CRH announces withdrawal from Russian market

CRH said it will cease operating what it described as"infinitesimally small" Russian operations and has temporarily shut its much larger plants in Ukraine.

The company also operates a number of ready mixed concrete plants through LujaBetomix, its joint venture with another large Finnish concrete producer, LujaBetoni.Albert Manifold, the company's CEO, said the company's investment in concrete panel and readymixed plants in Saint Petersburg would barely stretch to €1.5-2ms and a withdrawal from the Russian market was on its radar anyway.

It reported revenues of $31 billion, up 12% on 2020, while its profits before tax rose to $3.342 billion from $1.664 billion the previous year. For its Europe Materials division, CRH said good volume growth and pricing progress against a prior year comparative which was heavily impacted by pandemic restrictions resulted in total and like-for-like sales 16% and 11% ahead respectively.

Meanwhile, its Building Products division saw sales growth of 11% with like-for-like sales up 5% due to strong demand for residential construction and a moderate recovery in the non-residential sector. "While the demand backdrop remains favourable across our markets, there are a number of challenges and uncertainties which we must continue to manage carefully as we look to deliver further value for our shareholders in the year ahead," he added.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

CRH decides to quit Russian marketBuilding materials giant to exit joint venture in St Petersburg owned by CRH Finnish unit
Source: IrishTimesBiz - 🏆 6. / 77 Read more »

Building materials group CRH to exit Russian marketIrish building materials group, CRH, is to end its operations in Russia, as Vladimir Putin's assault on Ukraine continues to escalate.
Source: RTEbusiness - 🏆 16. / 61 Read more »

CRH earnings reach record $5.4bn as Russian exit in focusNews overshadowed by decision to exit the Russian market via IrishTimesBiz IrishTimes I hope that CRH will take a view to maintain Ukrainian business, even on a low return, to assist in the rebuilding eventually of UKR economy and infrastructure as it's humanitarian contribution.
Source: IrishTimesBiz - 🏆 6. / 77 Read more »

CRH decides to quit Russian marketBuilding materials giant to exit joint venture in St Petersburg owned by CRH Finnish unit
Source: IrishTimesBiz - 🏆 6. / 77 Read more »

Building materials group CRH to exit Russian marketIrish building materials group, CRH, is to end its operations in Russia, as Vladimir Putin's assault on Ukraine continues to escalate.
Source: RTEbusiness - 🏆 16. / 61 Read more »