Cementos Molins announced the group's net profit rose by four per cent YoY to EUR93m in 2020. In comparable terms of exchange rates and adjustment for hyperinflation of Argentina, the net profit increased by 27 per cent in 2020.
Cementos Molins revenues have reached EUR775m at the end of 2020, which represents a decrease of three per cent compared to the same period of the previous year. The strong contraction of the markets in the second quarter as a result of the impact of the COVID-19 pandemic has been mitigated by the acceleration of activity in the 2H20. Specifically, between October and December, revenues reached EUR228m, a YoY increase of 12 per cent.
EBITDA amounted to EUR205m in 2020, growing seven per cent compared to the previous year, despite the negative impact of the pandemic and exchange rates. The increase in EBITDA at constant exchange rates would be 28 per cent. The efficiency and cost reduction plans adopted at the beginning of the pandemic, the favourable evolution of energy costs, together with the results of the first full year of activity in Colombia, have had a very positive impact on these results.
The net financial debt fell to EUR74m as of 31 December 2020, which represents a reduction of 59 per cent YoY. The net financial debt/EBITDA multiple continues to decrease to 0.4.
"2020 has been a very difficult year that has put us all to the test, but the results achieved make clear the strong commitment of the Cementos Molins team and the resilience of our business model," explains Julio Rodríguez, CEO of Cementos Molins. "Since the beginning of the pandemic, we have prioritised the safety of our employees and the continuity of customer service above all else, and both challenges have been overcome thanks to a great collective effort. In 2021 we are going to redouble this effort and I have no doubt that, despite the pandemic, we will be able to overcome the new challenges and achieve our goals," adds Mr Rodríguez.
