Cementir boosted by increased Turkish business
Cementir improved turnover in the nine months to the end of September by 10.5% to EUR856.09m and the EBITDA increased by 11.1% to EUR207.78m. The trading profit advanced by 12.6% to EUR154.48m, while the net financial item turned positive, leading to a 29.9% increase in the pre-tax profit to €157.56m. The net debt declined by 19.2% to EUR391.3m compared with a year ago. Deliveries of grey and white cement increased by 9.9% to 8.24Mt, while aggregates shipments rose by 25.7% to 2.58Mt and the ready-mixed concrete volume advanced by 7.2% to 3.45Mm³.
The European turnover increased by 9.2% to EUR605.1m, with most of the growth coming from Scandinavia as the Italian market slowed down. The new kiln at the Arquata Scrivia works in Italy was lit during the summer, making Cementir’s Italian operations self-sufficient in the supply of clinker. The Asian operations, which are dominated by Turkey, achieved a 23.9% increase in turnover to EUR205.5m thanks to the increased capacity brought on stream in Turkey, through the 50% increase in clinker capacity at the Elazig plant in Eastern Anatolia. The doubling of capacity at the Edirne works should come on stream during the first half of 2008. At the end of September, Cementir agreed to acquire a 70% stake in a grinding centre for white cement in Vietnam at an initial cost of US$2.6m. North Africa contributed a 4.1% increase in turnover to EUR17.8m and is being helped by the abolition of the export duty on white cement. Most of the remaining turnover of €27.7m is generated in North America.
Published under Cement News
