CRH PLC CRH, +10.02% on Thursday reported that its pretax profit rose in 2022, reflecting strategic decisions and commercial progress, and declared it will buyback up to $ 3 billion worth of shares and pursue a U.S. listing.
The Irish building-materials supplier made a pretax profit of $ 3.47 billion in 2022, up from a restated $ 3.10 billion in 2021, while revenue rose to $ 32.72 billion, from a restated $ 29.21 billion. It said this reflects its integrated solutions strategy, along with resilient demand and commercial progress in North America and Europe.
Earnings before interest, taxes, depreciation and amortization rose to $ 5.62 billion, from $ 4.99 billion. Back in November, CRH had forecast full-year Ebitda in excess of $ 5.5 billion.
The company said it plans to pursue a primary listing in the U.S., as it represents around 75% of Ebitda and would bring increased commercial, operational and acquisition opportunities. It will not otherwise affect the main business, which will remain headquartered in Ireland.
The group declared a final dividend of 103 cents a share, bringing the full-year distribution to 127 cents up from 121 cents a year earlier. It also said it intends to buyback up to $ 3 billion of shares over the next year.
CRH said it expects resilient demand and increased pricing in 2023 despite macroeconomic uncertainties and ongoing cost inflation.
Write to Joe Hoppe at joseph.hoppe@wsj.com