Oyak Cimento Grubu posts €112.6million net profit

Turkish cement producer Oyak Cimento Grubu increased its turnover by 24% in the first half of 2014 up to TRY 745 million (€259.98 million/US$348.49 million).

EBITDA soared by 57% up to TRY 255 million while net profit jumped by 115% up to TRY 220 million.

Turkish cement producer Oyak Cimento Grubu's turnover in the first nine months of 2014 increased by 18% to TRY 1.10 billion (€396.77 million/US$500.31 million) while its net profit was up by 84% to TRY 335.6 million.

The group is expecting the sector to have a growth of 5% in 2015. This growth is due to infrastructure and urban renewal projects and the company is expecting the sector to grow by 6% in 2014.

The Oyak Group, which has various cement interests Turkey, is looking into acquisition opportunities in the cement sector.

It is focusing on Europe (specifically the UK) and Africa, according to its cement group chairman Celalettin Caglar.

Caglar said that the group was also interested in acquisition opportunities that could arise from the merger of Holcim of Switzerland and France's Lafarge.

Lafarge has said two-thirds of divestments as a result of the deal with Holcim are expected to affect Weste