Holcim turnover up 6.5% in Morocco

The Moroccan subsidiary of Swiss cement giant 680 Holcim increased its turnover by 6.5% in 2014 to €303.93 million (MAD 3.3 billion), compared to 2013. Consolidated operating income grew by 14.6% to €86.27 million (MAD 946.3 million), while consolidated net income was up 60% to €55.07 million (MAD 604.1 million). The increase in sales is being attributed by the Moroccan subsidiary to a 3% increase in cement prices in the second half of 2014, as well as an increase in clinker exports, with sales up to €28.8 million (MAD 316 million) compared to €5.28 million (MAD 58 million) in 2013.

Of the firm’s 2015 prospects, the cement market is forecasted to fall by 2% in 2015. Holcim’s Moroccan subsidiary said it is set to pay off its seven-year bond of €136.75 million (MAD 1.5 billion) using lines of credit from banks. The firm added that it will remain in competition with 725 Lafarge until the two firms are formally merged, which is set to take place in July 2015.