Displaying items by tag: Results

China: China Resources Cement’s turnover was US$1.69bn during the first half of 2023, down by 27% from US$2.23bn during the first half of 2022. Reuters has reported that China Resources Cement recorded a net profit of US$86m, down by 66% year-on-year from US$250m.

China: China Tianrui Group recorded sales of US$554m during the first half of 2023, down by 25% year-on-year from US$737m in the first half of 2022. Reuters has reported that the producer’s net profit dropped by 67%, to US$20.9m from US$63.2m.

New Zealand: Fletcher Building recorded sales of US$5.07bn during the 2023 financial year, down slightly year-on-year from US$5.08bn in the 2022 financial year. Its earnings before interest and taxation (EBIT) fell by 29% to US$296m from US$419m. The drop in earnings was mainly attributed to additional costs allocated to the New Zealand International Convention Centre and Hobson Street Hotel project. Adjusted for significant items, the group’s EBIT rose by 6% to US$477m from US$452m.

Throughout the year, Fletcher Building’s cement subsidiary Golden Bay Cement co-processed 100,000t of waste as alternative fuel (AF). The producer awarded a bottom ash supply contract to Huntly Power Station. It also launched EcoZero carbon neutral cement, which is its EcoSure reduced-CO₂ cement with the remaining emissions offset.

Chief executive officer Ross Taylor said “Looking forward to the 2024 financial year, we expect some further tightening in our overall volumes and so our focus remains on strong customer performance, cost control and pricing disciplines across our businesses. We have shown we are well equipped to continue performing solidly through the cycle.”

India: JK Cement’s sales were US$3.31bn during the first quarter of the 2024 financial year. This corresponds to year-on-year growth of 22%, from US$2.73m a year earlier. Nonetheless, its net profit dropped by 29%, to US$136m from US$193m.

Egypt: Sinai Cement’s consolidated sales more than doubled year-on-year during the first half of 2023, to US$76.5m from US$33.2m, Arab Finance News has reported. As such, the company succeeded in reducing its net losses to US$2.58m, compared to US$3.31m in the first half of 2022.

US: Monarch Cement’s consolidated sales were US$122m in the first half of 2023, up by 27% year-on-year from US$95.8m during the first half of 2022. The producer’s retained earnings rose by 15% to US$311m from US$271m.

Throughout the first half of 2023, Monarch Cement recorded cement sales of US$71.7m (23% of total sales), up by 29% from US$55.4m (20% of total sales) in the first half of 2022.

Australia: Boral’s sales were US$2.28bn in the 2023 financial year, which ended on 30 June 2023. This corresponds to a 38% year-on-year rise from the previous first half. The group’s net profit dropped by 1.3% to US$96.6m. It noted a rise in its costs of energy, labour and transport, which it expects to continue up to the end of June 2024, and possibly on throughout the second half of 2024.

The Sydney Morning Herald newspaper has reported that Australian residential construction activity dropped by 7.7% month-on-month in June 2023. Boral CEO Vik Bansal said that the company expects residential, commercial and civil construction to return to growth in the 2024 financial year.

Argentina: Loma Negra’s sales dropped by 2.1% year-on-year to US$353m in the first half of 2023, from US$361m in the first half of 2022. The company’s cement and lime sales were 3.15Mt, in line with first-half 2022 volumes. Its adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) fell by 23% to US$86.8m, while its net profit dropped by 32% to US$31.1m from US$45.9m.

Thailand: Siam Cement Group (SCG) recorded sales of US$7.22bn in the first half of 2023, down by 17% year-on-year from US$8.69bn. Cement and building materials accounted for US$2.6bn (36%) of sales, behind chemicals at US$2.74bn (38%). The company's earnings before interest, taxation, depreciation and amortisation (EBITDA) dropped by 24% to US$915m from US$1.21bn. Meanwhile, its profit excluding extra items dropped by 49% to US$279m from US$543m. Cement and building materials contributed 78.5m (28%) of group profit, down by 38% from US$126m (23%).

During the first half of 2023, sales of alternative CEM-I and CEM-II cement rose above 50% of SCG's cement sales for the first time, compared to 41% throughout 2022. The group substituted 22% of all cement fuel with alternative fuel (AF) across its operations, and 22% of cement fuel in its Thai domestic business. SCG invested US$91.5m in capital expenditure in its cement and building materials business throughout the first half of 2023.

China: Asia Cement (China)'s sales were US$569m during the first half of 2023, down by 17% year-on-year from first-half 2022 levels. Reuters has reported that the company's profit also dropped, by 37%, to US$27.2m from US$43.3m.

Asia Cement (China) said that it expects the current decline in Chinese cement demand to slow throughout 2023.