Cementir’s revenue totalled EUR414.8m in the 1Q23, up 14.5 per cent from the 1Q22. EBITDA reached EUR81.2m, a 33.8 per cent YoY advance while profit before taxes totalled EUR63.9m, a rise of 50.7 per cent when compared with the 1Q22. Meanwhile, net debt stood at EUR32.1m at 31 March 2023.
Operating costs rose by 2.8 per cent to EUR342.5m when compared to EUR333.1m in the 1Q22. The cost of raw materials rose by 5.5 per cent YoY.
Cement volumes (white and grey) totalled 2.34Mt, a four per cent drop from 2.44Mt in the 1Q22. Ready-mix concrete sales volumes reached 1.02Mm3, down 9.7 per cent from 1.13Mm3 in the 1Q22. Aggregates totalled 2.19Mt in the 1Q23, representing a fall of 18.1 per cent YoY.
Regional sales
Danish sales revenues reached EUR123.5m in the 1Q23, an increase of 13.2 per cent. Cement volumes fell compared to 2022 and exports declined. Ready-mix and aggregates volumes also declined due to weak demand.
Norwegian ready-mix sales volumes fell with adverse weather conditions and delayed infrastructure projects. In Sweden ready-mix and aggregate volumes slipped mainly caused by the impact of higher interest rates on the residential market. Total sales revenue in Norway and Sweden fell by 19.9 per cent YoY to EUR40.6m.
In Belgium and The Netherlands, cement sales volumes declined while French volumes were stable. Both ready-mix and aggregate sales volumes also fell in Belgium and France YoY, with a significant drop in France as infrastructure projects were completed.
North America saw white cement sales volumes contract in Texas and California with pressure from imports and a decline in the residential sector. However, US revenues rose by 2.7 per cent YoY to EUR45.8m in the 1Q23.
Turkish revenues increased to EUR75.3m, a rise of 81.9 per cent compared to the 1Q22. Cement sales volumes increased significantly in the Trakya and Izmir areas, while lower volumes were recorded in Elazig and Kars in Eastern Anatolia. Cement and clinker exports declined due to the more profitable domestic market. Ready-mix volumes also rose compared to the 1Q22.
Egyptian sales revenue fell to EUR12.5m, down 12.8 per cent YoY, in the 1Q23. Sales volumes of white cement decreased moderately.
Chinese sales revenues fell by six per cent YoY to EUR12.6m in the 1Q23 despite a three per cent YoY rise in volumes because of lower prices.
Malaysian sales revenue declined by 3.4 per cent YoY to EUR11.5m in the 1Q23 with a signifiant drop in clinker exports and lower cement deliveries to Cambodia and Myanmar. Sales volumes on the local market rose due to a recovery in the construction sector.
Outlook
Cementir confirms its objectives declared on 8 February 2023 to achieve consolidated revenues of over EUR1.8bn in 2023. Planned investments are forecast at EUR113m.
