Displaying items by tag: Results

Pakistan: Lucky Cement’s consolidated sales in its 2022 financial year, which ended on 30 June 2022, were US$1.47bn. This represents an increase of 60% year-on-year from US$920m in the 2021 financial year. The group said that it overcame economic challenges during the year through its successful execution of its diversification strategy and the ‘robust’ performance of all its businesses. Its full-year net profit was US$162m, reportedly in line with its previous year’s performance.

Lucky Cement’s standalone cement sales volumes fell by 8.9% year-on-year to 9.1Mt from 10Mt. Its exports fell by 25% to 1.8Mt from 2.4Mt.

China: Asia Cement (China) reported a 7% year-on-year drop in its first-half sales to US$732m in 2022. Its first-half profit was US$46.1m, down by 70% year-on-year from US$156m. The producer sold 13.4Mt of cement during the half. It plans to achieve full-year cement sales of 29.4Mt.

Asia Cement (China) believes that cement demand in China is now on a ‘downward trend.’ It nonetheless remains ‘cautiously optimistic’ about its full-year 2022 results, foreseeing a degree of demand recovery arising from planned government infrastructure investment in the second half of the year.

The Chengdu-Chongqing Economic Circle (CCEC) in Sichuan province and Chongqing municipality represents a growing market for Asia Cement (China). Of a total of 160 planned key projects in the CCEC in 2022, 152 commenced construction during the first half of the year.

China: China Shanshui Cement’s first-half sales fell by 2.5% year-on-year to US$1.5bn. The producer’s net profit for the half was US$70.6m, down by 60% from US$178m.

India: Dalmia Bharat sold 6.2Mt of cement in the first quarter of its 2023 financial year, up by 27% year-on-year from 4.9Mt in the first quarter of its 2022 financial year. Its sales revenues also rose by 27%, to US$417m from US$327m. The growth failed to translate into increased profitability, however, with the company recording a profit after tax of US$25.9m, down by 27% from US$35.3m.

Dalmia Cement (Bharat) Managing Director and CEO Mahendra Singhi said “I am pleased with our performance this quarter. Our sustained efforts on operational efficiencies and cost rationalisation have enabled us to mitigate the adverse impact of inflation and deliver our lowest total cost of production. Our capacity expansion projects are on track, and we have added 2Mt/yr of clinker capacity and 1.1Mt/yr of cement capacity, which takes our cement capacity to 37Mt/yr. We remain firm on our Carbon Negative Roadmap, and during the quarter have installed 41.4MW of renewable energy infrastructure.”

Italy: Buzzi Unicem recorded a net profit of Euro88.7m in the first half of 2022, down by 58% year-on-year from Euro210m in the first half of 2021. The group said that its recurring profitability worsened across its markets, with the exception of Russia. It also noted ‘substantial stability’ in the Czech Republic. Its consolidated sales, including those of its Brazilian and Mexican businesses, were US$2.41bn, up by 18% from US$2.05bn.

The group recorded cement sales volumes of 14.2Mt, down by 4.1% from 14.8Mt. Volumes fell by 27% in Eastern Europe and by 28% in Italy, but rose by 27% in Central Europe and by 8% in the US. Excluding Russia, the producer’s fuel costs per tonne of cement rose by 8.8% year-on-year to approximately Euro8.80, and its total energy costs rose by 20% year-on-year to Euro234m.

It implemented continued price rises across all markets except Mexico during the half, with the sharpest rises recorded in Italy and Ukraine.

India: In the first quarter of the Indian financial year, which began on 1 April 2022, Orient Cement recorded sales of US$89.5m, up by 3.3% year-on-year from US$86.6m in the first quarter of the 2022 financial year. The producer’s costs rose by 18% to US$82.2m from US$69.7m, which caused its net profit to drop by 58% to US$4.69m from US$11.2m.

India: Star Cement recorded sales revenues of US$82.3m in the first quarter of its 2023 financial year, up by 29% year-on-year from US$63.9m in the first quarter of the 2022 financial year. The producer's net profit dropped by 24% year-on-year to US$5.23m from US$6.86m. This was primarily due to a 34% rise in operating expenses toUS$72.5 from US$54.6m.

India: Shree Digvijay increased its sales by 3.9% year-on-year to US$20.4m in the first half of the 2023 Indian financial year, from US$19.6m in the first quarter of the 2022 financial year. Despite this, higher costs resulted in a 21% fall in the producer's net profit to US$2.17m from US$2.75m.

Nigeria: Dangote Cement increased its sales by 17% year-on-year to US$1.9bn in the first half of 2022 from US$1.63bn in the first half of 2021. The group increased its cement sales volumes by 26% to 15.Mt, including a 33% increase in Nigeria to 9.9Mt there. Its production costs rose by 17% to US$760m from US$651m. This resulted in a 10% profit drop to US$406m from US$452m.

Chief executive officer Michel Puchercos noted a ‘very volatile’ global environment and increased energy costs. He said “Our business model remains robust, thanks to the prudent and flexible approach we have taken across our operations. Our continuous focus on efficiency, meeting market demand and maintaining our costs leadership drives our ability to consistently deliver superior profitability and value to all shareholders.”

Nigeria: BUA Cement recorded US$444m in sales revenues in the first half of 2022, up by 52% year-on-year from first-half 2021 levels. The producer’s profit after tax was US$145m, up by 41% year-on-year.