• HeidelbergCement to tap recovering western markets to increase sales

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    FRANKFURT: HeidelbergCement, a leading producer of building materials, said Wednesday it expects sales and earnings to grow this year as it benefits from the emerging recovery in key markets.

    “The management board has set the goal of further increasing revenue, operating income and profit for the financial year in 2014 on a comparable basis,” Heidelberg Cement said in a statement.

    “In 2014, we will benefit from the economic development in the industrial countries, particularly in North America, the United Kingdom, Germany, and northern Europe,” said chief executive Bernd Scheifele.

    Those countries generated nearly half of the group’s revenues.

    “Furthermore, we are improving our market position in growth markets with the commissioning of modern production facilities. In view of these factors . . . we consider ourselves well-equipped to benefit over-proportionally from the accelerating economic growth,” Scheifele said.

    Last year, HeidelbergCement posted its “best results since the financial crisis,” the CEO said.

    Net profit jumped 79 percent to 945 million euros ($1.3 billion) and underlying or operating profit was unchanged at 1.607 billion euros, while sales slipped by 0.6 percent to 13.936 billion euros.

    AFP

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