HeidelbergCement raises profit outlook on construction activity

© Reuters. FILE PHOTO: A logo of HeidelbergCement is pictured at their headquarters in Heidelberg, Germany, June 21, 2016. REUTERS/Ralph Orlowski/File Photo

FRANKFURT (Reuters) – HeidelbergCement (DE:), the world’s second-largest cement maker, on Thursday raised its profit outlook for 2021 on the back of strong construction activity that the group expects to continue due to several pandemic-related stimulus programmes.

“The market environment in the construction sector is and remains good,” Chief Executive Dominik von Achten said. “We see continued good demand in private residential construction and infrastructure in all regions.”

The group now expects the result from current operations before depreciation and amortisation (RCOBD) to rise significantly in 2021, having previously expected a slight increase.

Even though prices for raw materials and energy have risen significantly in recent months, HeidelbergCement expects global economic stimulus programmes to continue to boost the construction sector, von Achten said.

“We are optimistic about the future.”

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