Cementir posts 2023 preliminary unaudited EBITDA of EUR421.9m

Cementir posts 2023 preliminary unaudited EBITDA of EUR421.9m
09 February 2024

Cementir Holding Group reports preliminary unaudited results for 2023. EBITDA reached the historic record of EUR421.9m, up 25.4 per cent compared to the EUR336.3m of 2022, following the improved results achieved in all geographical areas with the exception of the United States. The EBITDA margin was 24.5 per cent compared to 19.5 per cent in 2022. Net financial income totalled EUR15.8m (income of EUR11m in 2022).

Revenue in 2023 reached EUR1694.2m, down 1.7 per cent compared to 2022. Profit before taxes was EUR315.8m, an increase of 39.3 per cent compared to the EUR226.7m of 2022. Group investments reached approximately EUR151.7m in 2023. Net cash amounted to EUR217.6m on 31 December 2023.

Cementir's grey, white and clinker sales volumes in 2023 amounted to 10.674Mt compared to 10.849Mt in 2022, a fall of 1.6 per cent. Ready-mix concrete sales reached 4.266Mm3 down from 4.798Mm3 in 2022, a decline of 11.1 per cent. 

Meanwhile, aggregates sales totalled 9.401Mt in 2023, down 10.1 per cent from 10.462Mt in 2022.

Industrial plan update
Cementir's Board of Directors also examined and approved the group's 'Industrial plan update' for the three-year period 2024-26 and the 2024 budget. The Roadmap to 2030 has been updated, and the objective of reducing Scope 1 CO2 emissions to 460kg/t of grey cement. For white cement the group is targetting to redeuce CO2 emissions to 730kg/t by 2030.

In the three-year period 2024-26, the group expects to invest approximately EUR100m in sustainability projects including, preliminary studies for CCS in Denmark and Belgium, and the kiln upgrade at the Belgian plant to increase the use of alternative fuels from the current 40 to over 70 per cent.

Published under Cement News