Cementos Molins announced today its financial results for the first quarter of 2024, a period highlighted by some market slowdown amplified by seasonal effects, although this development is uneven across geographic regions.
Despite this environment, Cementos Molins closed the first quarter with a net profit amounting to €52 million, a 38% higher than the same period of the previous year. This increase has been driven by the reduction of financial expenses and the higher operating results.
Cementos Molins reached revenues of €336 million, slightly lower than the first quarter of the previous year, with increases in most businesses and regions, offsetting much of the decline in activity in Argentina because of the country's economic situation.
EBITDA achieved €90 million, a 5% increase compared to the same period of previous year, highlighting the contribution of the businesses in Europe, Mexico, and North Africa. This improvement of the operational result is driven mainly by the net contribution of selling prices over costs and the positive impact of efficiency plans. Conversely, lower volumes and currency fluctuations have had an adverse impact, particularly due to the significant devaluation of the Argentinean peso in the fourth quarter of the previous year. The EBITDA Margin rose by 170 bps, reaching 26.9%.
The net financial debt continued to decline during the first quarter, reaching a net cash balance of €46 million. This financial strength is an important lever to develop new growth opportunities and to execute the investments foreseen in the 2030 Sustainability Roadmap.
“We have achieved very strong operating results during the first quarter, in line with the company’s strategic plan 2024-26, with great progress in the execution of our net zero roadmap towards decarbonization” states Julio Rodriguez, CEO of Cementos Molins. “I would like to thank the entire team of professionals at Cementos Molins for their effort, great commitment, and excellent results", Rodriguez adds.