Displaying items by tag: Results

Japan: Taiheiyo Cement recorded a profit of US$276m for the financial year ending March 2024, following a loss of US$212m in 2023. Sales significantly increased to US$5.7bn. Domestic demand for cement is stable due to urban redevelopment projects and the construction of new logistics facilities. On the other hand, rising costs and delays to construction work and longer construction periods due to a shortage of workers resulted in output declining by 7.3% year-on-year to 34.6Mt.

Looking ahead to the 2025 financial year, Taiheiyo Cement expects a 43% year-on-year rise in net profit to US$396m and anticipates sales to grow by 8.3% year-on-year to US$6.1bn.

India: JK Cement reported a net profit of US$28.1m for the quarter ending 31 March 2024, up by 47.5% year-on-year from US$19.2m. Net revenue increased by 23.3% to US$352m in January – March 2024, compared to US$285m in the same period in 2023. Operating expenses for the quarter rose by 18.2% to US$286m from US$242m in 2023.

Nigeria: Lafarge Africa has reported a decline in net income for the first quarter ending 31 March 2024. Sales rose to US$98m from US$63.2m in 2023, but net income fell to US$3.6m from US$10.3m in 2023.

Argentina: Loma Negra reported a substantial 27% year-on-year drop in sales to US$123m and a 34% reduction in adjusted earnings before interest, depreciation and amortisation (EBITDA) to US$42m in the first quarter of 2024, impacted by declining cement volumes. This financial report coincides with its parent company InterCement's discussions to sell Loma Negra's operations in Brazil and Argentina to Compañía Siderúrgica Nacional. Although lower demand affected cement dispatch, it was also particularly affected by the political transition and economic environment, as well as adverse weather conditions in March 2024.

CEO Sergio Faifman said "The stabilisation plan being implemented by the new government after the strong devaluation in December has made rapid progress by significantly reducing inflation and achieving a fiscal surplus, but economic activity is still in negative territory, affecting the construction industry."

Ireland: CRH has reported a positive start to 2024, with total revenues reaching US$6.5bn in the first quarter of 2024, marking a 2% year-on-year increase from US$6.4bn in the same period of 2023. The company attributes this growth to early-season project activity and favourable weather in parts of the US, alongside gains from pricing strategies and acquisitions which helped counterbalance lower volumes in Europe. CRH turned a net income of US$114m, an improvement from a net loss of US$31m in the first quarter of 2023. Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) also rose by 15% year-on-year to US$445m.

As a reward for investors following this profit rise, CRH has launched an additional US$300m share buyback. This new tranche, set to be completed by 7 August 2024, follows the US$600m in shares the company has already repurchased this year as part of its ongoing buyback programme. CRH also indicated it would continue to evaluate its buyback strategy throughout the remainder of 2024.

Albert Manifold, CEO, said "We are pleased to report a good first quarter performance in what is the seasonally least significant period for our business. That performance was supported by positive pricing momentum, early-season project activity, favourable weather in certain regions and the contribution from acquisitions.”

Italy: Cementir Holding has disclosed its financial results for the first quarter of 2024, showing a mixed performance. While the company saw growth in volumes compared to 2023, with cement up 2.3%, ready-mixed concrete up 3.7% and aggregates up 8.9%, financial metrics indicated some challenges.

Revenue for the quarter stood at €368m, marking an 11.2% decrease from €415m in the same period of 2023. Similarly, earnings before interest, depreciation and amortisation (EBITDA) fell by 18.1% year-on-year to €66.5m, down from €81.2m in the first quarter of 2023. The company's profit before taxes also declined by 8.2% year-on-year to €58.7m from €63.9m. However, Cementir Holding reported net cash of €76.6m, a substantial increase from a net financial debt of €32.1m as of 31 March 2023.

Germany: Heidelberg Materials has reported its 2024 quarterly financial report for January – March 2024. Revenue for this period was €4.48bn, representing a year-on-year decrease of 8.1% from €4.89bn. Result from current operations before depreciation and amortisation was €542m, a year-on-year decrease of 2.6% from €557m. Poor weather conditions in key regions and a reduced number of working days in the first quarter of 2024 contributed to declining sales volumes, according to the company.

Dr Dominik von Achten, Chair of the Managing Board of Heidelberg Materials, said "Despite declining revenues compared to a strong prior-year quarter, we have further increased our profitability. This was in particular due to the very good start to the year in North America and strict cost management. The good start allows us to look forward confidently to the rest of the year.”

India: Birla Corporation recorded a significant increase in its consolidated net profit, rising by 127% to US$23m for the quarter ending March 2024. The company reported a consolidated revenue of US$321m, up 6.8% year-on-year. This was reportedly due to reduced power and fuel costs.

Chair Harsh Vardhan Lodha said "As cement consumption in India continues to grow, Birla Corporation is rolling out its next phase of capacity expansion to increase cement production to 25Mt/yr by 2026-27."

India: Nuvoco Vistas has announced its audited financial results for the year ended 31 March 2024. The producer recorded earnings before interest, depreciation and amortisation of US$199m, representing a year-on-year increase of 35%, and profit after tax of US$17.6m. Its net debt fell by US$46m year-on-year to US$482m. Cement sales volumes totalled 18.8Mt and revenue from operations reached US$1.3bn.

India: Ambuja Cements has reported a rise in revenue from operations from US$954m to US$1.07bn in the financial year ending 31 March 2024, representing a 12% year-on-year increase. Profit before tax grew by 22% to US$166m. The company recorded a loss of US$13.7m. Sales volume of cement and clinker increased by 18% year-on-year to 16.6Mt. Earnings before interest, depreciation and amortisation increased by 37% to US$203m.