Cementir posts record EUR1360m group revenue in 2021

Cementir posts record EUR1360m group revenue in 2021
10 March 2022

Cementir's group revenue in 2021 set the historical record of EUR1360m, up 11 per cent compared to EUR1224.8m in 2020. At constant 2020 exchange rates, revenue would have been equal to EUR1399.5m, an increase of 14.3 per cent on the previous year. 

EBITDA hit a record of EUR311m, up by 17.9 per cent compared to EUR263.7m in 2020, following improved results in all countries except Denmark and Malaysia. 

In 2021 cement and clinker sales volumes reached 11.2Mt, up 4.1 per cent compared to 2020 thanks to a favourable trend in all countries. Sales volumes of ready-mixed concrete, equal to 5.1Mm3, increased by 14.8 per cent mainly due to the performance of the company in Turkey and, to a lesser extent, Denmark and Norway. In the aggregates segment, sales volumes reached 11.1Mt, up by 8.1 per cent.  

Operating costs totalled EUR1102.8m, up 13.8 per cent compared to 2020 (EUR969.1m). The cost of raw materials amounted to EUR566.5m (EUR461.2m in 2020), up 23 per cent both due to higher business volumes mainly in Turkey and the generalised increase in fuel prices.

Profit before taxes was EUR172m, an increase of 20.6 per cent on EUR142.6m in 2020. Group net profit, once non-controlling interests were accounted for, amounted to EUR113.3m (EUR102m in 2020). 

Net financial debt as at 31 December 2021 was EUR40.4m, a reduction of EUR8.8m compared to EUR122.2m as at 31 December 2020.

Cement volumes in the domestic market increased by about eight per cent with a growth in white cement of over 10 per cent due to the development of some major projects. The evolution of average sales prices was positive also due to the favourable product mix. Exports of white and grey cement grew by around four per cent, driven by higher exports of white cement to the UK, Germany and France.

Ready-mixed concrete volumes increased by six per cent compared to 2020, due to growth in activity in all areas of the country and favourable weather conditions. Aggregate volumes increased by 16 per cent compared to 2020, in part due to major new projects, while average prices were affected by a lower contribution product mix. EBITDA reached EUR121.3m in 2021 (EUR131.4m in 2020), down 7.7 per cent. 

Published under Cement News