Italy-based Cementir Holding reported a revenue of EUR332.4m (US$385.4m) in the third quarter of 2017, reflecting a YoY increase of 32.1 per cent YoY.
EBITDA rose to EUR46.5m in 3Q17, up 44 per cent YoY from EUR67m in the 3Q16 while EBIT reached EUR42.5m, representing a 59.8 per cent rise YoY. The company posted a 3Q profit before taxes of 42.3m, a 61.8 per cent increase when compared with 3Q16.
In terms of sales volumes, the company sold 3.187Mt of grey and white cement during the quarter, a volume rise of 26.2 per cent when compared with the year-ago period. In addition, there were sales of 1.243Mm3 of ready mix concrete and 2.251Mt of aggregates, improving the sales in these segments by 21.3 per cent and 152.2 per cent, respectively when compared with 3Q16.
For the first nine months of 2017, Cementir saw revenues rise 31.6 per cent YoY to EUR963.8m while EBITDA advanced 28.3 per cent YoY to EUR152.1m. EBIT increased 42.5 per cent to EUR78.3m while profit before tax (after net financial expenses) reached EUR66.9m, up 40.1 per cent YoY.
Grey and white cement sales volumes in 9M17 increased 31.3 per cent from 7.275Mt in 9M16 to 9.551Mt in 9M17. Ready-mix concrete volumes were up 15.9 per cent to 3.666Mm3 while aggregates sales increased by 166.7 per cent to 6.899Mt over the same period.
"The results in the first nine months of 2017 were slightly better than management expected following the strong performance of the Nordic & Baltic and United States, despite the lower earnings in Turkey and the unfavourable exchange rates. The results benefited from the effect of the acquisitions in the second half of 2016, which contributed EUR30.5m to EBITDA. On a like-for-like basis, the improvement in EBITDA in Egypt, Italy, China, United Kingdom, Norway and Sweden has partially offset the lower earnings in Turkey and, to a lesser extent, in Malaysia, as well as the depreciation of foreign currencies against the Euro, mainly the Egyptian pound and the Turkish lira,” said Cementir Chairman and CEO, Francesco Caltagirone Jr.
