Profit after tax this year fell by 85 percent in the first three quarters compared to the same period last year, from 312.5 to 46.1 million euros, the world’s largest brick manufacturer announced on Tuesday. Turnover was relatively stable at 3.39 billion euros, after 3.29 billion euros a year ago.
“The recovery in the new housing markets expected for 2024 has not occurred,” the company explains. This is mainly due to slower interest rate cuts and the limited impact of government countermeasures in countries such as Austria, Germany, Belgium, France and North America.
According to the information, demand remained subdued in the third quarter of 2024 due to the influence of political uncertainty and extreme weather conditions. Eastern Europe and Great Britain/Ireland in turn showed positive housing demand, which “partially offset” volume declines in Western Europe and the US.
- Wienerberger has significantly lowered its full-year 2024 outlook. Operating EBITDA (earnings before interest, taxes, depreciation and amortization adjusted for the effects of the sale of non-operating assets and structural adjustments) is expected to be between 750 and 770 million euros. In mid-August, management still expected 800 to 820 million euros. In 2023, 810.8 million euros were realized.
- In the first three quarters of 2024, operational EBITDA decreased from 665.1 to 601.9 million euros compared to the same period last year; EBITDA fell from 655 to 536.7 million euros.
- Earnings before interest and taxes (EBIT) halved from 443 to 217.6 million euros.
- According to Wienerberger, the infrastructure and renovation business units showed solid development.
- The number of employees increased slightly from an average of 19,087 to 20,461 employees.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
