Results in line with expectations, with volume growth, revenue and EBITDA decline and net profit improvement
• Volumes growth on the first half of 2023: cement +0.3%, ready-mixed concrete +4%, aggregates + 6%
• Revenue: EUR 811.8 million (-3.4% on EUR 840.7 million in the first half 2023); Non-GAAP Revenue were EUR 803.3 million (-7.5% on 2023)
• EBITDA: EUR 192.7 million (-3.9% on EUR 200.5 million in the first half 2023). Non-GAAP EBITDA was EUR 181.9 million (-10.1% on 2023)
• Group net profit: EUR 97.0 million (7.4% on EUR 90.3 million in the first half 2023). Non-GAAP Group net profit was EUR 102.2 million (-6.9% on 2023)
• Net cash: EUR 55.4 million (net cash of EUR 11.0 million at 30 June 2023)
• Guidance for the year confirmed on EBITDA and NFP (at constant perimeter); Guidance on 2024 Revenues revised downwards from EUR 1.8 billion to circa 1.7 billion, in line with 2023
Rome, 29 July 2024 - The Board of Directors of Cementir Holding N.V. today examined and approved the consolidated unaudited results for the first half and the second quarter of 2024.
Please note that as of April 2022, the Turkish economy is considered hyperinflationary according to the criteria set out in "IAS 29-Financial Reporting in Hyperinflationary Economies".
Francesco Caltagirone Jr, Chairman and Chief Executive Officer, commented:
"Results for the first half of 2024 were in line with our expectations, with sales volumes up but revenues and EBITDA down, compared to the first half of 2023. The adverse weather conditions in the first months of the year and a still weak residential market in the most important geographies, as well as a significant negative exchange rate impact, affected the results for the period, which nevertheless benefited from the reduction of main operating costs".
Download press release:
https://www.cementirholding.com/sites/default/files/press-release/2024-07/CH_Press%20release_First%20half%20results_29072024_0.pdf
• Volumes growth on the first half of 2023: cement +0.3%, ready-mixed concrete +4%, aggregates + 6%
• Revenue: EUR 811.8 million (-3.4% on EUR 840.7 million in the first half 2023); Non-GAAP Revenue were EUR 803.3 million (-7.5% on 2023)
• EBITDA: EUR 192.7 million (-3.9% on EUR 200.5 million in the first half 2023). Non-GAAP EBITDA was EUR 181.9 million (-10.1% on 2023)
• Group net profit: EUR 97.0 million (7.4% on EUR 90.3 million in the first half 2023). Non-GAAP Group net profit was EUR 102.2 million (-6.9% on 2023)
• Net cash: EUR 55.4 million (net cash of EUR 11.0 million at 30 June 2023)
• Guidance for the year confirmed on EBITDA and NFP (at constant perimeter); Guidance on 2024 Revenues revised downwards from EUR 1.8 billion to circa 1.7 billion, in line with 2023
Rome, 29 July 2024 - The Board of Directors of Cementir Holding N.V. today examined and approved the consolidated unaudited results for the first half and the second quarter of 2024.
Please note that as of April 2022, the Turkish economy is considered hyperinflationary according to the criteria set out in "IAS 29-Financial Reporting in Hyperinflationary Economies".
Francesco Caltagirone Jr, Chairman and Chief Executive Officer, commented:
"Results for the first half of 2024 were in line with our expectations, with sales volumes up but revenues and EBITDA down, compared to the first half of 2023. The adverse weather conditions in the first months of the year and a still weak residential market in the most important geographies, as well as a significant negative exchange rate impact, affected the results for the period, which nevertheless benefited from the reduction of main operating costs".
Download press release:
https://www.cementirholding.com/sites/default/files/press-release/2024-07/CH_Press%20release_First%20half%20results_29072024_0.pdf
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