And big and scale matters in CRH, if you use it and position our business well. So I don’t believe anybody is better positioned to CRH to capitalize on this position in the United States going forward for the next number of years.
Operator: Our next question comes from the line of Gregor Kuglitsch with UBS.
Gregor Kuglitsch: A few questions, please. So firstly, on sort of capital returns. So obviously, doing your buyback, the $3 billion kind of nearly done, but if you kind of care to take us through what you’re thinking for next year? And maybe related to that, I think the dividend, just to clarify, I think the rephasing implies that you maybe pay $400 million, $500 million more than you would normally do, just sort of as a one-off. Is that fair? And then secondly, on M&A. So can you just summarize for us with all the deals you’ve done this year, I guess, with the one you’ve announced today, what you expect sort of incremental contribution to be next year to earnings, please?
Jim Mintern: Maybe first on share buyback. As you know, that all our capital allocation decisions that we take in CRH are assessed to that lens and trying to maximize and ensuring or maximizing shareholder value, and buybacks are a flexible and efficient allocation of that cash. We announced in March earlier this year that we were stepping up the buyback. You’re right at $3 billion over the next 12 months, that runs to March 2024, and indeed, the current phase of the buyback, which is a $1 billion tranche will end no later than 20th of December. And in fact, that will bring the total buybacks in the calendar year also to $3 billion. In fact, since we started the buyback program in 2018, we’ll have returned by the end of the year a little under $7 billion, which is almost 19% of the capital when we started the program.
We will be updating when we finish the current tranche at the 20th of December, we’ll give a bit of guidance then as we look into 2024 at that stage. Maybe on the dividend next, we are advancing, I suppose, in anticipation of moving to quarterly reporting next year. We will, in 2024, also we move into quarterly dividends, right, which is more the norm at the US listing. And in light of that, we’re going to advance the final dividend this year as a second interim dividend, that’s going to be the record date will be mid-December. And in fact, that will be paid in mid-January 2024. So that will bring the total dividend to a 5% increase or $1.33 per share. And in fact, when you take it together with the share buyback, that’s $4 billion in cash returned to shareholders in 2023, which is about 10% of our market cap today.
It’s not actually a one-off increase. So that obviously, we’re bringing forward the final dividend next year and there’ll be four quarterlies paid — declared next year. The final quarter of next year will be paid in early ’25. Just in terms of the scope impact on the acquisitions. We have announced, we’ve done 16 bolt-on deals so far this year at an average multiple of about 8 times, and the total consideration of about $700 million. So that approximates about $19 million incremental EBITDA for a full year. The impact this year was about $25 million. So looking into 2024, the incremental benefit in ’24 from the bolt-on deals is going to be around $65 million. Just on the Texas deal, which Albert just referred to, the pro forma EBITDA this year is about $170 million.
It will require some time to close that transaction. And assuming that we close it towards the end of Q1, that will give you a nine month contribution next year of approximately about $125 million EBITDA. So the total contributions incremental in ’24 from the bolt-ons and the Texas deal would be approximately $190 million incremental in 2024.
Operator: Our next question comes from the line of Anthony Pettinari with Citigroup.
Anthony Pettinari: You gave some helpful commentary on 2024. And I’m just wondering, in Americas Materials, with positives from public spending, but also some questions around residential. Is your expectation that you can grow aggregates volumes in 2024 in Americas Materials? And then maybe a similar question. When you look at your operating rates in cement in Americas, is there room for organic growth in ’24, is that your expectation, are you kind of functionally sold out? Just wondering if you could talk about maybe volume expectations for ’24 in Americas?
Jim Mintern: I’ll take those as well. If you look at 2024, maybe from the US perspective and looking at the end use markets, on the Infra side, we sold in ’23, that continuous kind of trending upwards ramp up on the IIJA funding coming through. And we see that continuing, particularly into the back half of 2024. And we see that actually in our backlogs exiting this year, good momentum into 2024. So good, strong, robust funding at both the federal and the state level on the infra side. On the non-res side, we continue to benefit, particularly on the kind of heavy materials side, which is [covered] from the onshoring and reshoring projects and particularly with our own footprint from that perspective, and that we see continuing as well holding up in ’24.
