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West China Cement (2233) investor relations material
West China Cement H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue rose 46.4% year-over-year to RMB5,418.3 million for H1 2025, driven by strong overseas growth and improved supply discipline in China.
Net profit surged 93.4% to RMB748.3 million, with basic EPS up 93% to 13.7 cents.
Overseas operations contributed 43% of revenue and 58% of gross profit, validating the international expansion strategy.
Major asset restructuring included the acquisition of the CILU plant in DRC and the sale of Xinjiang assets, focusing on high-growth overseas markets.
Cement and clinker sales volume increased 23.7% year-over-year to 10.82 million tons.
Financial highlights
Gross profit rose 67.2% to RMB1,627.0 million; gross margin improved to 30.0% from 26.3% year-over-year.
EBITDA reached RMB1,846.7 million, up 43.8% year-over-year; EBITDA margin was 34.1%.
Net gearing increased to 69.0% (from 65.3% at YE24); net debt/EBITDA improved to 2.7x (from 3.4x).
Net assets per share: 262 cents (up 3.6% YoY).
Cash and equivalents at period end: RMB1.8bn; unused banking facilities of RMB2,031.0 million.
Outlook and guidance
Focus on liability management and repaying part of US$600m senior notes due July 2026, using Xinjiang disposal proceeds.
Overseas expansion to continue, with new capacity in Uganda and Mozambique and completion of DRC CILU acquisition expected in 2025-2026.
African GDP growth and infrastructure demand expected to support further volume and revenue growth.
Expect continued supply-side discipline and stable demand from infrastructure projects in Shaanxi to support profitability.
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