Cementir's revenue totals EUR805m in the 1H22

Cementir's revenues from sales and services reached EUR805.2m (US$821.7m), an increase of 21.2 per cent compared to EUR664.5m in the 1H21. The increase in revenue is mainly due to price increases reflecting higher costs of fuel, electricity, raw materials, transport and services. EBITDA reached EUR154.7m, up 15.9 per cent from EUR133.5m in the 1H21. 

During the first six months of 2022, Cementir’s cement and clinker sales volumes amounted to 5.4Mt, dropping by 0.8 per cent compared to the same period of 2021 (5.45Mt). The decline is mainly attributable to the performance of Turkey, China and Denmark. Sales volumes of ready-mixed concrete, equalled 2.38Mm³, a decline of five per cent mainly due to Turkey and, to a lesser extent, Denmark and Norway. In the aggregates sector, sales volumes amounted to 5.48Mt, essentially stable compared to the 1H21 (5.51Mt) with growth in Turkey and Belgium, offset by a decline in Sweden and Denmark.

At EUR715.1m, operating costs increased by 33.2 per cent compared to EUR536.7m in the 1H21. The cost of raw materials increased to EUR398.1m (EUR267.4m in the 1H21), because of a generalised increase in fuel prices on international markets. 

2Q22 results
In the second quarter of 2022, cement and clinker sales volumes of 3Mt declined by 2.9 per cent compared to the same period in 2021 due to developments in Turkey, China and Denmark.  Ready-mixed concrete sales volumes of 1.3Mm3 decreased by 9.3 per cent due to the performance in Belgium, Turkey, Denmark and Sweden. In the aggregates sector, sales volumes amounted to 2.8Mt, down 5.7 per cent due to the decrease in Sweden and Denmark, while in Belgium they remained more or less stable.

Revenues from sales and services reached EUR442.9m, an increase of 21.7 per cent compared to EUR364m in the 2Q21. The increase in revenues affected all geographical areas mainly in Turkey (57 per cent), Nordic & Baltic (9.9 per cent), the United States (26  per cent) and Belgium (12 per ent).

Operating costs increased by 36.4 per cent to EUR381.9m (EUR 280.1m in the 2Q21), due to the increase in purchasing cost of raw materials, fuels and transport as well as other operating costs.

EBITDA reached EUR94.1m an increase of 10.1 per cent compared to the 2Q21 (EUR85.4m). This result benefited from non-recurring income of EUR11.1m related to non-industrial properties revaluation in Turkey.  EBIT reached EUR65.4m (EUR 58m in the 2Q21). Net financial expense was EUR7.5m (expense of EUR4.7m  in the 2Q21).

Profit before taxes was EUR58.1m, an increase of 8.1 per cent compared to the 2Q21 (EUR53.7m). Investments in the 2Q22 amounted to EUR29.5m (EUR21.2m in the 2Q21).