Displaying items by tag: Results

Tunisia: Carthage Cement recorded a turnover of US$119m during 2022, up by 13% year-on-year from US$105m. The producer invested US$8.17m in capital expenditure projects during the year, up by 18% from US$6.95m. Africa Manager News has reported that Carthage Cement's debt fell by 8% year-on-year to US$123m at the end of 2022.

India: UltraTech Cement recorded sales of US$1.91bn during the third quarter of the 2023 Indian financial year, up by 20% year-on-year from third-quarter 2022 financial year levels. The Aditya Birla subsidiary's cement sales during the quarter grew by 13% year-on-year in volume. It recorded 24% growth in costs, to US$1.74bn, while its profit fell by 38% to US$131m.

UltraTech Cement noted growth in the cost of electricity, fuels and raw materials.

Denmark: Equipment manufacturer FLSmidth has launched new corporate strategies for its cement and mining sectors. The so-called ‘pure play’ plans are intended to further focus on technology, products and services and sustainability. The group says it is also simplifying its operating model to reduce risks, improve efficiencies, ensure stronger execution and improve profitability and quality of earnings. The announcement was made at the same time as the group’s latest investor event.

Mikko Keto, the chief executive officer at FLSmidth, said “We must prioritise our efforts on our core business, reduce risk and execute with excellence. We have already started to fundamentally transform our business to ensure stronger strategy execution and to achieve our long-term ambitions to the benefit of our stakeholders.”

In the cement sector the group’s ‘Green 26’ plan aims to make the company the preferred service supplier for the industry. It added that it has a “clear commitment to drive the green transition in the cement industry.” It has set a target of reaching an 8% earnings before interest, taxation, depreciation and amortisation (EBITDA) margin by 2026. For the mining sector the target is a 13 - 15% margin.

In provisional financial results for 2022, FLSmidth revealed that it had an EBITDA margin of 3.3% for cement and 7.6% for mining. Group revenue rose by 24% year-on-year to Euro2.93bn in 2022 from Euro2.37bn in the 2021. Revenue from the cement and mining sectors grew by 7% to Euro847m and 29% to Euro2.03bn respectively. The group said that the short-term outlook for the cement industry remained impacted by overcapacity and that a potential recession is expected to impact market demand negatively over the coming period. Its mining sector revenue was inflated by the acquisition of ThyssenKrupp Mining in 2022.

Oman: Raysut Cement’s loss after tax rose to US$243m in 2022 from US$33.6m in 2021. Its expenses more than doubled to US$361m from US$168m. Its sales revenue dropped by 12% year-on-year to US$118m from US$134m.

The release of financial data for 2022 follows the intervention by the Capital Market Authority (CMA) in late 2022. In November 2022 the regulator publicly called on the cement producer to urgently address 'material misrepresentations' in its financial results for the second quarter of 2022. It then replaced the company’s board of directors and appointed a temporary one in December 2022 following an audit. This is the second time the CMA’s history that it has taken such action, according to local press.

Kazakhstan: Steppe Cement's full-year sales were US$86.5m during 2022, up by 11% year-on-year from 2021 levels. This came about despite a 1.2% year-on-year drop in its cement volumes. The producer also overcame high inflation, which reached 20% year-on-year in Kazakhstan in December 2022.

Steppe Cement said "We continue our capital expenditure programme to increase our production capacity of clinker and cement by mid-2023, as well as to reduce power and coal consumption."

China: BBMG recorded a 52-59% year-on-year drop in its net profit to US$177 - 207m, Reuters has reported. The producer attributed the decline to a drop in cement sales, alongside a rise in the cost of raw materials.

China: Tangshang Jidong Cement expects to record a 46-52% year-on-year drop in its full-year net profit in 2022. Reuters has reported that the producer forecasts a profit of US$198-223m throughout the year, compared to US$413m in 2021.

Vietnam: Vicem recorded full-year sales of US$1.68bn during 2022, up by 17% year-on-year. The producer sold 27.5Mt of cement, down by 6.7% year-on-year. Export sales volumes declined more sharply than those on the domestic market. Vicem responded to the cost impacts of economic disruptions arising from the on-going Russian invasion of Ukraine by raising its cement prices. Nonetheless, its profit fell by 30% year-on-year to US$63.9m.

Vietnam News Summary has reported that Vicem is aiming to achieve sales growth of 4% year-on-year in 2023, to US$1.74bn. Export sales growth prospects are strong, since China resumed its import of foreign goods at the end of December 2022. China consumed 54% of all Vietnamese cement exports in 2021.

Oman: The Capital Market Authority (CMA) has replaced the board of directors of Raysut Cement and appointed a temporary one following a financial audit. The CMA said the new board would, “deal with the reasons that led the company to conditions that prompted such action.” It will restructure the company to ensure the stability of its financial position. In late November 2022 the CMA questioned the validity of the company’s third quarter results in 2022 when it detected ‘material misrepresentation.’ Additionally, the cement producer’s chief executive officer and chief financial officer resigned in August 2022 and November 2022 respectively.

The new board is headed by Hamdan Ahmed Al Shaqsi. It also includes Majid Sultan Al Tauqi, Dr. Ali Amer Al Ghaithi, Ahmed Saud Al Zakwani and Mubeen Jalil Yasin Khan. The new board members will each hold their posts for three years.

Oman: The Capital Market Authority (CMA) has called on Raysut Cement to urgently address 'material misrepresentations' in its financial results for the second quarter of 2022. The Oman Daily Observer newspaper has reported that the CMA has warned investors that the misrepresentations 'hugely' impacted the report's profit and loss accounts.

The regulator said "CMA emphasises that failure to exercise due diligence in providing timely and accurate financial statements to the investors in fair manner is a breach of the law, and renders the violating entities legally responsible. The CMA announces zero tolerance in this regard."