The first quarter report from Cimpor shows turnover 0.5% lower at €479.4m while the EBITDA declined by 8.7% to €123.5m. The strong growth in Brazil went a long way to reduce the impact of the weakness in some other major markets.
Turnover in Portugal was down by 4.8% to €101.8m and the EBITDA declined by 19.9% to €26.2%, in spite of volumes being helped by increased clinker shipments to the group’s Egyptian operations. Spain continued its downward trend in a market that was off by a fifth, resulting in a 19.1% reduction in turnover to €61.9m and the EBITDA dropped by 66.7% to €3.6%.
Brazil has now become the largest contributor to both turnover and profits, replacing Portugal on both counts, with turnover surging ahead by 41.6% to €125.0m helped not only by higher volumes, but also by a stronger Brazilian currency. The EBITDA advanced by a similar percentage, rising by 42.6% to €37.4m.
In the Middle East, Egypt is by far the largest contributor, though turnover was off by 3.9% to €59.6m and the EBITDA declined by 14.4% to €25.5m as clinker had to be imported, adding to costs. In Morocco, the EBITDA declined by 23.1% to €8.0m on a turnover that was off by 10.2%.
South Africa achieved 7.3% improvement in turnover to €32.8m and the EBITDA increased by 16.0% to €15.5m as margins improved rose from 43.5% to 47.1%, the highest in the group. In Mozambique, turnover declined by 10.9% to €19.2m and the EBITDA fell by 12.8% to €3.3m, while the Cape Verde Islands saw turnover shrink by 6.8% to €7.7m and the profit was reduced by 13.2% to €0.9m.