Gypsum industry news

US: GMS raised its sales by 3.5% year-on-year to US$1.5bn in the second quarter of the 2025 financial year. The producer noted volumes growth and ‘resilient or improved’ pricing across its product categories, with gypsum wallboard accounting for 39% of total sales. It recorded an impact of US$20m in reduced sales due to Hurricanes Helene and Milton, primarily impacting the single-family residential market. Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) fell by 11% to US$152m.

GMS said that an ‘attractive capital structure’ helped it to achieve its strategic priorities in the quarter, including expanding its market share for its core products.

South Africa: Raubex recorded sales of US$617m in the first half of the 2025 financial year, following ‘strong performances’ across all divisions. This corresponds to a 30% year-on-year rise. Operating profit also grew, by 35%, to US$47.7m.

Raubex’s gypsum, concrete and aggregates subsidiary OMV performed ‘well,’ according to the parent company. It attributed the performance to a growth in the local construction industry.

Saudi Arabia: National Gypsum Company recorded US$13.3m in sales in the first nine months of 2024, Reuters has reported. This corresponds to a year-on-year rise of 22% from US$10.9m in the corresponding period in 2023.

US: Eagle Materials grew its sales in the first half of the 2025 financial year, which began on 1 April 2024, by 0.7% year-on-year. This resulted in revenues of US$1.23bn for the six-month period. The company’s earnings before interest and taxation (EBIT) also rose, by 1.5% year-on-year to US$378m. Its gypsum wallboard segment generated revenues of US$433m, up by 1%, with 1% growth in volumes, to 140Mm².

President and CEO Michael Haack said “Eagle’s portfolio of businesses continued to perform well, despite ongoing adverse weather during the second quarter of the present financial year. We used our strong cashflow to continue advancing our long-term growth and value-creation strategies. We remain optimistic about our near-term and future opportunities and confident in our ability to execute on them. The current economic environment is constructive for our businesses. Employment is strong, recent inflation data should support a more accommodative monetary environment, spending from the Infrastructure Investment and Jobs Act is still in the beginning phases and housing supply remains chronically short because of decade-long production deficits.”

China: BNBM says that despite issues with the domestic real estate sector demand for wallboard had ‘remained relatively stable’ in the first half of 2024. It attributed this to retrofit activity, government changes to the housing market and infrastructure projects. Its operating income grew by 19% year-on-year from US$1.60bn in the first half of 2023 to US$1.91bn in the first half of 2024. Sales volumes of gypsum wallboard rose by 7% from 1092Mm² to 1168Mm². The company added that overseas sales had grown in the reporting period and its Thailand Gypsum Board project had started construction.

CNBM’s New Materials business division, comprising BNBM and other subsidiaries, saw its sales grow slightly but profit fell. However, CNBM’s group revenue and gross profit fell significantly due to the poor performance of its heavy building materials division.

Europe: Etex has reported a solid financial performance aligned with its 2024 forecasts, despite experiencing market contractions across Europe in the new build and renovation sectors. Revenue fell 4.2% year-on-year to €1.93bn, with a recurring earnings before interest, taxation, depreciation and amortisation (REBITDA) decrease of 5% year-on-year to €377m. The company’s outlook for the rest of 2024 is a careful and regular evaluation in response to the current volatile market situation.

US: GMS recorded first-quarter sales of US$1.4bn in the 2025 financial year, which began on 1 April 2024. This corresponds to a 3% year-on-year rise from first-quarter 2024 financial year levels. Group adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) dropped by 16% to US$146m. During the reporting period, GMS increased its gypsum wallboard sales by 3%, to US$588m. It reported an overall rise in sales volumes, buoyed by 4% growth in single-family residential construction, offsetting declines in multi-family residential and commercial construction. President and CEO John Turner nonetheless announced a new US$25m/yr costs reduction programme, due to on-going ‘market pressures.’

Turner said "We continued to focus on the execution of our strategic pillars and adapting to shifting end-market demand, and are managing costs more firmly across the business. We believe the market pressures we faced this quarter will likely persist over the next several quarters, at least until the expected reduction in interest rates can positively impact demand for our products.”

Saudi Arabia: National Gypsum Company’s sales rose by 19% year-on-year to US$8.76m in the first half of 2024, Arab News has reported. Nonetheless, its net profit dropped by 18% to US$450,000.

US: Eagle Materials raised its sales in the first quarter of the 2025 financial year to US$609m, up by 1% year-on-year. Its adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 5% to US$225m. The group’s Light Materials segment raised its sales by 2%, to US$248m, 41% of group sales. Its operating earnings grew by 5%, to US$103m. A rise in gypsum wallboard prices offset a 1% decline in sales volumes to 70.3Mm² of wallboard, while paperboard sales volumes rose by 10% to 91,000t. The segment also reported a drop in operating costs, including for energy.

CEO Michael Haack said “Our portfolio of businesses continued to perform well, despite adverse weather conditions during the quarter across many of our core markets. Underlying fundamentals in our markets continue to be favourable, and we expect demand for our products to remain steady for the balance of the year. In addition, despite some interest-rate sensitivity, residential construction activity remains resilient, given chronic housing-supply shortages and continued underlying demand strength. Our well-positioned balance sheet, significant cash flow generation and consistent, disciplined operational and strategic execution through shifting economic cycles position Eagle for another strong fiscal year."

Switzerland: Chemicals producer Sika reported sales of €6.08bn in the first half of 2024, up by 9% year-on-year. The company’s earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 24% to €920m. During the reporting period, the company successfully integrated Germany-based MBCC. It also acquired US-based Kwik Bond and opened new production facilities in Peru and China. The company confirmed its Strategy 2028 targets for sustainable, profitable growth.

Sika CEO Thomas Hasler said "With our good operating result in the first half of 2024, we have shown that we are in an excellent position to gain market share even in challenging markets. Furthermore, our emissions reduction targets, aiming for net-zero emissions by 2050, have been validated by the Science-Based Targets Initiative (SBTi). This important achievement underscores Sika's commitment to sustainability and its proactive role in decarbonising the construction and automotive industries."

For the full year 2024, Sika forecast 6 – 9% sales growth in local currencies and an over-proportional increase in EBITDA.