Displaying items by tag: Results

Philippines: Republic Cement has said that it expects the cement sector in the Philippines to grow strongly in 2021 following a 10% decline in demand in 2020. Speaking to local press, the company’s president and chief executive officer Nabil Francis said that the drop in demand in 2020 was actually less severe than the expected 15%. He added, “We strongly believe that we will get back to 2019 level in 2021. That means 12% growth compared to 2020.” Francis added that the industry is expected to sell 35Mt of cement during 2021. The main driver is the bagged cement segment, with infrastructure and the non-residential, likely to grow less rapidly.

Francis additionally said that he welcomed the Department of Trade and Industry’s investigation into alleged dumping of cement into the Philippines from Vietnam. He said that the imported cement is sold at very low prices, its production having been subsidised by the Vietnamese government. He said the influx of imported cement has injured the local industry.

Spain: Cementos Molins has reported its third consecutive quarter with a rising profit, having made Euro33m in the first quarter of 2021, some 39% higher year-on-year than in the same period of 2020. Its revenues came to Euro223m, an increase of 16%.

The quarterly performance of revenues was similar to that of the fourth quarter of 2020, with strong activity in all markets except for Spain. Cementos Molins’ earnings before interest, tax, depreciation and amortisation (EBITDA) for the first quarter came to Euro62m, 30% higher than the same period in 2020. It said that this was achieved due to the positive contributions of the higher cement sales volumes, rising sales prices and the results of efficiency plans that off-set increases in energy costs.

Thailand: Siam Cement Group’s first-quarter consolidated net revenue was US$3.91bn, up by 15% year-on-year from US$3.39bn. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 68% year-on-year to US$758m from US$452m. Net profit more than doubled to US$478m from US$223m. It attributed the profit growth to its cement and chemical businesses.

The group’s cement and building materials segment recorded an EBITDA of US$211m, down by 2% from US$216m. Its revenue remained stable. Demand for cement in Thailand grew by 3% in the quarter.

China: Anhui Conch’s consolidated net profit rose by 20% year-on-year in the first quarter of 2020 to US$917m from US$763m. Its total operating income rose by 48% to US$5.31bn from US$3.58bn. The group attributed the rise in operating income to the negative effects of the coronavirus pandemic in 2020.

Ireland: CRH recorded a 3% like-for-like year-on-year consolidated net sales increase in the first quarter of 2021. American regional cement volumes increased by 5% and cement prices increased by 4%. Asian cement sales increased due to stronger volumes despite lower prices. Cement volumes rose in France but fell in Ireland due to the different timelines of the Covid-19 outbreak in each country in the periods under comparison. The price of cement rose in Eastern Europe. The group said that there is currently good underlying demand and continued pricing progress across key markets.

In the first quarter of 2021, the company spent US$200m on acquisitions. It says that it continues to have a ‘strong pipeline of opportunities.’ It earned US$200m from divestment of its Brazilian business. The company continues its share buyback programme with a US$300m tranche to be completed by the end of June 2021. It expects its earnings before interest, taxation, depreciation and amortisation (EBITDA) in the first half of 2021 to be ‘well ahead’ of first-half 2020 levels.

Chief executive officer Albert Manifold said “We had a positive start to the year in a seasonally quiet period for our business. He added “While near-term uncertainties remain, as we look ahead to the second half of the year we expect further normalisation in our markets as the health situation continues to improve.”

Mexico: GCC recorded consolidated net sales of US$179m in the first quarter of 2021, down by 2% year-on-year. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 9% to US$49.5m. In Mexico cement sales volumes rose by 6% but in the US they fell by 7.7% due to poor oil well cement sales.

The company’s chief executive officer Enrique Escalante said, "GCC started 2021 with strong financial performance - increasing EBITDA, free cash flow and EBITDA margin. Our results reflect momentum in the industry and show early signs that we are entering into a new phase of the industry's cycle with a stronger demand for most of our products. Therefore, we will focus our efforts in producing cement to supply pent-up demand." Escalante continued "Our backlog and the overall market trends of our business are encouraging in the US and Mexico. Both countries are emerging from tough and uncertain times into brighter months ahead. Our focus continues on maximising production, improving plant reliability, and optimising our logistics network to take advantage of the pent-up demand we are experiencing."

Pakistan: DG Khan Cement recorded a consolidated net profit after tax of US$18.5m in the first nine months of the 2021 financial year, compared to a US$12.0m loss in the corresponding period of the 2020 financial year. Net sales rose by 8% year-on-year to US$213m from US$198m. Cement sales volumes fell by 5% to 4.09Mt from 4.32Mt.

The company praised Pakistan’s ‘smart lockdown’ as a mitigating factor of the damaging effects of the coronavirus outbreak. Clinker production was 94% of capacity, compared to 101% in the first nine months of 2020. Total kiln operational days fell by 8% to 813 from 883. Depending on on-going outbreak conditions, the company forecast continued momentum gains in housing and infrastructure. It expects to commission a new waste heat recovery (WHR) power plant in the fourth quarter, reducing costs.

India: Shiva Cement’s consolidated net sales in the 2021 financial year, which ended on 31 March 2020, were US$3.81m. The figure represents a 12% year-on-year decline from US$4.33m. Net loss also fell, by 4% to US$2.94m from US$3.05m.

China: China Shanshui Cement recorded a consolidated net loss of US$38.7m, down by 34% year-on-year from US$59.0m. ET Net News has reported that its operating sales increased by 70% to US$481m.

Switzerland: LafargeHolcim’s first-quarter consolidated net sales rose by 1% year-on-year to Euro4.86bn in 2021 from Euro4.79bn in 2020. Its recurring earnings before interest and taxation (EBIT) doubled to Euro478m from Euro237m. Cement sales volumes grew by 5.5% to 47.3Mt and ready-mixed concrete by 2.7% to 10.1Mm³. The group said that it anticipates growth to accelerate in 2021. It expects to achieve its Strategy 2022 targets one year ahead of time.

During the quarter, the group concluded its acquisition of US-based Firestone Building Products and received an A1+ social, environmental and governance rating from UK-based Vigeo.