Holcim eyes record 2007 result after 9 month profit doubles

Posted On Wednesday, 07 November 2007 02:00 Published by Commercial Property News
Rate this item
(0 votes)

Holcim reported a doubling in its nine month net profit and said it expected to post a record result for 2007

Bernard Fontana holcimHolcim, the world's second-largest cement company, on Wednesday reported a doubling in its nine month net profit and said it expected to post a record result for the whole of 2007.

Holcim made a net profit of 3.9 billion Swiss francs ($3.4 billion, €2.3 billion) in the nine months to September, up 97.8% from the same period a year earlier, the company said in a statement.

"For the 2007 financial year as a whole, Holcim can once again look forward to an excellent result and attractive organic growth," with internal operating profit growth seen again above 5.0%.

"The acquisitions of recent years and the extensive program to expand capacity and boost efficiency will give the group additional growth momentum over the coming years," it added.

Holcim said the global construction market remained "robust," especially in Asia and other emerging markets.

"Increasing urbanisation, major housing shortages and the need to expand infrastructure is leading to steady demand for construction materials," it noted.

Holcim's net sales grew 15.8 percent to 20.3 billion Swiss francs in the nine months period, while net income attributable to shareholders was up 119.3% to 3.3 billion Swiss francs.

Asian sales rose 40 percent in the period, more than offsetting a 2.3 percent decline in North America linked to the crisis in the housing market.

Holcim said a "record result was in sight" with expectations that the group "will again clearly exceed its long-term growth target of five percent in internal operating earnings before interest, tax and depreciation (EBITDA)" over the full year.

Last modified on Wednesday, 03 July 2013 20:00

Most Popular

Exemplar REITail Acquires Katale Square Shopping Centre

Sep 23, 2019
Real estate investment trust, Exemplar REITail, has acquired Katale Square shopping…

Mall of Africa Celebrates Launch of New Generation Pick n Pay Store

Sep 23, 2019
Today Mall of Africa welcomed one of South Africa's biggest grocery retailers to the…

Grit Real Estate financial results for the year-ended 30 June 2019

Sep 30, 2019
London Stock Exchange listed Grit, the only listed Africa-focused income distribution…

4AX listed Heartwood Properties reveals positive financial results

Sep 23, 2019
Commercial property development company, Heartwood Properties , has revealed a 30%…

Reserve Bank keeps repo rate unchanged

Sep 23, 2019
 South African Reserve Bank Governor Lesetja Kganyago on Thursday said this is in line…

Please publish modules in offcanvas position.