The Board of Directors of Cementir Holding NV has released the preliminary unaudited consolidated results as at 31 December 2024. In 2024 cement and clinker sales volumes increased by 0.5 per cent to 10.7Mt when compared to 2023, thanks to good trading activity in Türkiye and to a lesser extent in the USA and Egypt, which offset the volumes reduction in the other geographical areas.
Ready-mix concrete sales volumes of 4.6Mm3 increased by seven per cent, driven by the positive performance of Türkiye, Denmark and Sweden, while Norway and Belgium recorded a decline, due to slowing demand and adverse weather conditions in the first months of the year. Aggregate sales volumes reached 10.1Mt, up 7.1 per cent, driven mainly by Türkiye and Belgium, while they decreased in Sweden and Denmark.
The group’s revenue from sales and services, amounting to EUR1648.8m, decreased by 2.7 per cent compared to EUR1694.6m in 2023. The decline was widespread across all geographical areas except Türkiye and Sweden, driven by lower volumes in some regions and the significant depreciation of currencies in Türkiye and Egypt. It should be noted that at constant exchange rates 2024 revenues would have been equal to EUR1795.7m, up by six per cent compared to the previous year.
EBITDA reached EUR399.3m, down 5.4 per cent compared to EUR421.9m in 2023, due to lower results achieved in all geographical areas except Egypt, Türkiye and Sweden. In 2024 EBITDA includes non-recurring expenses of EUR4.4 m, while in 2023 EBITDA figure included net non-recurring income of approximately EUR11.6m from capital gains on the sale of land and machinery. Excluding such non-recurring items, EBITDA reached EUR403.6m, down by 1.6 per cent compared to recurring EBITDA in 2023. The EBITDA margin was 24.2 per cent, compared to 24.9 per cent in 2023.
EBIT, after depreciation, amortisation, write-downs and provisions of EUR132.6m (EUR122.6m in 2023), amounted to EUR 266.m, down 10.9 per cent from EUR299.2m in the previous year. Profit before taxes was EUR295.3m, a decline of 6.5 per cent compared to EUR315.8m in 2023.
Francesco Caltagirone Jr, chairman and CEO, commented: “2024 has been another satisfactory year for our group, which demonstrated remarkable resilience despite the complex geopolitical and macroeconomic backdrop. We are preparing to face the next three years with a strengthened industrial footprint, thanks to: the upgraded Kiln 4 in Belgium, which will enhance efficiency through increased alternative fuels usage; the second production line in Egypt, now fully operational and able to generate additional export revenue; and the opportunity to completely decarbonise our Aalborg plant by 2030 with a limited investment. We look forward to the challenges ahead with renewed confidence.”
