3rd Mar 2022 11:13
(Alliance News) - CRH PLC on Thursday said profit more than doubled in 2021 with underlying demand and the pricing backdrop set "to remain favourable" in 2022.
CRH shares were down 0.8% to 3,294.00 pence each in London on Thursday.
The Dublin-based building materials firm registered pretax profit of USD3.34 billion, up from USD1.66 billion in 2020, as revenue rose by 12% to USD30.98 billion from USD27.59 billion.
"Despite an inflationary input cost environment, we expanded our margins and delivered good growth in profits, returns and cash generation. This further underpins our strong and flexible balance sheet, providing us with significant opportunities for future growth and value creation," Chief Executive Albert Manifold said.
CRH's earnings before interest, tax, depreciation and amortisation margin improved by 50 base points to 17.3%.
CRH declared a final dividend of 98 US cents per share, bringing the total payout for the year to 121 cents, up 5.2% from 115 cents in 2020.
Looking ahead, CRH said: "We expect the underlying demand and pricing backdrop to remain favourable in 2022 albeit against an inflationary input cost environment and continued supply chain challenges.
"Our Americas Materials Division benefits from continuing favourable economic conditions and strong market positions. Federal funding for infrastructure is underpinned by the passing of the USD1.2 trillion infrastructure package by the US Congress, while the residential market is expected to continue to grow driven by robust demand. The backdrop in Europe is expected to be positive with continued growth in our key markets."
By Greg Roxburgh; [email protected]
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