Displaying items by tag: Results
Tanzania: The Tanzania Portland Cement Company (TPCC) has reported a 22% increase in net profit to US$37.9m in 2012 from US$31.2m in 2011.
The company's turnover increased by 15% to US$153m from US$134m. Cost of sales rose due to double-digit inflation rates and energy tariffs rising to US$80m in 2012 compared to tariffs of US$72.5m in 2011. The Tanzanian Shilling remained relatively stable compared with major trading world currencies in 2012, depreciating by less than 1% against the US Dollar.
According to the TPCC statement of audited results, local cement producers were exposed to foreign imports in 2012 as East African Community (EAC) governments decided not to reinstate suspended duties on cement in the common external tariff. The TPCC board has also approved further expansion with a new cement mill in 2013.
China cement news round-up
20 March 2013Production: China saw cement output increase by 10.8% year-on-year to 237Mt in the first two months of 2013, according to recent data released by the National Bureau of Statistics.
45 companies in Xinjiang Uyghur Autonomous Region produced a total 466,000t of cement and 2.67Mt of clinker in the first two months of 2013, a year- on-year decrease of 9.28% and 37.27% respectively, according to sources quoted by China Business Newswire.
Guangdong Province produced 118Mt of cement in 2012.
Company news: China Shanshui Cement has reported that its net profit fell by 31.8% to US$245m in 2012. Its revenue fell by 4.2% to US$2.6bn in 2012. Total sales volume of cement and clinker rose by 3.5% to 56.9Mt. It attributed the decrease in net profit to the fall of selling prices as a result of decline in demand.
West China Cement has reported that its net profit rose by 44.9% to US$57.9m in 2012. Operating revenue grow by 10.5% to US$566m. The company saw cement sales rise by 22.2% to 14.3Mt.
Fujian Cement has reported a slump in net profit of 76.9% to US$4.63bn in 2012. Operating revenue fell by 13.7% to US$261m. The company expects to earn US$359m in operating revenue in 2013.
Gansu Qilianshan Cement Group sold 15.3Mt of cement and cement clinker in 2012, a year-on-year increase of 29.2%. Currently the company has a cement production capacity of 21.3Mt/yr and it aims to reach a capacity of 45Mt/yr by the end of 2015. Gansu Qilianshan Cement Group Co has announced in its annual report for 2012 that the company saw its net profit drop by 47.8% year-on-year to US$28m in 2012. The company's operating revenue rose by 17.28% year-on-year to US$684m in 2012.
Xinjiang Tianshan Cement Co Ltd has reported that it saw net profit drop by 71.8% year-on-year to US$51.3m in 2012. The company attributed the net profit drop to overcapacity in the cement industry in 2012. Tianshan Cement's operating revenue for 2012 fell by 6.99% year-on-year to US$1.24bn.
Shenzhen-listed cement producer, Sichuan Shuangma Cement Co has announced that it earned a net profit of US$1.37m in 2012, a year-on-year decline of 90%. The company's operating revenue for 2012 decreased by 8.3% on-year to US$301m.
Dyckerhoff profit crashes by 59% in 2012
15 March 2013Germany: Dyckerhoff Group has reported that its net profit in 2012 has decreased as expected. Net profit fell by 59% to Euro26.9m in 2012 from Euro65.9m in 2011. The German cement producer explained in a press release that cement volumes fell by 2.5% in Europe and that this couldn't be counterbalanced by volume increases in Russia and the US.
Sales remained stable overall at Euro1.6bn in 2012. Earnings before interest, taxes, depreciation and amortisation fell by 3.1% to Euro284m from Euro293m. Average cement prices decreased in Luxembourg and in Poland. In the Czech Republic cement prices remained almost stable, while they increased in Germany, Ukraine, Russia and the US. About 48% of total Group sales can be ascribed to the division Germany/Western Europe, 39% to Eastern Europe and 13% to the USA.
The group's complete consolidated financial statements will be published on 26 March 2013.
Indocement reports 32% rise in income to US$491m in 2012
13 March 2013Indonesia: PT Indocement Tunggal Prakarsa has reported that its net income rose by 32% to US$491m in 2012 from US$372m in 2011. The cement producer attributed its success to Indonesia's growing middle class, strong demand in the domestic residential market and an increase in the domestic price of cement of 7%.
The rise follows the highest domestic sales volumes of cement recorded for Indocement of 17.9Mt in 2012, a 16% rise compared to 16Mt in 2011.
Its earnings before interest, taxes, depreciation and amortisation rose by 30% to US$686m in 2012 from US$524m in 2011. Although national sales growth of cement in Indonesia slowed to 14.5% in 2012, Indocement grew its market share to 32%.
In its outlook for 2013 Indocement commented that it believes that domestic demand will continue to grow following new national infrastructure projects. The producer has a 4.4Mt/yr brownfield plant in Citeureup ready for completion in the third quarter of 2015. It has signed a preliminary agreement with Sinoma Group for the construction of a new US$671m plant in Citeureup. It is also considering plans to build two new greenfield 2.5Mt/yr cement plants.
Loma Negra profit halves in 2012
13 March 2013Argentina: Loma Negra, a subsidiary of Camargo Correa of Brazil, has reported that its profits fell by half to US$43.9m in 2012 from US$96m in 2011. Sales dropped to US$688m from US$704m following the official currency quotation in December 2012. Cement and lime production fell by 9% to 5.7Mt from 6Mt.
Loma Negra's performance follows a general reduction in the construction sector in Argentina, where the construction index (ISAC) fell by 3.2% in 2012. Loma Negra has confirmed that its results were affected by the acquisition of a 35% stake in Paraguay's Cementos Yguazu at cost of US$19m. Camargo Correa holds a 70% stake in Yguazu, with 30% belonging to Concret Mix.
‘Resilient’ Vicat takes 20% income drop in 2012
08 March 2013France: The French cement giant Vicat Group has announced its results for 2012, which show a 20% drop in income compared to 2011. The group's consolidated sales came to Euro2.29bn, 1.2% higher than in 2011 when it took Euro2.27bn in sales.
However, Vicat's earnings before interest, tax, depreciation and amortisation (EBITDA) came to Euro437m, a 10.9% drop compared to 2011 when it had an EBITDA of Euro491m. The drop in its net income was 21.1% year-on-year, falling from Euro164m to Euro129m. The group said that the decline was the result of lower volumes of cement, concrete and aggregates, due to lower business levels in France and Egypt and lower prices in West Africa.
It highlighted particularly difficult production conditions in Egypt, caused by fuel shortages, higher energy costs in India, Egypt and Senegal and higher freight costs in India. These negative factors were partly offset by strong EBITDA growth in Kazakhstan and Turkey, improved performance in the US business and a slight improvement in EBITDA in Switzerland and Italy.
Vicat's CEO Guy Sidos said, "With its greater geographical diversity, the Vicat group confirmed the resilience of its growth model in 2012 in an operating environment that remained tough. The group capitalised on its investments in high-potential emerging markets, along with the gradual recovery in Turkey and the USA."
"Performance improved substantially in the second half and 2012 profitability remained at a satisfactory level," continued Sidos. "In addition, Vicat Sagar started operating in India, completing the group's development plan without affecting its robust financial position. From this solid base, the group has started 2013 confident of benefiting from its investments of the last six years, and with the stated intention of maximising cash flow in order to continue reducing debt before considering the next phase of its international development strategy."
Vicat's cement segment sold 17.89Mt of cement in 2012, a 0.8% drop compared to the cement sold in 2011. The segment's consolidated sales were Euro1.16bn, a 1.6% year-on-year improvement, while its EBITDA came to Euro336m, a drop of 11.5%. Vicat reported increased sales prices in France and Switzerland and Turkey. However, it saw sales reduce in the United States and west Africa.
In its native France, Vicat's took Euro879m in sales, 6.8% down year-on year from Euro939m in 2011. Its French EBITDA was Euro163m in 2012, 19.1% down from Euro202m. Its cement sales in France fell by 11.6% year-on-year.
In Europe (excluding France) Vicat took Euro411m in sales, 2% higher than in 2011 when it took Euro403m. Its EBITDA in Europe was Euro105m, 2.4% up year-on-year. In terms of cement sales were up by 5.0% compared to 2011, although the first half of the year saw an 11% year-on-year drop compared to the same period of 2011.
In the United States, the group made sales of Euro196m, 18.7% higher than in 2011. Its EBITDA was a loss of Euro5m, compared to a Euro9m loss in 2011. Its cement sales were significantly up in the country, growing by 18.7%.
In Turkey, Kazakhstan and India Vicat had sales of Euro442m, a 17% improvement over 2011, when it took Euro348m in sales. In terms of EBITDA the group improved by 23.9% year-on-year, increasing from Euro92m in 2012 from Euro74m in 2011. Its cement sales in these countries were up by 10.9% year-on-year, with average sales prices rising throughout the year.
In Africa and the Middle East, the group took Euro364m in sales, 11.3% down year-on-year, and had an EBITDA of Euro83m, 31.9% lower than in 2011. Notable problems included a 27% fall in sales in Egypt due to gas delivery disruption and ongoing civil unrest. In west Africa, sales were down by 5.2%. The decline here was due to a fall in sales prices.
China Resources: Higher turnover, lower profit
07 March 2013China: China Resources Cement has announced a turnover of US$3.27bn for the calendar year 2012, 9.1% higher than its 2011 turnover of US$3.00bn. However, its profit attributable to the owners of the company was down by 44.4% year-on-year to US$299.7m from US$538.8m in 2011. In terms of volumes, the company sold 26.5% more cement and 36.0% more clinker than in 2011, selling 55.9Mt and 8.7Mt respectively.
Zhou Longshan, Chairman and Executive Director of China Resources Cement, said, "In 2012, the global economy was still in a downturn and China's economic growth continued to slow down. However, under the 'Steady Growth' economic policies implemented by the Chinese government, the national economy had shown a stable trend (to recovery)."
"During the year under review, the Ministry of Industry and Information Technology issued a list of companies with obsolete capacities. The continuous and effective implementation of obsolete capacity elimination has played an important role in the improvement of demand and supply dynamics of the cement industry. The group managed to achieve the target total sales volume of about 65Mt of cement and clinker, which resulted from the release of new capacities completed and acquired since 2011, reinforcing its leading market position in Southern China."
In addition, China Resources Cement secured a US$64.5m bank loan. It announced the funding on 5 March 2013.
Ciments Français revenue slumps to Euro3.73bn in 2012
06 March 2013France: Ciments Français has reported that its consolidated revenue for 2012 fell by 2% to Euro3.73bn from Euro3.82bn in 2011. The Italcementi subsidiary blamed the Eurozone crisis.
Ciments Français' net consolidated profit fell to a loss of Euro85.1m, following Euro270.9m in impairment losses. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell by 9% to Euro658m from Euro725m. Overall sales volumes for cement and clinker fell by 2.7% to 39.3Mt. This was mainly due to drop in sales in France, Belgium, Morocco and Egypt.
By region, Ciments Français' Western Europe grouping saw its revenue fall by 8% to Euro1.62bn. EBITDA fell by 22% to Euro256m. In North America revenue remained stable at Euro440m and EBITDA more than doubled to Euro51.3m. In Emerging Europe, North Africa & Middle East revenue declined very slightly to Euro1bn. Here EBITDA fell by 9% to Euro287m. In Asia revenue rose by 14% to Euro521m and EBITDA remained stable at Euro84.5m.
In its outlook for 2013 the group expected poor performance in Europe, growing performance in the US and high performance in most emerging countries led by demand for construction materials. Overall the group forecasts for 2013 that its profitability will remain similar to 2012.
Titan posts Euro24.5m loss in 2012
06 March 2013Greece: Titan Group has reported a net loss of Euro24.5m for 2012. In 2011 it reported a net profit after tax and minority interests of Euro11m. This is the first time Titan has posted a loss since 1994 according to Reuters data. The Greek cement producer attributed the loss to the collapse of building activity in Greece, as well as the slowdown in Southeastern European markets, which suffered the spill-over effects of the Eurozone crisis.
Titan posted an increase of turnover of 3.6% to Euro1.13bn in 2012 from Euro1.09bn in 2011. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell by 19.8% to Euro196m from Euro244m.
By region, Titan estimates that demand for cement in Greece has fallen to below 25% of the levels recorded in 2006. Turnover fell by 11% to Euro240m and EBITDA fell by 9% to Euro32m. Exports doubled in 2012 though. In Southeastern Europe, turnover declined by 7% to Euro255m and EBITDA fell by 26% to Euro64m.
In the Eastern Mediterranean region, which comprises Egypt and Turkey, turnover increased by 7% to Euro296m. EBITDA fell by 26% to Euro94m. The Group noted that in 2012 'despite the prevailing political uncertainty' cement consumption reached new highs in Egypt. Operating margins, however, were adversely affected by the considerable increase in the cost of natural gas and electrical power. In the US activity in the construction sector increased. Turnover in the USA rose by 22% to Euro369m and EBITDA rose to Euro6m, from a Euro6m loss in 2011.
In its outlook for 2013 Titan expects 'another challenging year' with continued poor performance and scope for further decline in Greece and Southeastern Europe. The growing cost of production in Egypt due to political and economic issues is anticipated to negatively affect results. Conditions should remain positive in Turkey and the US.
Melon makes US$9.19m profit in 2012
06 March 2013Chile: Chilean cement-and-concrete firm Melon reported a 15.6% rise in revenue to US$458m in 2012. The Grupo Brescia subsidiary saw its profits rise by 3.13% to US$9.19m despite high electricity costs. The cement sector in Chile grew by 11% in 2012.