(Alliance News) – Cementir Holding NV announced on Thursday that it closed the first quarter with a pre-tax profit of 58.7 million euros, compared to 63.9 million euros as of March 31, 2023.
The turnover amounted to 368.3 million euros, compared to 414.8 million euros in the first quarter of last year.
EBITDA as of March 31 was 66.5 million euros, compared to 81.2 million euros in 2023.
Operating profit fell from 49.2 million euros to 34.2 million euros.
Net cash as of March 31 was €76.6 million, compared to €217.6 million at the end of 2023.
The company said the targets for the current year have been confirmed.
Francesco Caltagirone Jr, Chairman and CEO, commented: “The results for the first quarter of 2024 are in line with our expectations, with sales volumes up but revenues and EBITDA down, compared to the first quarter of 2023.”
“The good performance in Turkey, which was impacted by the devaluation of the exchange rate against the euro, was not enough to offset the decline in the results of the Nordic and Baltic countries. The persistent weakness of the residential market due to restrictive monetary conditions, unfavorable weather conditions and a reduction in the number of working days contributed to the decline in results.”
Cementir Holding is trading 0.6 percent in the green at 10.16 euros per share.
By Claudia Cavaliere, journalist at Alliance News
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