CYPRUS: Vassiliko Cement Works posts EUR 10 mln profits for H1

Vassiliko Cement Works posted after tax profits of €10.1 mln for the first six months of 2019, a 13.5% jump on the €8.9 mln made during the same period last year.

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Total income for the six-month period January-June stood at €53.99 mln from €49.6 mln for the same period in 2018.

The Cypriot company, the biggest industrial unit on the island and one of a handful dividend-paying stocks, is optimistic that it will exceed last year’s income of €97.9 mln.

Of its 2018 earnings, some €8.6 mln was paid out as dividend to shareholders or 12c per share, at the same level with dividends for previous years

According to its 2018 annual financial report, Vassiliko saw its overall income drop from €102.4 mln to €97.9 mln, due to the decrease in cement exports and the rise in the cost of energy (electricity and fossil fuels), as well as the increase in the price of carbon dioxide emission allowances.

Active since 1963, Vassiliko has been producing cement products for the local industry and export from the port it built in 1983 at Vassiliko, Limassol.

The company listed on the Cyprus Stock Exchange since 1996, is dedicated to the production of cement, spending €185 mln in 2011 on installing a new state-of-the-art Clinker unit (the main raw material for cement production).

The company is also investing in technological and alternative solutions in efforts to cut down on CO2 emissions.

Vassiliko uses sewage sludge from biological purification plants and ground meat as alternative fuels.