Industrial holding company Semapa said net profit surged five-fold to Euro 162.317m in the third quarter from Euro29.176m a year earlier, boosted by cash flow from the sales of stakes in cement makers Secil and Cimpor.
Semapa group sales rose 2.93 per cent to Euro329.316m from Euro319.942m, with EBITDA dropping 0.60 per cent to Euro91.722m from Euro92.280m. Cash flow more than doubled to Euro219.927m from Euro83.432m, thanks to the sale of 45.1 per cent in Secil to Ireland’s CRH PLC for Euro333m and the disposal of a 9 per cent stake in Cimpor for Euro251m. Semapa remains the majority shareholder in Secil.
This year’s acquisition by Semapa of a majority stake in paper maker Portucel Empresa Produtora de Pasta e Papel SA was excluded from the third quarter accounts, Semapa said.