Cementir Holding reported that its 2014 earnings before interest, tax, depreciation and amortisation (EBITDA) would exceed Euro180 mn after posting annual growth of 26.4 per cent in the first half of 2014.
Cementir reported EBITDA of Euro78.4 mn in the first half of 2014, up from Euro62 mn in the same period of 2013. Revenues were slightly up reaching Euro473 mn from Euro472 mn. The currency depreciations to the euro had helped Cementir to cut its operating costs by Euro29.3 mn from the end of June 2013 to Euro386 mn at the end of June 2014. Cementir?s net financial debt went up by Euro30 mn from December 2013 to Euro355 mn at 30 June 2014, as a result of plant maintenance, dividend distribution and changes in working capital. Looking ahead, Cementir expects better sales in Scandinavia, Turkey and the Far East to continue. Markets in Egypt seem to be unpredictable due to the political unrest.