Cementir reports significant revenue increases in Europe in 2022

Cementir's regional results showed significant revenue increases in Turkey, Europe, US and Malaysian markets. However, cement sales were under pressure in most regions.

Cementir’s Danish sales revenues in 2022 reached EUR509.8m, up 23.2 per cent compared to EUR413.9m in 2021, due mainly to the rise in sales prices. Overall cement volumes decreased by six per cent compared to previous year. White cement exports declined by 29 per cent. Ready-mixed concrete volumes in Denmark fell by five per cent compared to 2021. Aggregate volumes were down 33 per cent from the previous year. Danish EBITDA in 2022 amounted to EUR141.1m, up 16.3 per cent on EUR121.3m in 2021.  

In Norway ready-mixed concrete sales volumes increased by three per cent compared to 2021 due to the recovery of infrastructure and civil activities. In Sweden ready-mixed concrete and aggregate volumes decreased by 13 and 25 per cent, respectively, from the previous year. In 2022 sales revenue in Norway and Sweden amounted to EUR216.5m, up 11.8 per cent from EUR193.6m in 2021, while EBITDA decreased by 2.1 per cent to EUR20.8m (EUR21.2m in 2021). 

In 2022 cement sales volumes decreased by two per cent compared to 2021, with a slightly negative trend in Belgium, France and Germany, also due to price increases, and a modest increase in The Netherlands. Overall, ready-mixed concrete sales volumes in Belgium and France fell by five per cent compared to the previous year. Aggregate sales volumes increased by two per cent compared to 2021. In Belgium volumes increased by five per cent. However, in France and The Netherlands, volumes were down 5.5 per cent. Overall, in 2022, regional sales revenue in Belgium, France and Germany grew by 21.6 per cent to EUR 334.4m (EUR275m in 2021) while EBITDA increased by 11.6 per cent to EUR 76.5m (EUR 68.6m in the previous year).  

In the USA white cement sales volumes were in line with the previous year and were supported by higher deliveries. Overall in the US, revenues increased by 26.3 per cent to EUR196.4m (EUR155.5m in 2021), while EBITDA increased by 21.5 per cent to EUR28.9m (EUR23.8m in 2021). 

Turkish revenue reached EUR272.6m, an increase of 57.3 per cent compared to 2021 (EUR173.3m). In the cement sector, the increase in selling prices led to a significant increase in sales revenues in local currency, while sales volumes in the domestic market decreased by 10 per cent due to significantly lower sales at the Elazig plant (-31 per cent) in eastern Anatolia and Kars (-31 per cent) in northeastern Turkey, only partially offset by higher deliveries to Trakya (up four per cent) in the Marmara region, while at the Izmir plant in the Aegean region, sales remained stable. Exports of cement and clinker remained stable compared to 2021. 

Turkish concrete volumes fell by nine per cent YoY. Aggregate volumes increased by about 39 per cent YoY due to the full operation of the newly acquired quarry in the second half of 2021 and despite a contraction in infrastructure activity. The Turkish region's EBITDA reached EUR49.6m an increase of 29.5 per cent over EUR 383m of the previous year.  

In Egypt sales revenue increased by 12.6 per cent to EUR57.1m (EUR50.7m in 2021), despite the fact that sales volumes decreased by three per cent compared to 2021. Sales volumes of white cement decreased by three per cent. EBITDA increased by 8.8 per cent to EUR11.8m compared to EUR10.8m in the previous year.

In China sales revenue increased by 5.3 per cent to EUR66.3m (EUR63m in the year 2021) despite the fact that sales volumes decreased by six per cent YoY for several reasons: further government restrictions to limit the spread of COVID-19.

Malaysian sales revenue increased by 29.2 per cent to EUR58.3m (EUR45.1m in 2021) against a two per cent growth in total volumes. Domestic sales fell by 11 per cent. Exports increased by three per cent compared to 202. At EUR5.6m EBITDA decreased by 7.8 per cent compared to EUR6.1m 2021.