Saint-Gobain FY Profit Climbs


French building materials firm Saint-Gobain (CODGF.PK) reported that its net attributable income for fiscal year 2021 climbed to 2.52 billion euros from 456 million euros in the prior year. On a per share basis, net income was 4.79 euros compared to 0.85 euros in the previous year.

In 2021, the Group benefited from a structurally improved post-pandemic volume dynamic, supported by market share gains, leveraging its comprehensive range of solutions developed within the scope of a multi-local organization, with strongly empowered local management as close to customers as possible; good trends in sales prices, generating a positive raw material and energy price-cost spread of 60 million euros.

Recurring earnings per share grew to 5.35 euros from 2.74 euros last year.

Operating income was 4.51 billion euros, a rise of 58% on a reported basis versus 2020. Operating income was up by 60% on a like-for-like basis.

Annual sales were 44.16 billion euros, with a negative currency effect of 0.4% over the year, but a positive effect of 1.7% in the second half, due mainly to the appreciation of the British pound, Nordic krona and the US dollar in the fourth quarter alone. The annual sales represented an increase of 15.8% from prior year.

Like-for-like sales were up 18.4% on 2020, with the increase accelerating to 15.9% in the second half versus second-half 2019.

In 2022, the Group expects to return over 1.2 billion euros in total to shareholders.

Saint-Gobain said its board decided to recommend to the Shareholders’ Meeting on June 2, 2022 a cash dividend up 23% to 1.63 euros per share. The dividend will be paid on June 8, 2022.

The Group will allocate at least 400 million euros for share buybacks in 2022 (net of offsetting employee share creation) in line with the objectives announced on presenting its “Grow & Impact” plan on October 6, 2021.

The Group will recommend to the annual general meeting of June 2, 2022 to increase the maximum purchase price for its own shares, from 80 euros per share to 100 euros per share.

Saint-Gobain targets a further increase in operating income in 2022 compared to 2021 at constant exchange rates.

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