Taiwan Cement records 11% rise in revenue

Taiwan Cement has reported a 11.3 per cent rise in revenue to TWD22.04bn (US$789.3m) for the first quarter of 2021, while its net income advanced 10.6 per cent YoY to TWD3.32bn on the back of profit growth in Taiwan and Europe’s cement businesses.

Despite weak sales prices in the mainland China cement business in the 1Q21, sales prices have been increasing steadily since April. In Taiwan’s cement and ready-mix concrete market, due to strong infrastructure and property demand, the gross margin advanced to 21.5 per cent from 15.3 per cent in the first quarter of 2020.

The group’s overseas cement businesses have also shown continuous growth. Turkey saw sales volumes rise 30 per cent YoY in 2020 while cement prices showed 25 per cent YoY growth. Portugal posted 12 per cent YoY growth in sales volume in 2020 and the cement price remains higher than most markets in the world, according to the company.

In addition, the total alternative fuel, material, clinker and cement used in Taiwan Cement’s Greater China businesses reached over 9Mt in 2020, equivalent to reducing 6.2Mt of carbon emissions.