CNBM’s cement sales revenue falls in 2020
CNBM’s revenue rose by 0.5 per cent year-on-year to $38.9 billion in 2020 from $38.7 billion in 2019. Its profit for the year grew by 17 per cent to $3.30 billion from $2.81 billion. However, its cement sales revenue fell by 3 per cent to $19.5 billion from $20.0 billion and its concrete sales fell slightly to $7.80 billion. Cement-based earnings before interest, taxation, depreciation and amortisation (EBITDA) fell slightly to $5.73 billion and concrete-based EBITDA rose by 53 per cent to $794 million. Both cement and concrete sales volumes grew slightly to 340 Mt and 112 Mm3 respectively. Overall group revenue rose due to sales by the group’s new materials and engineering divisions. The share of its overseas revenue fell to 2 per cent in 2020 from 13 per cent in 2019 due to declines in most regions with the exception of the Americas and Oceania.
“2020 was an extraordinary year, faced with severe and complicated domestic and international environment, especially the serious impact from Covid-19,” said Cao Jianglin, chairman of CNBM. He added, “The foundation of economic recovery in China is not yet solid, and the task of industry transformation and upgrading is arduous.” The company plans to continue implementing supply side structural supply reforms and work towards government CO2 emission peak targets and carbon neutrality plans.