Cementir’s Board of Directors released the company’s financial statements for the year ended 31 December 2024. Profit before taxes was EUR295.3m, down 6.5 per cent on EUR315.8m in 2023. Net cash at 31 December 2024, equal to EUR290.4m, showed an improvement of EUR72.8m from the net cash position of EUR217.6m at 31 December 2023.
Group revenue from sales and services, at 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. 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 cement and clinker sales volumes, equal to 10.7Mt, increased by 0.5 per cent compared to 2023, thanks to strong trading in Türkiye and to a lesser extent in the USA and Egypt, which offset the volumes reduction in the other geographical areas.
Ready-mixed 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.
At EUR1264.8m, operating costs decreased by 3.9 per cent compared to 2023 (EUR 1315.8m). The cost of raw materials amounted to EUR677.8m (EUR728.9m in 2023), down seven per cent mainly due to the combined effect of lower volumes in some areas and exchange rate developments, particularly in Türkiye. At EUR211.8m, personnel costs increased by 4.4 per cent compared to EUR202.9m in 2023.
Outlook
For 2025 the group expects to achieve consolidated revenue of approximately EUR1.75bn, based on volumes recovery, price increase driven by inflation and the Danish CO2 emission tax effect. Furthermore, it forecasts an EBITDA of around EUR415m, and a net cash position of around EUR410m by year-end, assuming a constant scope of consolidation.
