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Saint-Gobain's French construction and distribution materials group saw its net profit jump by 61.7% in the first half, thanks in particular to the positive impact of its transaction with the Swiss group Sika, in a context rebound sales in the second quarter. Revenues for the six-month period reached 20.8 billion euros, up 1.9% (+ 4.9% at constant scope and exchange rates), the group said in a statement.
Growth sales were driven by both higher volumes and price increases, reflecting the higher cost of raw materials and energy. Sales are distributed in the second quarter after a start of the year disturbed by bad weather. The level reached at the end of June is a little higher than the consensus established by Bloomberg, but the operational result and Ebitda are a little below.
»READ ALSO – Saint-Gobain signs peace with Sika
Half-year net profit amounted to 1.2 billion euros, of which 781 million related to the Sika transaction. This amount is higher than the 600 million envisaged in May during the agreement that had put an end to a long standoff between Saint-Gobain and the Swiss chemist. The French group, which wanted to take control of Sika, finally acquired 10.75% and realized a capital gain on the sale of the rest of the shares.
The current net profit (excluding exceptional items and result of Sika ) amounted to 802 million euros, up 6.8%. Saint-Gobain CEO Pierre-André de Chalendar said the results for the first half were "a good performance" in a conference call. He noted "a second quarter more dynamic than the first" and "a good increase in volumes which has accelerated." In this context, he confirmed the annual objective of an increase in operating income on a comparable basis. and anticipated a progression in the second half of the year "clearly superior" to that of the first, still in comparable data.
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