Displaying items by tag: Results
Eurocement-Ukraine reports Euro10m loss in 2014
23 March 2015Ukraine: Balakleya-based Eurocement-Ukraine has reported a loss of Euro10.4m for 2014, following a Euro848,334 loss in 2013.
Twiga Cement’s profit soars by 50%
20 March 2015Tanzania: Tanzania Portland Cement Company's (Twiga) net profit grew by almost 50% in 2014 thanks to its strengthened brand image through quality and service delivery to the market.
Twiga announced a profit increase of 47.3% to US$29.8m for 2014, up from US$20.2m in 2013. Twiga Cement chairman Jean-Marc Junon said that the country's 7% GDP growth in 2014 helped to boost cement consumption significantly. "The increase in revenue, coupled with efficient cost management, resulted in an increase in operating profit of 55% to US$41m compared to 2013," said Junon.
Twiga recorded a 15% increase in sales volumes as a result of a better production efficiency, the commissioning of a new cement mill in the last quarter and the re-introduction of Twiga Extra in the company's product mix. Junon said that cement industry prospects are positive as consumption in the country and the East African block had continued to grow over the last few years. "Having an expanded capacity, Twiga is well placed to meet this growing demand," said Junon.
Germany: HeidelbergCement has reported a 26% decline in its 2014 net profit, reflecting a one-time loss and the absence of the prior year's gain. Operating income and revenues, however, increased on higher sales volumes and price increases in major markets. Further, HeidelbergCement announced higher dividend and said that it sees strong growth in fiscal 2015 results and sales volumes.
"We are confident about 2015. The outlook for the global economy is positive but there are still macroeconomic and geopolitical risks," said Bernd Scheifele, chairman of the managing board. "We will continue to benefit from the positive development in North America, the UK, Germany and Northern Europe. These countries generate almost 50% of our revenue. The results of the first two months in 2015 confirm our outlook."
In 2014 HeidelbergCement's profit plunged to Euro687m from Euro933m in 2013. The latest results were hurt by a non-recurring evaluation loss of Euro236m from the sale of the building products business, while 2013's results included Euro420m of non-recurring gains. Pre-tax profit fell by Euro91m to Euro931m. Operating income, however, grew by 5% on a reported basis and by 13% on a like-for-like basis to Euro1.6bn. Operating income before depreciation (OIBD) grew by 3% to Euro2.29bn, while its OIBD margin dropped to 18.1% from 18.3% in 2013. Revenue for the year totalled Euro12.6bn, up by 4% from Euro12.1bn in 2013. On a like-for-like basis, revenue growth was 8%. Cement sales volumes grew by 5% year-on-year to 81.9Mt.
HeidelbergCement expects to make Euro1.2bn of investments to upgrade and expand its capacities in 2015. New capacities of more than 5Mt/yr are set to be commissioned in 2015, primarily in Indonesia and sub-Saharan Africa. HeidelbergCement expects to significantly increase its revenue, operating income and net profit for the financial year in 2015. Cement sales volumes are also expected to grow, reflecting the positive development of demand and the commissioning of new capacities.
Podilskiy Cement reports Euro123m loss for 2014
13 March 2015Ukraine: Podilskiy Cement, part of Ireland's CRH, has reported a loss of Euro123m for 2014, following a Euro5.05m loss in 2013. Podilskiy Cement enterprise has six kilns for the production of cement with the total capacity of 3.7Mt/yr.
German cement consumption increases to 27.1Mt in 2014
10 March 2015Germany: Around 27.1Mt of cement was used in Germany in 2014. This represents a 2.2% increase in consumption as compared with 2013. The German Cement Works Association (VDZ) is also predicting further growth for 2015.
"Significant catch-up effects from 2013 and mild weather really bolstered cement consumption, particularly in the first quarter of 2014," said Gerhard Hirth, president of the VDZ. However, the generally reserved economic climate had a dampening effect on construction investment over the rest of the year. "We experienced considerable increases in demand all year, mainly in housing," said Hirth. "In addition, due to the advantages of concrete construction in multi-storey buildings, cement manufacturers have managed to further increase their market share over recent years."
Domestic cement demand for cement was almost completely covered by German manufacturers in 2014. Just 1.2Mt, or 4%, was imported in 2014. Cement and clinker exports fell slightly year-on-year to 6.2Mt.
According to Hirth, the German cement industry has started 2015 with a positive outlook. "Due to the dynamic overall economic development and the continuing high demand for new housing, we are expecting growth of around 1% in cement consumption to approx. 27.3Mt in 2015," said Hirth.
Titan reports profit in 2014
06 March 2015Greece: Titan Group has reported a return to profit in 2014 after two loss-making years. The Greece-based cement producer has reported a profit before tax of Euro46.8m up from a loss of Euor9.4 in 2013. Turnover rose by 2.7% to Euro1.16bn from Euro1.13bn. However, earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 2.6% to Euro182m from Euro168m. Titan attributed the turnaround to continuing recovery in the US, improvement in the Greek market and better performance in Turkey and Southeastern Europe. Despite this, gas shortages in Egypt hit results negatively.
By region, Titan Group saw demand for building materials in Greece grow in 2014 due to low levels in 2013 and the re-launch of a road building campaign. The company reported that utilisation rates at its cement plants in Greece depend on exports to countries with low energy costs and no constraints on carbon dioxide emissions. Total turnover for the Group's Greece and Western Europe region in 2014 increased by 14% to Euro285m. In Southeastern Europe construction activity remained subdued. Turnover fell by 3.5% to Euro208m in 2014.
The US led turnover, supplying over one-third of the Group's total turnover. Sales were led by high growth rates in Florida. Turnover rose by 14% to Euro469m in 2014. In Egypt cement demand grew by 2.4% in 2014 but gas shortages and permit application delays for alternative fuels reduced production and shrunk plant utilisation rates below 50%. Turnover fell by 22% to Euro197m although imports helped cushion profit margins.
Development activities in 2014 saw an investment in solid and alternative fuels particularly in Egypt. The first solid fuels grinding mill was brought on stream at the Beni Suef cement plant at the end of 2014.
Votorantim revenue rises by 7% to US$9.3bn in 2014
06 March 2015Brazil: Votorantim Industrial has reported that its revenue rose by 7% in 2014 to US$9.3bn from US$8.74bn in 2013. Net profit rose to US$600m from US$79.2m. The cement, metals, steel, energy, pulp and agribusiness group attributed the result to high prices in most of its businesses.
Votorantim Cimentos, its cement arm, was responsible for the largest portion of consolidated income. It saw sales volumes decline slightly to 37.1Mt/yr in 2014. Despite this, net revenue grew by 5% year-on-year to US$4.34bn due to higher prices. Notably, its North American operation recorded a rise in sales volume and revenue, driven by the recovery of the US economy.
Martin Marietta reports 59% higher net sales in 2014
04 March 2015US: Martin Marietta has reported consolidated net sales of US$780m in 2014, compared to US$491m in 2013, a year-on-year increase of 59%. Its cement business net sales were US$100m, earnings from operations were US$22.5m and earnings before interest, taxes, depreciation and amortisation (EBITDA) were US$37.7m.
"2014 was a transformational year for Martin Marietta and we are proud of the results we delivered, including a 77% year-on-year increase in fourth quarter 2014 net earnings," said Ward Nye, chairman, president and CEO of Martin Marietta. "Employment growth in the US, a stimulus for construction activity, is at its highest rate since 2006. Texas leads the nation in job growth, with widespread gains across many industry sectors, including trade, professional business services, leisure and hospitality, education and health services."
Suez Cement reports 11.5% gain in EBITDA for quarter four of 2014
27 February 2015Egypt: For the fourth quarter of 2014, Suez Cement reported a 2.5% year-on-year increase in revenues and 11.5% year-on-year growth in earnings before interest, tax and depreciation (EBITDA). Its net profit after non-controlling interests increased by 15.2% during the quarter.
For the entirety of 2014, Suez Cement's sales increased by 22%, while recurring EBITDA improved by 8.8% compared to 2013. However, higher corporate income taxes coupled with an absence of foreign exchange gains were responsible for an 8.4% drop in net profit after non-controlling interests. EBITDA gains were also driven by Suez Cement's downstream activities in transportation and ready-mix cements, as well as its paper bags subsidiary, which saw an EBITA increase of 26.5%. Cement activities accounted for a gain of 6.3%.
The strong revenue performance was largely due to cement price increases due to an unprecedented surge in production costs and product shortages. Overall, clinker production decreased as a result of severe energy supply issues that impacted each of Suez Cement's plants and subsidiaries differently. The Tourah plant felt the greatest pressure from expensive clinker imports that were necessary to satisfy Egypt's growing demand.
Suez Cement was also negatively affected by energy costs (gas, mazut and electricity) that rose by 25 - 35% in 2014. It did not let the economic pressures, including a 40% drop in industrial production capacity, impact its employment rates or benefits packages. This was partially due to Suez Cement's commitment to the implementation of energy-efficient processes throughout the five plants, as well as further emphasis and utilisation of alternative fuels, which helped mitigate the drop in production as well as limit the impact from growing clinker imports. Suez Cement will go ahead with the deployment of coal power at all five plants over the next two years, a factor that is also expected to put a stop to some importing activities.
Suez Cement believes that the construction industry's recovery will continue to attract new investment. This is in addition to positive economic growth thanks to Egypt's new-found government stability and the future implementation of several large national projects. However, power cuts and fuel shortages are likely to remain major issues for cement producers. Fuel and energy shortages will also prolong challenges to meeting cement production targets.
The recent closure of the Tourah I plant is one example of Suez Cement's continued commitment to reducing its environmental impact. The company remains focused on investing in energy-efficient initiatives and environmentally-sound programs. This includes developing alternative fuel strategies that incorporate waste-derived fuels and coal, which will shift the company's energy mix and improve its production capabilities by reducing dependence on natural gas and mazut.
Grupo Cementos de Chihuahua sees 1025% swell in 2014 net income
27 February 2015Mexico: Grupo Cementos de Chihuahua (GCC) saw its consolidated net income surge by 1025% in 2014 to US$43.1m. Its consolidated net sales grew by 14.8% year-on-year to US$755m. Net sales grew by 11.7% to US$185m in the fourth quarter of 2014. Cement sales volumes rose by 10% in the fourth quarter and by 9% in the full year. Earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2014 increased by 35% year-on-year to US$154m. EBITDA in the fourth quarter of 2014 grew by 27.5% year-on-year to US$37.2m.