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Record turnover and EBITDA for Cimpor in 3Q13

Published by
World Cement,

Portuese cement company Cimpor has announced its results for 3Q13, beating previous records for turnover and EBITDA.

3Q13 results

  • Cement sales have risen by 27.6% y/y to 7.5 million t compared with 3Q12, driven by a good performance of new assets in Brazil and Argentina and by the trading business. In accumulated terms, sales exceeded 21 million t, an increase of 11.5% y/y.
  • Turnover increased by 31.3% y/y, reaching a quarterly record of €684.3 million. The rise in the value of the euro against the majority of currencies of the countries where the company operates had a significant impact on Cimpor’s turnover.
  • EBITDA rose by 28%, reaching an all-time record of €197.3 million for the company, driven by a recovery of sales and improved operating performance. In 3Q13 the performance of acquired assets was of particular relevance, as they contributed €75.4 million to EBITDA, 3.6 times the EBITDA that had been provided by discontinued assets.
  • The EBITDA margin reached 28.8% in 3Q13.
  • Net income, attributable to shareholders, stood at €69.2 million, increasing by 74% y/y. This increase has helped to substantially mitigate the losses posted in 1H13.

Results for January – September 2013

  • In accumulated terms, sales rose by 11.5% y/y in the first nine months of 2013.
  • Turnover saw an increase of 23.4% y/y, reaching a total of €1.984 million in the first nine months of 2013 compared to €1608 million in 2012.
  • EBITDA reached €481.5 million, 14.2% higher than in the same period in 2012.
  • The EBITDA margin was 24.3% for the first nine months, mainly affected by non-recurring costs in 1Q13 in Portugal and Argentina.

Regional highlights

  • The market in Brazil continued to show positive signs in this quarter.
  • The national cement market in Argentina is at an all-time high.
  • A new production unit is launching in Paraguay and the positive trend in operating performance continues.
  • Exports remain the anchor of performance in Portugal.
  • New mills in Mozambique respond to local competition.
  • Egypt and South Africa recovered sales in 3Q13 and their outlook is positive.

Adapted from press release by Rosalie Starling

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