Holcim's $ 1.1 bn buyback following exceeding expectations
ECONOMY & POLICY

Holcim's $ 1.1 bn buyback following exceeding expectations

Holcim announced that it would initiate a share buyback of 1 billion Swiss francs ($1.14 billion) by the end of the year. This decision followed the building materials giant's fourth-quarter earnings report, which exceeded forecasts.

The Swiss cement maker, which had previously disclosed its intention to spin off its rapidly expanding American business, expressed confidence after achieving a record annual operating profit. This success was attributed to efficiency improvements and price hikes.

For the fourth quarter, Holcim reported a recurring operating profit of 1.12 billion Swiss francs, slightly surpassing the anticipated 1.07 billion francs according to analysts. Sales also experienced a 2.1% increase, reaching 6.6 billion francs, in contrast to the analysts' forecast of 6.5 billion francs.

In pre-market trading in Zurich, shares witnessed a 2.6% increase.

Holcim announced that it would initiate a share buyback of 1 billion Swiss francs ($1.14 billion) by the end of the year. This decision followed the building materials giant's fourth-quarter earnings report, which exceeded forecasts. The Swiss cement maker, which had previously disclosed its intention to spin off its rapidly expanding American business, expressed confidence after achieving a record annual operating profit. This success was attributed to efficiency improvements and price hikes. For the fourth quarter, Holcim reported a recurring operating profit of 1.12 billion Swiss francs, slightly surpassing the anticipated 1.07 billion francs according to analysts. Sales also experienced a 2.1% increase, reaching 6.6 billion francs, in contrast to the analysts' forecast of 6.5 billion francs. In pre-market trading in Zurich, shares witnessed a 2.6% increase.

Next Story
Technology

We’re building robots that flow, not just move

Founded in 2021, Flo Mobility is reimagining construction automation with vision-AI robots designed for seamless movement through complex sites. In conversation with CW, Manesh Jain, Founder & CEO, discusses the company’s origin, its LiDAR-free tech stack, and expansion plans in the Middle East and US.What inspired the name Flo Mobility? Why ‘Flo’ and not ‘Flow’?When we started the company in 2021, our focus was on building autonomous navigation systems for robots. Since our work centred around robot movement, ‘mobility’ naturally became part of the name. We wanted to co..

Next Story
Real Estate

We’re committed to setting benchmarks in sustainable luxury living

From a landmark land acquisition in Boisar to ambitious launches across the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru and Pune, Birla Estates is driving future-ready growth with a strong focus on sustainability, partnerships and premium living, firmly anchored in its LifeDesigned® philosophy. K T Jithendran, Managing Director & CEO, outlines the company’s premium, sustainable growth playbook in conversation with PRATAP PADODE, Editor-in-Chief, CW. Excerpts:Birla Estates recently acquired a 70.92-acre land parcel in Boisar, Maharashtra, for..

Next Story
Infrastructure Urban

Mumbai’s land crunch and ageing homes call for structured renewal

Founded in 2022, Etonhurst Capital Partners is a real-estate fund management platform focused on the Indian market. As the firm achieves the first close of Rs 1.8 billion for its debut Rs 5 billion fund, Bamasish Paul, Co-founder, Managing Partner & CEO, discusses its sharp focus on redevelopment-driven value creation in Mumbai’s urban core with CW. Excerpts:Etonhurst Capital has achieved a significant milestone with the first close of Rs 1.8 billion for its Rs 5 billion fund. What factors contributed to this early success and how do you plan to attract further investments to r..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?