Colombia: Cementos Argos recorded a 30% year-on-year rise in its earnings before interest, taxation, depreciation and amortisation (EBITDA) to US$620m in 2023. This came despite a 3% drop in the producer’s cement sales, to 15.7Mt. Its profit rose by 83% to US$74m. The producer attributed the growth to favourable price dynamics, cost efficiencies and productivity improvements.
Cementos Argos had an installed cement capacity of 24Mt/yr at the end of 2023.
US: Eagle Materials has outlined its climate change mitigation successes in its 2023 Sustainability Report. During 2023, the company increased its production of blended cement products, including Portland Limestone Cement (PLC). It commenced a major CO2 reduction study with the US Department of Energy, and established a Greenhouse Gas Reduction Team to explore new clean technologies. Eagle Materials says that it is currently working to increase the use of alternative fuels at three of its cement plants.
India: JK Cement Ltd has completed the acquisition of a 100% stake in Toshali Cements. The parties concluded their agreement in June 2023, at which time the value of the deal was reportedly US$19m.
Toshali Cements operates a 200,000t/yr cement plant and a 435,000t/yr grinding plant, both in Odisha.
US: Vulcan Materials raised its sales by 6.4% year-on-year in 2023, from US$7.32bn to US$7.78bn. Its adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 24% to US$2bn, while its profit grew by 25% to US$1.95bn. Vulcan Materials’ full-year concrete volumes dropped, during which time it also divested some concrete operations. Altogether, the producer plans to invest US$625 – 675m in maintenance and growth projects in 2024.
Chair and CEO Tom Hill said "We carry momentum into 2024, and our focus is the same - compounding unit margins through all parts of the cycle and creating value for our shareholders through improving returns on capital."
