Cementos Molins records net profits of EUR62m for 9M20

Cementos Molins records net profits of EUR62m for 9M20
02 November 2020

Cementos Molins has announced its 9M20 results, with net profits reaching EUR62m, 12 per cent less than the same period last year. In comparable terms of exchange rates and hyperinflation adjustment, net profits to September grew by 13 per cent.

Profits in the third quarter (July-September) stood at EUR29m, 44 per cent higher than the same quarter last year, when the net profit was EUR21m.

Cementos Molins' revenues up to September were EUR546m, representing a decrease of eight per cent compared to the same period last year. The markets contraction in the second quarter was partially offset by an acceleration in cement and ready-mix concrete activity during the third quarter. Specifically, in the months of July, August and September 2020, revenues reached EUR206m, eight per cent higher than the same months in 2019.

EBITDA reached EUR143m, similar to the same period in 2019, despite the pandemic and currencies depreciation (17 per cent increase at constant currencies). 

Additionally, net financial debt decreased to EUR86m as of 30 September 2020, representing a reduction of 52 per cent compared to 31 December 2019 and 51 per cent compared to 30 September 2019. The net financial debt/EBITDA ratio continues to decline to 0.5.

Julio Rodriguez, CEO of Cementos Molins, said: “The strong gains in the results in the third quarter reflect the contribution of the efficiency and cost containment measures and the promising start of operations of the new plants at Rio Claro in Colombia and San Luis in Argentina.”

Published under Cement News