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Acquisitions boost Cementir’s sales

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World Cement,

Acquisitions have helped Cementir post a significant increase in cement and clinker sales in 3Q17. Sales were up 26.2% in the quarter at 3.19 million t and 31.1% in the first nine months of the year at 9.55 million t.

Like-for-like sales were flatter – although still positive. Strong business performance in Turkey and Malaysia saw the company to a 2.4% increase in 3Q17. Year-to-date like-for-like sales were up 1.7% on growth in Denmark, Egypt, Malaysia, and China, as well as Turkey.

Sales of grey and white cement from the company’s Danish business were up 5.2% on the back of exports up 7.5% for white cement and 14.5% for grey cement – mainly destined for Norway and Iceland.

In Egypt, where Cementir owns a majority stake in Sinai White Cement Co. through its subsidiary Aaborg Portland Holding, the company saw sales of cement rise 23% on the local market, as well as a 10.5% increase in exports. Combined cement sales were up 17% in the north African country.

Cementir also strengthened its stake in Sinai White Cement with an investment of €7.5 million to, taking its holding to 66.4%. The company described the Egyptian white cement sector as “an area of significant interest”.

Turkish cement and clinker sales saw a “significant improvement in 3Q17”, helping to offset weakness in the first half of the year. As a result, year-to-date figures were “in line with volumes for the previous year both in the domestic market and exports”.

The first half of the year had been impacted by adverse weather conditions, delays on some key construction projects, strong competition and political uncertainty in the country.

In the Far East, sales volumes rose 3% in Chine and 7% in Malaysia – where a 9% rise in exports offset a fall in domestic sales.

Group earnings were up 28.3% year to date to €152.1 million – again benefitting from the consolidation of 2H16 acquisitions. Like-for-like revenues were “essentially stable”, the company said.

“The improvement in Egypt, Italy, China, [the] United Kingdom, Norway, and Sweden has partially offset the lower earnings in Turkey and, to a lesser extent, in Denmark and Malaysia, as well as depreciation of foreign currencies against the euro, mainly the Egyptian pound and the Turkish lira.”

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