Morocco: Cimar sees 7.6% EBITDA rise in 3Q15

Italcementi-owned Ciments du Maroc (Cimar), Morocco, saw its turnover rise 1.8 per cent to MAD823m (EUR77.4m) in 3Q15, according to analysts at BMCE Capital Bourse.

The figures do not reflect the current slowdown in public works and a lack of investment in social housing, which saw cement and clinker flows fall by 15.8 per cent QoQ (-4.2 per cent in 9M15). The rise in the cement price as well as the healthy sales of ready-mix concrete and aggregates, which expanded by 39.4 and 21.1 per cent, respectively in the quarter.

In addition, improved variable cost control helped EBITDA to advance by 7.6 per cent to MAD419m (EUR39.4m) at the end of 3Q15. For the first nine months of 2015, EBITDA improved 9.6 per cent to MAD1.2bn (EUR113.3m).