Displaying items by tag: Results

India: Shree Cement recorded consolidated sales of US$527m in the first quarter of its 2023 financial year, up by 22% year-on-year from US$432m in the first quarter of the 2022 financial year. The company’s profit for the quarter was US$39.6m, down by 52% year-on-year from US$83m.

Switzerland: Holcim increased its consolidated sales by 17% year-on-year to US$15.3bn in the first half of 2022 from US$13.1bn in the first half of 2021. Its recurring earnings before interest and taxation (EBIT) were US$2.26bn, up by 9.6% from US$2.06bn. Cement sales volumes fell by 3.7% to 95.3Mt from 99Mt, and decreased in all regions except North America, where they rose by 9.6% to 10Mt. Meanwhile, the sharpest drop was in Holcim’s home region of Europe, where cement sales fell by 9.5% to 20.1Mt from 22.2Mt. Group operating profit rose by 15% to US$2.15bn from US$1.86bn, while its net debt rose by 7.5% to US$13.9bn from US$12.9bn.

Holcim called market conditions “volatile,” but forecast net sales growth of 10% year-on-year on in 2022, upgraded from 8%. It also expects to end the year with accelerated progress towards its 2025 sustainability targets, positive growth in its recurring EBIT and a free cash flow above US$3.12bn.

Chief executive officer Jan Jenisch said “Our record results, from net sales to recurring EBIT and earnings per share, are setting solid foundations to deliver our Strategy 2025 - Accelerating Green Growth.”

Thailand: Siam Cement Group (SCG) recorded sales of US$8.29bn in the first half of 2022, up by 19% year-on-year from US$6.95bn in the first half of 2021. Cement and building materials revenues were US$2.82bn, 34% of total sales, up by 12% from US$2.52bn in the first half of 2021. The group’s earnings before interest, taxation, depreciation and amortisation (EBITDA) dropped by 24% to US$1.15bn from US$1.51bn.

SCG recorded domestic declines in demand for cement and ready-mix concrete of 5% and 7% respectively in the first half of 2022. Cement demand also fell by 10% in Cambodia and by 2% in Myanmar, but rose by 5% in Indonesia and by 1% in Vietnam. In Thailand, SCG expects cement demand to “improve” in the third quarter of 2022, but noted the possible mitigating impact of rising inflation.

UK: Breedon Group recorded sales of Euro798m in the first half of 2022, up by 12% year-on-year from Euro714m in the first half of 2021. Its earnings before interest and taxation (EBIT) increased by 22% to Euro77.9m from Euro63.9m, while its profit after tax increased by 29% to Euro70.7m from Euro54.9m.

The group said “We are optimistic for the remainder of 2022. Our customers’ order books are healthy, the mechanism for passing through cost increases has traction and enquiry levels are encouraging. We therefore expect to deliver underlying EBIT at the top end of the range of consensus expectations.”

Chief executive officer Rob Wood said “We enjoyed a strong start to 2022. Our teams are focused on getting pricing right, our end market exposure is supportive and that has produced excellent results, advancing our margins and returns towards our medium term targets. We completed two in-fill transactions during July 2022, with further mergers and acquisitions activity in the pipeline, and we have continued to progress on a broad range of sustainability initiatives, including a commitment to the Science Based Targets Initiative.”

India: UltraTech Cement increased its sales by 28% year-on-year to US$1.9bn in the first quarter of its 2023 financial year, from US$1.48bn in the first quarter of the 2022 financial year. The company’s net profit during the quarter was US$198m, down by 7% year-on-year from US$213m in the first quarter of the 2022 financial year.

Dow Jones Institutional News has reported that UltraTech Cement recorded increased cement demand in June 2022 and forecasts full-year year-on-year consumption growth nationally. The producer said that state-backed investment in infrastructure and industrial development will support high housing demand momentum, while pressure will remain on its profitability due to high costs.

India: Sagar Cement’s net sales were US$69.8m in the first quarter of the 2023 Indian financial year, up by 42% year-on-year from US$49.1m in the first quarter of the 2022 financial year. The quarter, which ended on 30 June 2022, saw an 82% year-on-year increase in costs to US$72.7m from US$40.1m. As a result, the company recorded a net loss for the quarter of US$1.64m, compared to a net profit of US$6.08m in the first quarter of the 2022 financial year.

India: Ambuja Cements' sales were US$495m in the first quarter of its 2023 financial year, up by 18% year-on-year from first-quarter 2022 financial year levels. Its net profit rose by 45% to US$131m from US$90.4m.The company said that it experienced rising fuel prices and related inflationary impacts during the quarter. It mitigated their impacts through the improved efficiencies delivered under its I Can operating strategy. Meanwhile, its master supply agreement with ACC also helped to restrict growth in transport costs.

Holcim India chief executive officer (CEO) and Ambuja Cements managing director and CEO Neeraj Akhoury said "Ambuja has recorded robust volume growth of 15% and top line growth of 18%. Ambuja Kawach, our green cement, demonstrated a sales growth of 22% year on year."

India: ACC recorded sales of US$559m in the first quarter of the 2023 financial year. The figure corresponds to a 15% year-on-year rise from US$486m in the first quarter of the 2022 financial year. The company's cement sales during the quarter rose by 13% to US$520m from US$460m. Its net profit was US$28.5m, down by 60% year-on-year.

Press Trust of India News has reported that ACC attributed the profit drop to 'rising global fuel costs and related inflationary impacts.' It said that waste heat recovery (WHR) installations at its Jamul, Kymore and Ametha cement plants will increase its renewable energy share to 15%, 'further accelerating the cost reduction journey.'

China: Tangshan Jidong Cement expects to record a 3.9 - 12% drop in its net profit in the first half of 2022. This would result in a figure of US$157 - 171m, compared to US$178m a year earlier.

China: Fitch Ratings expects West China Cement to record a first-half sales decline of 10% in 2022, due to ‘sluggish’ residential construction, on-going Covid-19 restrictions and high coal costs due to the Russian invasion of Ukraine. The rating agency predicted a ‘mid-single digit’ full-year sales decline in 2022, with a gross profit margin for the group of 28%, compared to 30% in 2021. This probability results from higher costs arising from overseas investments during the year.