Displaying items by tag: Results

Nigeria: BUA Cement recorded 27% year-on-year growth in sales in 2023, to US$300m. This was in spite of ‘economic challenges,’ including a rate of inflation of the Nigerian Naira of 30% at the end of the year. Costs rose by 39% to US$180m, both due to inflation and energy crises. Nonetheless, the group grew its earnings before interest, taxation, depreciation and amortisation (EBITDA) by 10% to US$111m. Profit after tax dropped by 31% to US$45.4m.

Managing director and CEO Yusuf Binji said “Clearly, the operating environment in 2023 was challenging, given the different headwinds confronted at the start of the year and especially with the devaluation of the Naira.” Looking ahead to the current year, Binji added “We could commission the new 3Mt/yr lines at the Sokoto and Obu cement plants, activate a new 70MW gas power plant in Sokoto and eagerly await the activation of the 70MW gas power plant at Obu during the first quarter of 2024. Apart from these, we took delivery of over 500 trucks to support our distribution activities, which further deepened our market presence.”

The Daily Trust newspaper has reported that religious leaders held thanksgiving services for a 50% pay rise for BUA Cement's employees at the company’s Sokoto cement plant on 1 March 2024.

Spain: FCC’s sales rose by 17% year-on-year to €9.03bn in 2023. Meanwhile, the company’s earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 17% to €1.53bn. The company reported a profit growth of 88% to €591m, following the stabilisation of its main business areas, particularly in cement. The cement business registered a 19% increase in turnover. The business includes Cementos Portland Valderrivas.

Ireland: CRH reported a 7% year-on-year increase in revenues to US$34.9bn in 2023. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 15% to US$6.2bn. It attributed its earnings growth to favourable weather conditions that facilitated the clearance of work backlogs. Looking ahead, CRH forecasts EBITDA of US$6.55 – 6.85bn in 2024.

CEO Albert Manifold said “Despite continued inflationary cost pressures during 2023 we expanded our margins and delivered further growth in profits, cash generation and returns.”

Spain: Cementos Molins’ revenues were €1.35bn in 2023, marking a 6% year-on-year rise, amid increased cement sales volumes. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 22% to €337m, while its net profit grew by 35% to €151m. The company noted its successes in the face of economic slowdown and supply chain disruptions across its markets.

CEO Julio Rodríguez said “We have achieved record sales and profits in an increasingly complex and uncertain global environment. Moreover, we have once again confirmed the strength of our business model by exceeding our targets.”

Austria: RHI Magnesita reported 7.7% year-on-year growth in its sales from €3.32bn to €3.57bn in 2023. Its gross profit rose by 12% from €763m to €857m, while its earnings before interest, taxation and amortisation (EBITA) rose by 1.6% from €372m to €378m.

Switzerland: Holcim recorded a 7.5% drop in sales to US$30.6bn in 2023, ‘largely’ due to its divestment of its cement businesses in India and Brazil. On a like-for-like basis, its sales rose by 6.1%. The group’s earnings before interest and taxation (EBIT) rose by 0.2% to US$5.4bn, but by 15% like-for-like. It attributed this both to price rises and cost-saving measures in its cement and concrete operations. Net profit fell by 7.5% to €3.47bn, including a €1.7bn special gain from its Indian divestment. Holcim says that it implemented its Strategy 2025 – Accelerating Green Growth two years ahead of schedule.

Australia: Adbri reported 13% year-on-year growth in sales to US$1.25bn in 2023, up from US$1.1bn in 2022. The company's earnings before interest, taxation, depreciation and amortisation (EBITDA) also rose, by 5.2% to US$193m. The year marked the successful launch of its EcoCem and Futurecrete reduced-CO₂ cement and concrete ranges. At the end of the year, Adbri’s ongoing US$255 – 277m upgrade to its Kwinana grinding plant was 70% complete.

Deputy chair Samantha Hogg and CEO Mark Irwin said “In 2023 we took significant steps to refocus and reshape our organisation to support a more resilient Adbri and to invest in our future. Our focus on best‑in-class customer solutions and margin recovery has supported a strong full-year financial result.”

Germany: Heidelberg Materials reported sales growth of 0.4% in 2023, to €21.2bn. The group saw its profits grow by 21%, from €1.72bn to €2.09bn. During the year, the company reduced its specific CO₂ emissions per tonne of cementitious material by 3% from 551kg to 534kg and lowered its clinker factor from 72% to 70%.

Chair Dominik von Achten said "In the 150th year of our company's history, we have once again shown that we can deal with change and crises. I am extremely proud of our teams around the world, who have remained firmly focused on our targets and have once again done an extraordinary job." He added "We are entering 2024 with optimism. Although the general economic conditions in the construction sector remain challenging, we anticipate growth in revenue and earnings also in the current year. Our shareholders are benefitting from this growth thanks to the progressive dividend and the new, comprehensive share buyback programme.”

Colombia: Cementos Argos recorded a 30% year-on-year rise in its earnings before interest, taxation, depreciation and amortisation (EBITDA) to US$620m in 2023. This came despite a 3% drop in the producer’s cement sales, to 15.7Mt. Its profit rose by 83% to US$74m. The producer attributed the growth to favourable price dynamics, cost efficiencies and productivity improvements.

Cementos Argos had an installed cement capacity of 24Mt/yr at the end of 2023.

US: Vulcan Materials raised its sales by 6.4% year-on-year in 2023, from US$7.32bn to US$7.78bn. Its adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 24% to US$2bn, while its profit grew by 25% to US$1.95bn. Vulcan Materials’ full-year concrete volumes dropped, during which time it also divested some concrete operations. Altogether, the producer plans to invest US$625 – 675m in maintenance and growth projects in 2024.

Chair and CEO Tom Hill said "We carry momentum into 2024, and our focus is the same - compounding unit margins through all parts of the cycle and creating value for our shareholders through improving returns on capital."