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News Displaying items by tag: inflation

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Saint-Gobain’s like-for-like sales remain stable so far in 2023

27 October 2023

France: Saint-Gobain says that its like-for-like sales were stable year-on-year during the first nine months of 2023. In real terms its sales were Euro36.5bn during the first nine months of 2023, down by 4.9% year-on-year from the corresponding period in 2022. The group partly attributed this to comparison effects from its previous divestment of assets, including its distribution division, and negative currency exchange effects. Across its businesses, Saint-Gobain’s volumes dropped by 5.9%. Geographically, a ‘resilient’ renovation market offset a slowdown in new construction projects to raise sales in Southern Europe, Middle East and Africa by 1% year-on-year, but failed to do so in Northern Europe, where sales dropped by 5%. Sales fell by 5.5% in Latin America, as Brazil experienced the impacts of macroeconomic difficulties, but rose by 5% in North America. Across the Asia-Pacific region, organic sales growth was 5.1%.

Saint-Gobain said “In a difficult macroeconomic environment, the group continued to outperform its markets thanks to the pertinence of its strategic positioning at the heart of energy and decarbonisation challenges and to the strength of its local organisation by country, which enables it to offer comprehensive solutions to its customers.” It added “The group continues to focus on developing sustainable and innovative solutions with a positive impact, supported by strong innovation and investments for growth.”

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Etex raises prices to cover costs in first half of 2022

05 September 2022

Belgium: Etex’s revenue rose by 16% year-on-year to Euro1.79bn in the first half of 2022 from Euro1.46bn in the same period in 2021 on a like-for-like basis. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 20% to Euro319m from Euro266m.

Bernard Delvaux, the chief executive officer of Etex said, “In the first half of 2022, like many other industrial players, Etex had to cope with significant raw material and energy price inflation in the context of post-Covid-19 disruptions, volatility and the war between Russia and Ukraine. To face this situation, we had to implement a number of price increases. Our volumes and margins have been impacted, but these measures allowed us to achieve a positive evolution of both top line and bottom line.”

The company’s Building Performance division reported slightly lower gypsum wallboard sales volumes despite delivering a 16% increase in revenue to Euro1.23bn. The group also created an Insulation division in May 2022 following the completion of its acquisition of URSA.

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Saint-Gobain prepares for energy shocks in Europe

29 April 2022

France: Saint-Gobain says that it is confident it can offset inflation in raw material and energy costs in 2022 through price rises and hedging its energy costs. In an update on its first quarter results the group said that it expects its energy and raw material costs to increase by around Euro2.5bn in 2022 as a whole compared to 2021. Much of this inflation is related to the European market where the company says it has hedged around 80% of its natural gas and electricity purchases for 2022. It noted that it increased its prices and sales volumes by 14.5% and 1.9% year-on-year respectively in the first quarter of 2022.

The company added it had prepared contingency plans in Germany, Poland and the Czech Republic should there be any disruptions to natural gas supplies from Russia. These include the classification of priority industries, using alternative energy sources already prepared at certain sites, and increasing the flexibility of its production capacities.

Saint-Gobain’s sales rose by 16% year-on-year to Euro10.4bn in the first quarter of 2022 from Euro12bn in the same period in 2021. The group said growth was driven by building renovation in Europe and by construction in the Americas and in Asia.

Published in Global Gypsum News
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