The Irish building materials group CRH announced another year of growth despite rising costs and delivery bottlenecks.
Earnings before interest, taxes, depreciation and amortization (EBITDA) were $5.35 billion (EUR 4.82 billion), up 16 percent from 2020. On a like-for-like basis, EBITDA was 11 percent higher than in 2020.
Group revenue of $31 billion (EUR 28 billion) was 12 percent above 2020, 8 percent on a like-for-like basis.
Profit after tax of $2.6 billion (up $1.4 billion) was significantly higher than 2020, driven by strong trading performance and the absence of non-cash impairments and one-time restructuring charges in the prior year.
It allowed the group to pay a 5% higher full-year dividend of $0.121 (€0.11) per share and continue its share buyback program, with $0.9 billion (€0.8 billion) in 2021 have been completed.
Full-year earnings per share rose 35% to $3.28 (€2.96).
The Group’s North America and Europe divisions both reported strong revenue and earnings growth.
Americas Materials saw overall sales increase 10 percent this year, Europe Materials overall sales increased 16 percent and the Building Products business increased 11 percent.
Americas Materials division EBITDA increased 8 percent over 2020, with Europe Materials delivering 34 percent overall EBITDA over 2020. Building Products reported a 16 percent increase in overall EBITDA compared to 2020.
“Our performance in 2021 reflects the outstanding commitment and resilience of our people and the benefits of our integrated, customer-centric business strategy,” said CRH CEO Albert Manifold.
“Despite an environment of inflationary input costs, we have expanded our margins and delivered good growth in profit, profitability and cash generation.
“This further underpins our strong and resilient balance sheet and provides us with significant opportunities for future growth and value creation.
“While the demand environment in our markets remains supportive, there are a number of challenges and uncertainties that we must continue to carefully manage as we seek to continue to create value for our shareholders in the year ahead.”
CRH expects demand and prices to remain favorable in 2022 despite inflation and supply chain challenges, with favorable economic conditions in North America thanks in part to federal infrastructure funding from President Joe Biden’s June 1 infrastructure package $.2 trillion and continued growth in Eastern and Western Europe.
https://www.independent.ie/business/irish/crh-sees-strong-growth-in-2021-despite-cost-supply-constraints-41405995.html CRH sees strong growth in 2021 despite cost and supply constraints