Portuguese conglomerate Semapa SGPS which is a majority owner of Portuguese cement maker Secil, said net profit more than quadrupled to Euro 182.1m last year from Euro 40.1m in 2003, because of gains from the disposal of nine per cent in Cimpor. Net debt surged to Euro 182.1m eur from Euro 40.1m as a consequence of Semapa’s acquisition of a 67 per cent majority stake in paper maker Portucel SA, the company said. Group sales grew to Euro 700m in 2004 from Euro 417.8m previously.
Semapa said its continuing areas of business are paper, via Portucel, renewable energy, via Enersis and cement via Secil, in which it remains the majority shareholder, with CRH PLC, the buyer of the 45.1 per cent stake, holding a minority interest.
