Displaying items by tag: Results

Mexico: Cemex’s sales were US$13.2bn during the first nine months of 2023, up by 13% year-on-year from US$11.7bn in the first nine months of 2022. The group’s operating earnings before interest, taxation, depreciation and amortisation (EBITDA) were US$2.6bn, up by 27% from US$2.1bn. This came in spite of a 7% year-on-year decline in its cement volumes, to 39.1Mt from 41.8Mt. Volumes rose by 3% in Mexico, but fell by 13% in the US, 4% in South, Central America and the Caribbean and 10% in Europe, Middle East, Asia and Africa.

Cemex chief executive officer Fernando González said “2023 is proving to be an exceptional year for our company, and I am especially encouraged by our recovery of EBITDA margins to 2021 levels, a key strategic priority. The success of our pricing strategy, contribution of growth investments and our fast-growing Urbanisation Solutions business, as well as decelerating cost inflation, are contributing to profitability in a very meaningful way.” He continued “We are making significant progress on our decarbonization roadmap, reducing Scope 1 and Scope 2 carbon emissions by 12% and 11%, respectively, since 2020. Prior to the introduction of our Future in Action programme in 2020, a reduction of this magnitude would have taken almost 15 years.”

China: Xinjiang Tianshan Cement, a subsidiary of China National Building Material (CNBM), recorded sales of US$3.68bn during the third quarter of 2023. This corresponds to a 19% year-on-year rise compared to third-quarter 2022 levels. Reuters has reported that Xinjiang Tianshan Cement’s net loss was US$12.4m, while in the corresponding quarter of 2022 it recorded a profit of US$78.3m.

Peru: Cementos Pacasmayo’s sales fell by 9.1% year-on-year to US$371m during the first nine months of 2023. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) fell less sharply, by 2.9% to US$93.6m. The producer stated that lower costs partially offset the drop in sales. Its net income was US$34.4m, down by 3.6%.

China: China Shanshui Cement recorded sales of US$1.92bn during the first nine months of 2023, down by 15% year-on-year from US$2.25bn during the first nine months of 2022. Reuters has reported that the company made a US$25.7m loss during the period, compared to a profit of US$139m in the corresponding period of 2022.

Mexico: GCC recorded US$1.02bn in sales during the first nine months of 2023, up by 16% year-on-year from US$880m in the first nine months of 2022. The producer’s cement volumes rose by 5.5% in Mexico, but fell by 8.1% in the US. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 31% to US$354m from US$271m.

GCC chief executive officer Enrique Escalante said “The ability of our teams to face market conditions allowed us to further strengthen our margins Throughout the third quarter of 2023, we continued to invest in the business and focus on commercial performance to offset cost inflation and increase margins, as well as strengthening our market position to build a stronger future for GCC.”

Indonesia: Semen Indonesia subsidiary Semen Baturaja reported sales revenue of US$91.3m during the first nine months of 2023, up by 10% year-on-year. Cement sales contributed US$89.5m towards the total (98%). The producer raised its net profit by 25% year-on-year to US$3.4m. It also distributed US$169,000 as part of its Social & Environmental Responsibility Programme Fund, up by 61%.

General director Daconi Khotob said “The increasing net profit was also supported by a decrease in interest expenses as a result of refinancing bank debt and accelerating principal payments on syndicated credit loans.”

Germany: Heidelberg Materials preliminary reported a 4% year-on-year decline in its sales during the third quarter of 2023, to Euro 5.6bn. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 17% to Euro1.39bn from Euro1.28bn. The group succeeded in raising its profit in the quarter, by 24% year-on-year to Euro1.08bn.

Heidelberg Materials says that it expects to record a ‘moderate increase’ in its revenues in full-year 2023. The company raised its profit target range for the year to Euro2.85 – 3bn from Euro2.7 – 2.9bn.

India: Sagar Cements reported sales worth US$136m in the first half of the 2024 financial year. This corresponds to a year-on-year rise of 9.1% from US$124m in the first half of the previous financial year. The producer recorded a loss for the period of US$6.31m, down by 3.9% from US$6.57m. This was in spite of a 7.8% rise in its total costs, to US$148m.

India: Dalmia Bharat sold 13.2Mt of cement during the first half of the 2024 financial year (1 April 2023 – 30 September 2023), up by 9.6% year-on-year 12Mt in the first half of the 2023 financial year. This contributed towards a 24% year-on-year rise in the producer’s earnings before interest, taxation, depreciation and amortisation (EBITDA) to US$144m from US$116m in the previous first half. During the first half of the current financial year, Dalmia Bharat commenced commercial production from its new 500,000t/yr Ariyalur clinker plant and 2Mt/yr Sattur grinding plant, both in Tamil Nadu. The former commissioning raised the company’s clinker capacity to 22.2Mt/yr.

Group managing director and CEO Puneet Dalmia said “We see a multi-year-strong cement demand trend continuing, as India is undergoing a large-scale metamorphosis. We were one of the first ones to foresee this upcycle and started building our capacity ahead of time. In the past 3.5 years, we have added 17.2Mt/yr-worth of cement capacity, which is 65% growth over 2020 financial year capacity. In line with our vision to reach 110 – 130Mt/yr by 2031, we are continuing to make consistent strides in that direction and capitalise upon the huge opportunity ahead of us.”

The company’s cement managing director and CEO, Mahendra Singhi, noted the effects of a ‘reduction in fuel prices, increased usage of renewable power and improvement in key performance indicators.’ He added “We continue to demonstrate our commitment towards the environment, as we have further brought down our CO₂ footprint to 456kg/t of cement, which is one of the lowest in the global cement sector.”

India: BK Birla Group subsidiary Kesoram Industries sold 3.73Mt of cement during the first half of its 2024 financial year (1 April 2023 – 30 September 2023). This corresponds to a rise of 17% year-on-year from 3.19Mt in the first half of the previous financial year. The producer’s earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 57% to US$26m from US$16.6m.