25th Aug 2022 08:51
(Alliance News) - CRH PLC on Thursday upped its dividend and reported a jump in interim profit, due to robust demand and progress in Europe and North America.
CRH shares were trading 4.8% higher at 3,282.50 pence each in London on Thursday morning, making it the best FTSE 100 performer.
For the first half of 2022, the Dublin-based building materials company posted a pretax profit of USD1.20 billion, up 29% compared to USD929 million a year before.
The company reported earnings before interest, tax, depreciation and amortisation of USD2.2 billion, reflecting a 21% increase from USD1.8 billion.
This was on revenue growth of 14% to USD15.0 billion from USD13.17 billion.
The FTSE 100 constituent attributed its performance to good underlying demand and "commercial progress" in North America and Europe. CRH also implemented price increases to address the inflationary cost environment.
The company declared an interim dividend of 24.0 US cents per share, up 4.3% year-on-year from 23.0 cents.
Assuming normal weather patterns for the remainder of the year, CRH expects annual Ebitda to be in the region of USD5.5 billion, up 10% from USD5.0 billion in 2021.
"Looking ahead, despite some continued cost headwinds, the strength of our balance sheet and resilience of our business leaves us well positioned to deliver superior value for all our stakeholders," Chief Executive Albert Manifold said.
By Abby Amoakuh; [email protected]
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