Cementir Group reports revenue of EUR1248m in 9M22

Cementir’s Group revenue from sales and services in the 9M22 reached EUR1248.2m, up 23.8 per ent compared to EUR1008.3m in 9M21. The increase in revenue is mainly due to price increases, offsetting higher costs for fuel, electricity, raw materials, transport and services, said Cementir. 

During the first nine months of 2022, Cementir announced its cement and clinker sales volumes, amounted to 8.2Mt, a fall of 1.7 per cent compared to the same period of 2021. The decline is mainly attributable to the performance of subsidiaries in Turkey, Denmark, China and Egypt, said Cementir. 

Sales volumes of ready-mixed concrete, equalled 3.5Mm³, down by six per cent due to the decline recorded in Turkey, Denmark, Belgium and Sweden. In the aggregates sector, sales volumes amounted to 7.9Mt, down 4.9 per cent compared to 9M21, with growth in Turkey and Belgium, offset by negative trends in Sweden and Denmark. 

At EUR1080.2m, operating costs increased by 34.2 per cent compared to EUR804.9m in the first nine months of 2021. The cost of raw materials was EUR616.5m up by over 51 per cent compared to EUR406.8m in the first nine months of 2021, due to the increase in fuel prices on international markets. 

At EUR148.3m, personnel costs increased by 7.5 per cent compared to EUR138.1m for the same period in 2021. Other operating costs, equal to EUR315.4m, were up by 21.3 per cent compared to EUR260m in the first nine months of 2021, mainly attributable to the evolution of transport costs. 

EBITDA amounted to EUR252.9m, up 17.6 per cent from EUR215.1m in the first nine months of 2021. EBITDA included non-recurring income of EUR10.7m related to the updated value assessment of non-industrial real estate in Turkey. The increase in EBITDA is attributable to better results in Belgium, Denmark, Turkey, the United States and Egypt, while the Asia-Pacific region and Sweden saw a decline in results. 

Cementir's 3Q22 results
Revenues from sales and services amounted to EUR443m in the 3Q22, an increase of 28.9 per cent compared to EUR343.8m in the 3Q21. The increase in revenues affected all geographical areas mainly in Turkey (45 per cent), Nordic and Baltic (20 per cent), the USA (38 per cent) and Belgium (17 per cent). 

Operating costs amounted to EUR365.2m (EUR 268.2m - 3Q21), an increase of 36.2 per cent. This increase is mainly due to the increase in purchasing cost of raw materials, fuels and transport as well as other operating costs. EBITDA, amounting to EUR98.1m, increased by 20.3 per cent compared to the 3Q21 (EUR81.6m). EBIT amounted to EUR69.3m  (EUR 54.3m - 3Q21). 

Cement and clinker sales reached volumes of 2.8Mt a fall of 3.3 per cent compared to the 3Q21, mainly due to negative developments in Turkey. Ready-mixed concrete sales volumes of 1.2Mm³ decreased by eight per cent due to the negative performance in Turkey, Belgium and Denmark.  In the aggregates segment, sales volumes amounted to 2.4Mt down by 13.5 per cent mainly as a result of the performance in the Nordic and Baltic area and in Belgium.