Displaying items by tag: Results

China: Jiangxi Wannianqing Cement has become the latest China-based cement producer to report a fall in its profit year-on-year for 2022. It recorded a net profit in the range of US$149 - 168m, down by 63 - 71% year-on-year from US$236m in 2021.

Pakistan: Lucky Cement recorded sales of US$876m in the first half of its 2023 financial year, up by 42% year-on-year from US$616m in the first half of the 2022 financial year. It sold 3.57Mt of cement and clinker, down by 24% year-on-year from 4.7Mt. The producer's costs rose by 50% to US$585m from US$391m. It recorded a profit of US$73.1m, up by 6.8% from US$68.4m.

During the half-year period, total national cement sales dropped by 17% year-on-year to 20Mt, while Pakistan's cement exports fell by 49% to 1.7Mt. The aftermath of flooding, high interest rates, inflation and cost of goods and cuts to government spending all impacted the domestic cement market, while 'global recessionary trends' cut into exports, according to Lucky Cement.

Lucky Cement holds a 15% share in the Pakistan market and a 34% share in the export market.

India: Shree Digvijay Cement recorded sales of US$25.2m during the third quarter of the 2023 Indian financial year (October – December 2022). This corresponds to a rise of 35% year-on-year from US$18.6m in the third quarter of the 2022 financial year. The producer overcame continued high costs during the period to record a profit of US$1.25m, up by 40% year-on-year from US$891,000.

Thailand: Siam Cement Group (SCG) recorded consolidated sales of US$17.4bn in 2022, up by 7% year-on-year from 2021 levels. Its net profit was US$652m.

During 2023, SCG plans to invest US$1.22 - 1.53bn in capital expenditure.

US: Eagle Materials’ consolidated sales were US$1.68bn during the first nine months of its 2023 financial year, up by 16% year-on-year from US$1.45bn in the corresponding period of the 2022 financial year. Its net earnings were US$361m, up by 20% year-on-year from US$300m.

In its cement business, the group noted a drop in volumes and a rise in prices year-on-year during the third quarter of the 2023 financial year. Low inventory levels and ‘difficult weather’ reportedly impacted on demand. The group’s cement volumes fell by 13% year-on-year to 1.7Mt. This resulted in a 2% drop in the cement business’ revenues, to US$256m.

Greece: Titan Cement International stated in its preliminary results for 2022 that it expects to record Euro2.25bn in consolidated sales for the year. The figure corresponds to growth of 32% year-on-year from full-year consolidated sales of Euro1.71bn in 2021. The group's anticipated earnings before interest, taxation, depreciation and amortisation (EBITDA) are Euro330m, up by 20% year-on-year from Euro275m. Meanwhile, preliminary net debt fell by 12% year-on-year to Euro800m from Euro912m.

During the fourth quarter of 2022, Titan Cement International noted a 'significant improvement' in profitability quarter-on-quarter in its Southeast Europe and US regions. This came about partly due to a decline in electricity costs. The producer noted the success of its cost-saving actions in the area.

India: Sagar Cements recorded consolidated sales of US$197m during the first nine months of the 2023 Indian financial year, more than four times the US$44.6m that it recorded during the corresponding period of the 2022 financial year. Costs rose sharply during the period. Raw materials accounted for 45% of total costs. The producer spent US$32.1m on raw materials, up by more than a factor of four from US$6.54m. Sagar Cements made a nine-month net loss of US$11m, compared to a US$6.07m profit during the first nine months of the 2022 financial year.

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.