The Cementir group announces a turnover of 1248 million euros in 9M22

Cementir Group revenue from sales and services in 9M22 reached €1,248.2 million, up 23.8% from €1,008.3 million in 9M21. The increase in revenue is mainly due to higher prices, offsetting higher costs for fuel, electricity, raw materials, transport and services, Cementir said.

In the first nine months of 2022, Cementir reported that its cement and clinker sales volumes amounted to 8.2 Mt, down 1.7% compared to the same period of 2021. was mainly attributable to the performance of subsidiaries in Turkey, Denmark, China and Egypt, Cementir said.

Sales volumes of ready-mixed concrete, equal to 3.5 Mm3down 6% due to the decrease recorded in Turkey, Denmark, Belgium and Sweden. In the aggregates sector, sales volumes amounted to 7.9Mt, down 4.9% compared to 9M21, with growth in Turkey and Belgium, offset by negative trends in Sweden and Denmark.

At 1080.2 million euros, operating costs increased by 34.2% compared to 804.9 million euros in the first nine months of 2021. The cost of raw materials amounted to 616, 5 million euros, up more than 51%, compared to 406.8 million euros in the first nine months. 2021, due to rising fuel prices on international markets.

At €148.3 million, personnel expenses increased by 7.5% compared to €138.1 million for the same period in 2021. Other operating expenses, at €315.4 million, increased by 21.3% compared to €260 million in the first nine months of 2021, mainly due to the evolution of transport costs.

EBITDA was €252.9 million, up 17.6% from €215.1 million in the first nine months of 2021. EBITDA included non-recurring revenue of 10 .7 million euros related to the update of the assessment of the value of non-industrial real estate in Turkey. The increase in EBITDA is attributable to better results in Belgium, Denmark, Turkey, the United States and Egypt, while the Asia-Pacific region and Sweden saw lower results.

Cementir’s results in 3Q22
Sales and services revenue was €443 million in 3Q22, an increase of 28.9% compared to €343.8 million in 3Q21. The increase in revenues affected all geographies, mainly in Turkey (45%), the Nordic and Baltic countries (20%), the United States (38%) and Belgium (17%).

Operating expenses amounted to 365.2 million euros (268.2 million euros – 3Q21), an increase of 36.2%. This increase is mainly due to the increase in the cost of purchasing raw materials, fuels and transport as well as other operating costs. EBITDA, amounting to 98.1 million euros, increased by 20.3% compared to 3Q21 (81.6 million euros). EBIT amounted to 69.3 million euros (54.3 million euros – 3Q21).

Cement and clinker sales reached volumes of 2.8 Mt, down 3.3% compared to 3Q21, mainly due to negative developments in Turkey. 1.2mm Ready Mixed Concrete Sales Volumes3 decreased by 8% due to the negative performances of Turkey, Belgium and Denmark. In the aggregates segment, sales volumes amounted to 2.4 Mt, down 13.5%, mainly due to the performance in the Nordic and Baltic area and in Belgium.

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