Displaying items by tag: Results

India: JK Cement’s consolidated revenue from operations in the first three quarters of its 2021 financial year rose by 5% year-on-year to US$614m from US$584m. Its consolidated profit after tax rose by 52% to US$67.1m from US$44.3m, while standalone earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 29% to US$147m from US$115m. Its sales volumes of cement grew by 9% to 7.75Mt from 7.12Mt.

The group reported that it had two projects on-going in the period with a combined cost of US$267m at 31 December 2020. These were the installation of an overland belt conveyor for limestone at a 4.2Mt/yr cement plant expansion and the upgrade of Line 3 of its Nimbahera cement plant in Rajasthan.

Italy: Cementir Holding recorded revenues from sales and services of Euro1.22bn in 2020, up by 1% year-on-year from Euro1.21bn in 2019. Cement and clinker volumes rose by 13% to 10.7Mt from 9.49Mt. Volumes registered the sharpest increase in Turkey, of 39%. Ready-mixed concrete (RMX) volumes grew by 7.8% to 4.4Mm³ from 4.1Mm³. The company maintained its 2019 earnings before interest, taxation, depreciation and amortisation (EBITDA) levels of Euro264m. It said that an improvement in performance in Turkey, Denmark, Egypt, China and Sweden balanced out negative effects on earnings in Belgium, US and Malaysia.

Chair and chief executive officer Francesco Caltagirone said, “In 2020, despite the serious pandemic, the group showed significant resilience with a 13% increase in cement volumes sold and revenue reaching the historical record. On a recurring basis, EBITDA increased by 2%, EBIT was up by 4% and yearly cash generation was Euro119m."

Under Plan 2021 – 2023 Industrial Plan, the company says that it envisages sales growth of 20% to Euro1.47bn and EBITDA growth of 29% to Euro340bn in 2023 compared to 2020 figures. It said that digitalisation investments begun in 2019 will contribute an expected Euro15m to EBITDA in 2023. As part of its sustainability commitments it has set a CO₂ emissions reduction target of around 30% by 2030, with emissions below 500kg/t of grey cement. However, it said that under the future European Taxonomy criteria white cement emissions are not included.

The group is planning to invest around Euro107m from 2021 to 2023 on sustainability and digitalisation. This includes a the construction of a new calcination plant in Denmark for the production of its Futurecem product and, the installation of wind turbines with an installed capacity of 8.4MW. It is also planning to increase the alternative fuels substitution rate at its integrated Gaurain plant in Belgian to 80% from 40% and invest in the use of natural gas and biogas in some of its plants.

India: Ramco Cements’ nine-month profit for the period ending on 31 December 2020 was US$77.9m, up by 23% year-on-year from US$63.3m in the corresponding period of the 2020 financial year. Cement sales volumes dropped by 18% to 67.6Mt from 82.7Mt. Its revenue from sale of products fell by 9% to US$488m from US$535m.

The company reported that it has redeposited US$3.54m for its appeal against cartelisation charges that carrya penalty of US$35.4m. It said, “The company, backed by legal opinion, believes that it has a good case and hence no provision is made.”

The cement producer plans to commission a 1.5Mt/yr clinker line and a 9MW waste heat recovery (WHR) system at Jayanthipuram, Andhra Pradesh and a 2.25Mt/yr clinker line at Kurnool, Andhra Pradesh in the first quarter of its 2021 – 2022 financial year. A 1Mt/yr grinding unit, a 12MW WHR unit and a thermal power plan are expected to be commissioned later in the year.

Nigeria: BUA Cement recorded full-year net sales of US$550m in 2020, up by 20% year-on-year from US$460m in 2019. Profit after income taxes was US$185m, up by 16% from US$159m.

In December 2020, Global Cement reported that the company planned to bring three integrated cement plant projects with a total capacity of 9Mt/yr to fruition by the end of 2022. This would bring its installed capacity to 20Mt/yr.

Peru: Unión Andina de Cementos’ (UNACEM) income fell by 14% year-on-year to US$467m in 2020 from US$546m in 2019. Cement despatches dropped by 16% to 4.46Mt from 5.32Mt. Its profit decreased to US$8.33m from US$96m. The cement producer attributed the reduction in sales and profits due to the country’s coronavirus-related lockdown from March to May 2020. In December 2020 it agreed to buy Chile-based Cementos La Unión Chile for US$23m. The deal includes the 0.3Mt/yr San Antonio grinding plant and a concrete plant.

Russia: Siberian Cement produced 4.6Mt in 2020 from its five plants, a decline of 4.7% year-on-year. Notably, its integrated Krasnoyarsk cement plant managed to increase production by 3% to 0.63Mt. Majority owned subsidiaries, Iskitimcement and Angarskcement, officially became part of Siberian Cement in mid-June 2020. The group currently reports it has a production capacity of 9Mt/yr.

Pakistan: Lucky Cement plans to further upgrade its integrated Pezu plant following strong results in the first half of its financial year. It intends to increase the production capacity at the unit by 3.15Mt/yr. The cost of the project will be announced following the conclusion of negotiations with suppliers. Work is expected to start in 2021 and be completed in 2023.

The cement producer recorded sales of US$188m in the first half of its 2021 financial year (1 July 2020 – 30 June 2021), up by 42% year-on-year from US$132m in the first half of its 2020 financial year. Cement and clinker sales volumes grew by 36% to 5Mt from 3.7Mt. Its profit after tax more than doubled to US$28.3m from US$12.1m. It attributed this to higher production capacity at its Pezu plant as well as higher demand in the market generally.

Lucky Cement also reported that its new 1.2Mt/yr integrated plant at Samawah in Iraq started its kiln in the first week of January 2021 and trial production started in mid-January 2021. Commercial production is scheduled to start in February 2021.

India: Shree Cement has recorded consolidated net sales of US$1.27bn in the first nine months of its 2021 financial year (1 April 2020 – 31 March 2021), down by 2% year-on-year from US$1.29bn in the corresponding period of its 2019 financial year. The group’s net profit increased by 52% to US$204m from US$138m.

The company is currently working on a 6Mt/yr addition to its grinding capacity, consisting of two new grinding plants, in Athagarh Tehsil, Odisha, and Patas, Maharashtra. The facilities had been scheduled for completion in the first half of the 2021 financial year.

US: Eagle Materials’ sales in the nine months up to 31 December 2020 rose by 16% year-on-year to US$1.28bn from US$1.10bn. Its net earnings were US$273m, compared to a loss of US$1.54m in the first nine months of its 2020 financial year. Total cement volumes rose by 28% to 6.1Mt from 4.8Mt, and cement sales revenue rose by 35% to US$676m from US$502m.

President and chief executive officer Michael Haack praised the performance in the quarter which ended on 31 December 2020, saying, “Our cement shipments were up by 28% year-on-year, reflecting the strong performance of the recently acquired Kosmos Cement Business and the strength of our core markets. We continued to generate strong operating cash flow, which significantly improved our balance sheet and liquidity position providing us with increased financial flexibility.” He added, “As we continue to navigate the Covid-19 environment, I want to thank our team for their exceptional work under extraordinary circumstances, delivering strong results, remaining focused on the integration of Kosmos and keeping our strategic projects on schedule. We continue to closely monitor the disruptions caused by the Covid-19 pandemic and their possible impact on our business in current and future periods. We also continue to enforce strict health and safety protocols to protect our employees, customers and business partners, and we will continue to manage our cash flow prudently and protect our balance sheet.”

Thailand: SCG’s revenue from its cement division fell by 7% year-on-year to US$5.7bn in 2020. However, its earnings before interest, taxation, deprecation and amortisation (EBITDA) rose by 3% to US$719m. It blamed falling sales on the coronavirus pandemic and a ‘challenging’ economy but said that it managed to raise earnings and profits through efficiency improvements and a lower production costs. In the fourth quarter of 2020 the business faced resurgent coronavirus outbreaks and flooding in Thailand, Vietnam and Cambodia. Overall, the group’s revenue fell by 9% to US$13.3bn with declines in most division apart from packaging.