Cementir posts group revenue of EUR1288.9m in 9M23

During the first nine months of 2023, Cementir Holding Group reports group revenue from sales and services reached EUR1288.9m, up 0.8 per cent compared to EUR1278.6m in the 9M22. The substantial stability in revenues derives from the combined effect of the increase in average sales prices, against the reduction in volumes sold, and the weakening of local currencies, with different dynamics in the individual geographic areas.  

EBITDA amounted to EUR321.1m, an increase of 32.6 per cent compared to EUR242.1m in the first nine 9M22, following the improved results achieved in all geographical areas with the exception of the USA. Net financial income totalled EUR12.2m. Profit before taxes was EUR246.4m, an increase of 60 per cent on EUR154m in the 9M22.  

At EUR1009.4m operating costs decreased by 6.6 per cent compared to EUR1080.2m in the first 9M22.  Raw material costs decreased by 7.6 per cent to EUR569.4m from EUR616.5m in the 9M22, mainly due to lower production. At EUR151.5m, personnel costs increased by 2.1 per cent compared to EUR148.3m for the same period in 2022. 

Other operating costs, equal to EUR288.5m, decreased by 8.5 per cent compared to EUR315.4 m in the 9M22, mainly due to lower transport costs.  

Cementir volumes of cement and clinker sold, equal to 7.9Mt, decreased by 3.1 per cent compared to the same period of 2022. The decline was attributable to a market slowdown mainly in Denmark, Belgium, the USA, Malaysia and Egypt, while an increase was recorded in Turkey and China. 

Sales volumes of ready-mixed concrete have fallen by 10 per cent to 3.2Mm³ due to the negative trend in all geographical areas with the exception of Turkey. 

In the aggregates sector, sales volumes amounted to 7Mt, down 11 per cent compared to the 9M22 as a result of negative performances in Belgium, Sweden and Denmark, only partially offset by growth in Turkey. 

Guidance
In light of the results for the 9M23, the EBITDA target for 2023 is further revised upwards, to approximately EUR380m, compared to the guidance provided on 27 July 2023 of approximately EUR365m. The other objectives remain unchanged, ie to achieve consolidated revenues of around EUR1.8bn (EUR1.7bn in 2022).