Cement News tagged: Corporate
Hume Cement doubles profits
Malaysia’s Hume Cement Industries has reported net profit of MYR61.06m (US$13.04m) in the third quarter of the current financial year, ended 31 March 2024. This has more than doubled compared to the same period a year earlier. Revenue over the same time frame advanced from MYR289m to MYR310.4m. According to the company, the increase in revenue and profit was due to lower manufacturing costs,...
Ciments de Bizerte posts 53% turnover drop in 1Q24 due to lack of petcoke
Tunisia-based Les Ciments de Bizerte saw a 52.6 per cent drop in turnover to TND12.262m (US$3.9m) in the first quarter of 2024 from TND25.858m. The drop in turnover was due to the halt in clinker production during the quarter. The company suspended clinker production in the 1Q24 due to a lack of petcoke following financial challenges that prevented the company from importing the kiln's sole...
CRH revenue up 2% YoY in 1Q24
CRH has reported total revenue of US$6.5bn in the opening quarter of 2024, ended 31 March. This marks a two per cent expansion compared to the same period a year earlier. Adjusted EBITDA over the 1Q24 came in at US$445m, up 15 per cent YoY, while the adjusted EBITDA margin advanced 80bps to 6.8 per cent. The gain in adjusted EBITDA was attributed to the continued delivery of the company’s in...
LafargeHolcim Bangladesh net profit stands BDT1.627bn in 1Q24
According to the latest quarterly report of LafargeHolcim Bangladesh Ltd ( LHBL), a frontline cement producer in Bangladesh, revenue and net profit shrank by three and 15 per cent, respectively, in the 1Q24. The prime reasons could be the increase in the cost of raw materials and the prevailing inflation in the country. In a statement, Iqbal Chowdhury, CEO, said: “The construction Industry...
Andhra Cements posts income growth QoQ
India’s Andhra Cements , part of Sagar Cements , has posted total income of INR993m (US$11.89m) in the quarter ending 31 March 2024. This is up from INR984m in the previous quarter. The net loss for the March 2024 quarter came in at INR188m, down from a loss of INR212m in the previous quarter. Basic earnings per share over the same period improved from -INR2.30 to -INR2.04. For the year ...
Menzel opens new headquarters and motor plant
Motor and drive specialist Menzel Elektromotoren has celebrated the opening of its new headquarters near Berlin with a grand inauguration party. In honour of company founder Kurt Menzel, the date was set for the 120 th anniversary of his birthday on 14 May 2024. The company required extra space and modern production facilities designed for efficient processes and larger, heavier machin...
Votorantim Cimentos improves 1Q margins
Votorantim Cimentos ended the 1Q24 with better margins due to higher sales volume and lower costs. The company’s global cement sales totalled 8.1Mt, up one per cent YoY compared to 1Q23. The company posted global net revenue of BRL5.5bn (US$1.072bn) in the 1Q24, down four per cent in local currency (excluding the effect of exchange rate variation) compared to the same period last year. Th...
CEMEX signs solar agreement for Clinchfield plant
CEMEX USA has entered into an off-site renewable energy agreement with Georgia Power for its Clinchfield cement plant as part of its ongoing decarbonisation drive. Through this long-term agreement the Clinchfield plant will secure approximately 25 per cent of its power requirements from solar facilities throughout the state beginning in 2025, reports PR Newswire. “Embracing solar powe...
FLSmidth reports 55% increase in 1Q EBITA
FLSmidth posted a 1Q24 total revenue of DKK4839m, down 19.6 per cent YoY from DKK6016m. Total order intake was down 6.8 per cent YoY to DKK5248m from DKK5632m. However, EBITA increased by 55.3 per cent to DKK365m in the 1Q24 from DKK235m. The EBITA margin stood at 7.5 per cent. Cement Cement order intake was down 22.5 per cent YoY to DKK1042m in the 1Q24 from DKK1344m in the 1Q23. Product ...
S&P upgrades CEMEX investment grade
Rating agency Standard & Poor’s (S&P) has upgraded CEMEX ’s long-term global scale issuer credit rating to Investment Grade (BBB-) due to its strong financial and operating performance, deleveraging strategy and flexible capital allocation. “Achieving an investment-grade credit rating from S&P is a very important milestone for CEMEX,” said Fernando A González, CEO of CEMEX. “While we had r...
Hail Cement sees 19% drop in 1Q net profit
Hail Cement posted 1Q24 sales of SAR73.8m (US$19.7m), up by 19.2 per cent when compared with SAR61.9m in the 1Q23. The company’s gross profit declined by 11 per cent to SAR20.1m in the 1Q24 from SAR22.6m in the year-ago period. The operational profit saw a 18.5 per cent drop to SAR13.1m from SAR16.1m over the same period. Net profit fell 18.9 per cent to SAR15m in the 1Q24 from SAR18.5m ...
Gunmen abduct Dangote workers at Okpella
Gunmen stormed Dangote Cement ’s Okpella plant in Edo State, Nigeria, on 14 May, abducting dozens of plant workers, according to Business Day. Eye witnesses say the gunmen opened fire on a convoy of plant workers. The number of workers injured is currently unknown. The attack has been confirmed by Michael Odofin, a spokesperson for Okpella Cement Plc. “I cannot give any details right no...
Saudi Cement posts SAR113.8m net profit in 1Q24
Saudi Cement Co reported a net profit of SAR113.8m (US$30.3m) in the 1Q24, representing a 8.1 per cent drop YoY from SAR123.8m but a QoQ increase of 9.6 per cent from SAR103.80m in the 4Q23. Revenue improved 4.1 per cent YoY to SAR426.5m in the 1Q24 from SAR409.6m in the 1Q23. Compared with the 4Q23, sales were up 12 per cent YoY. Earnings per share slipped to SAR0.74 at the end of March ...
Southeast Cement Corp’s disappointing 1Q24 results
Taiwan-based cement producer, Southeast Cement Corp Ltd, has reported its 1Q financial results for the period ending 31 March. The company saw a 9.3 per cent YoY increase in revenue, from TWD528.05m (US$16.29m) in 1Q23 to TWD576.89 in 1Q24. Pretax profit also rose by an impressive 178 per cent during this period, from TWD19.51m to TWD54.24m. Despite these positive trends in revenue and ...
Yanbu Cement posts 14% increase in net profit
Yanbu Cement Co reported a 14.3 per cent YoY increase in net profit to SAR58.31m (US$15.5m) in the 1Q24 from SAR51.01m in the 1Q23. The company attributed the rise in profit to an increase in both volume and value of sales in addition to other revenues, according to a bourse filing. Sales edged up by 4.5 per cent YoY to SAR234.17m in the 1Q24 from SAR224.01m. Earnings per share increased...
JK Cement sees revenue rise in March quarter
India-based JK Cement has reported total income of INR29,820.3m (US$357m) in the quarter ended 31 March 2024, compared to INR27,006.7m in the same quarter a year earlier. Profit after tax over the same period advanced from INR1393.6m to INR2359.5m, while basic earnings per share improved from INR18.04 to INR30.54. Total expenses increased from INR25,102.8m in the three months ended 31 Mar...