Sermed Esendemir / CAO
Limak Cement Group
As Limak Cement Group, 2024 has been a year in which we achieved many significant successes under our strategies of institutionalization, innovation, and sustainable growth. We would like to share with you some key milestones from this period.
Initial Public Offering (IPO)
One of the most important stages of our institutionalization goal was the initial public offering of Limak Doğu Anadolu Çimento Sanayi ve Ticaret A.Ş., a subsidiary of Limak Cement, to be listed on Borsa İstanbul. We successfully completed the IPO process with a record demand of 4.4 times and a size of 2.53 billion TRY, starting to trade on Borsa Istanbul Stars Market under the “LMKDC” code.
Foreign Bond Issuance
As one of the leading companies in the Turkish cement sector, Limak Cement carried out a foreign bond (Eurobond) issuance worth 625 million USD to expand its financial strategy and increase its presence in the markets where it operates. This step is crucial for enhancing the presence of Turkish companies in international markets and strengthening competition in the industry. Furthermore, Limak Cement became the first Turkish company in the CEEMEA region to issue bonds in international markets. During this process, we reinforced our credibility with international investors by receiving a B2 long-term credit rating from Moody’s and a B+ rating from Fitch Ratings.
Triple Transition Project (TTP)
Changing the corporate culture of a company is both a challenging process and a necessity to meet the needs of the new world. With our Triple Transition Project, we restructured our departments to overcome the challenges brought by this transformation and created new horizontal departments and sub-brands that operate based on data and knowledge, alongside vertically structured departments that rely on operational assets, knowledge, and experience.
• Limak Cement Central Technical Organization (LCTO): Our R&D and Innovation Center.
• Limak Cement Center of Excellence (LCoEDX): Our Excellence Center, the first of its kind in the global cement industry.
• Limak Cement Center of Sustainability and Climate Change (LCSC): Our Sustainability and Climate Change Center that guides climate policies.
• Limak Cement Global Academy (LCGA).
The main goal of the Triple Transition Project is to address Environmental, Social, and Governance (ESG) requirements holistically and integrate these requirements into the corporate culture of our company.
Limak Cement became the first Turkish company in the CEEMEA region to issue bonds in international markets.
Hydrogen-Fueled Cement Production: A First in Türkiye
In 2024, we achieved a first in the Turkish cement sector by completing tests for hydrogen-fueled cement production. In line with our vision of transitioning to zero-carbon production, we implemented a significant project at our Limak Anka Cement plant in collaboration with our strategic partners to develop the green hydrogen ecosystem. This project aims to contribute to our green transformation with hydrogen-blended fuel feeding, marking a major step in energy. The success of this project will not only be a milestone for Limak Cement but also for the Turkish cement sector in adapting to a green future.
Construction Waste (CW): Circular Economy and Sustainability
In 2024, we launched a project that uses construction waste (CW) as raw material in cement production, marking a first in Türkiye. This project, conducted under the principles of a circular economy, is important in reducing carbon emissions and transforming waste into a valuable resource while conserving natural resources. By integrating construction waste arising from urban transformation and post-disaster recovery into our production processes, we offer an innovative solution to environmental problems and enhance resource efficiency. We see this innovative step as a responsibility to create a sustainable living space for future generations.
Financial and Operational Success
Looking at the first 9 months of 2024, we surpassed our targets in terms of revenue, operational profit, and EBITDA, closing the year successfully. Our focus on sustainability and innovative projects has allowed us to increase operational efficiency while minimizing our environmental impact.
Sustainability
2024 was a year in which we earned recognition not only in financial and operational fields but also in corporate culture, employee satisfaction, and sustainability.
• First Independent Sustainability Report
Since 2013, we have regularly contributed to the consolidated Sustainability Reports published under Limak Holding. However, in 2024, we took an important step in our sustainability journey by publishing our first independent Limak Cement 2023 Sustainability Report.
• Great Place to Work Certification
Since 2021, accredited organizations have regularly conducted employee satisfaction surveys. Thanks to the dedicated work of our HR department, the satisfaction rate increased from 64% in 2021 to 78% in 2024, earning us the “Great Place to Work” certification.
• Significant Increase in Female Employment
From 2022 to 2024, the number of female managers increased by 82%, the number of female engineers by 140%, and the proportion of female employees by 59%. As a significant outcome, we established the Limak Cement Women’s Volleyball Team, which began competing in the VOLCUP 2024-2025 season.
• Stevie® Great Employers Awards
Our Limak Cement Global Academy sub-brand won the Gold Stevie® Award in the 2024 Stevie® Great Employers Awards for its “Sustainability Learning Journey” project, which provided digital training.
From 2022 to 2024, the number of female managers increased by 82%, the number of female engineers by 140%, and the proportion of female employees by 59%.
•First Participation in the EU Emissions Trading System (EUA) Market In 2024, we became the first Turkish cement participant to join the EU allocation market (EUA) in collaboration with Vertis Environmental Finance Ltd.
• Most Environmentally Friendly Company National Excellence Award
Limak Africa was awarded second place in the “Most Environmentally Friendly Company National Excellence Award” by the Ministry of Environment, Sustainable Development, and Ecological Transition of Ivory Coast.
All of these projects, focused on innovation and transformation, illuminate our goals for 2025. Limak Cement Group takes firm steps towards becoming the leading power of the Turkish cement sector in innovation and sustainability with its achievements in 2024 and breakthroughs on a global scale.In 2025 and beyond, we aim to continue our focus on renewable energy, alternative fuels, digital transformation, and corporate governance to achieve sustainable growth both domestically and internationally.
