.61bn in 2015 from Euro3.93bn in 2014. Operating profit fell by 11% to Euro135m from Euro151m. Challenging business conditions were noted in Switzerland, France, Germany and Finland.
For CRH’s acquisitions from Lafarge and Holcim, the group reported that trading results were above expectations. Good performances were noted in the UK, Europe and the Philippines. However, market challenges were encountered in France, Germany and Brazil. CRH completed its purchase of Lafarge and Holcim’s European and American assets on 31 July 2015. It then completed its purchased of assets in the Philippines on 15 September 2015.
In 2016 CRH expects continued growth in the US, growth in Asia, buoyed by the Philippines and growth in parts of Europe including the UK, Ireland and the Netherlands. More difficult market conditions are anticipated in Switzerland, Belgium, Germany and France.
Philippines: Holcim Philippines has reported a rise in net profit of 58% year-on-year to US$171m in 2015. Its revenue rose by 15% to US$793m. It attributed the gain to increased government spending in infrastructure projects and higher construction activity. Profits also benefited from a US$55m gain from the revaluation of an investment in an affiliate. The LafargeHolcim subsidiary also reported that it is increasing its cement production capacity to 10Mt in 2016 from 8Mt in 2015 to benefit from anticipated infrastructure spending.
Spain: Cementos Molins has reported a rise in its net profit of 65% year-on-year to Euro50.8m in 2015. The Spanish cement producer also managed to reduce its loss in the Spanish market to Euro13.1m in 2015 from Euro27.7m in 2014. Sales outside of Spain also improved, with its profit rising by 9% to Euro64m. Particular improvements were noted in Mexico (20%) and Argentina (37%), according to Expansion.
Colombia: Cementos Argos has reported that its net consolidated income rose by 83% year-on-year to US$556m in 2015 from US$305m in 2014. Its revenue rose by 40% to US$7.91bn from US$5.67bn. The rise in profit was attributed to an increase in market profitability and operational effectiveness.
“The record-setting results obtained in 2015 are the results of a well-planned coherent work during the last decade aimed at transforming a local company into a multinational player devoted to the cement and concrete business,” said Jorge Mario Velásquez, CEO of Cementos Argos.
Overall cement production volumes for the Colombia-based multinational building materials producer rose by 14% to 14.3Mt in 2015. Cement production volumes rose by 13% to 6.2Mt in Colombia. Cement production volumes rose by 20% to 3.4Mt in the US and by 21% to nearly 4Mt in the company’s Caribbean and Central American division.
Cementos Argos also noted that it completed its US$125m expansion of its Rioclaro Plant in 2015. The upgrade has increased the plants production capacity by 0.9Mt/yr.
Cimpor reports loss of Euro71.2m in 2015
26 February 2016Portugal: Cimpor has reported a loss of Euro71.2m in 2015 down from a net profit of Euro27.2m in 2014. Sales fell by 4.3% to Euro2.49bn from Euro2.60bn. Cement and clinker sales volumes fell by 6% to 28.1Mt from 30Mt. Like its parent company InterCement, the cement producer attributed the loss to an economic downturn in Brazil and unfavourable exchange rates.