Cement News tagged: Corporate
Thatta Cement appoints directors and appproves WHR project at AGM
At Thatta Cement Co Ltd's (TCCL) annual general meeting the company elected seven directors for a three-year term commencing from 16 October 2018. The appointments include Khawaja Mohammad Salman Younis, Muhammad Taha Hamdani, Agha Sher Shah, Shahid Aziz Siddiqui, Naheed Memon, Saleem Zamindar and Shahzad Sabir. The company has also approved the time period for providing a PKR300m (US$2.25...
Cherat Cement posts FY1Q profit fall
Cherat Cement Company Ltd (CCCL) has announced its financial results for the period ending 30 September 2018. The company reported a net profit of PKR431m (US$3.23m) in 1QFY 18-19, down by 28.87 per cent YoY. According to the company's notification to the Pakistan Stock Exchange (PSX), CCCL’s net revenue shrank to PKR3.34bn from PKR3.89bn during this period. Company sales during the quarter ...
Cemex Spain to close Gádor plant
Cemex Spain has announced the closure of its Gádor cement plant, which has been in operation since 1977. The closure of the cement works, announced via an employment regulation fire (ERE) to the works committees at the plant, will see the employment of 100 permanent and 200 temporary workers. The step follows the earlier statement that the company will also end operations at the Lloseta fa...
Yamama Cement posts 3Q18 loss
Yamama Cement Co reported a drop in revenues in the first nine months of the year to SAR107.7m (US$28.7m) from SAR164.2m in 3Q17. The fall in sales was attributed to the steep price decline in the Saudi market. The 3Q results also showed a SAR46.4m net loss after zakat and tax. In 3Q17 the company reported a SAR29.2m net profit, according to Reuters.
UAE to construct MSW plant for alternative fuel production
The UAE will soon start construction and operation of a municipal solid waste treatment (MSW) plant and alternative fuel production plant in the northern emirate of Umm Al Qaiwain. The initiative by the UAE Ministry of Climate Change and Environment has signed an agreement for the project with NV Besix, TG Eco Holding and UK-based Green Revenires. The 40ha plant will come up in Al Madfaq area...
Aumund appoints new managing director
Dr Ing Pietro de Michieli has been appointed Aumund Fördertechnik GmbH's ew Managing Director, to focus on equipment sales, spare parts, after sales service and PREMAS ® 4.0, at the Aumund headquarters in Rheinberg, Germany. Before joining Aumund, Pietro de Michieli was managing director of OMG MGM Cranes (Bedeschi Group) and chief operating officer of Bedeschi SpA. Earlier in his career he...
Bronx terminal brings environmental benefits
McInnis Cement has opened its Bronx terminal at the South Bronx waterfront, New York, USA. The terminal is approximately 100,000ft 2 with a warehouse for storing 44,000Mt of cement. Large ocean-going vessels will deliver cement from the company's plant in Port-Daniel-Gascons, Quebec, to the Bronx about once per month. The environmental benefits of the project will include a decrease in traff...
Katari Municipality slaps ban on limestone excavation and transport
Saurya and Cosmos Cement Industries have come under a ban to quarry and transport limestone in the Katari Municipality. K atari Municipality Mayor Gyanendra Shrestha said that his office had prevented the two cement companies from transporting limestone for the time being as they had ignored repeated requests to come under the local level tax net. "Industrialists have not even paid vehicle ...
Attock Cement revenue increases in 1QFY19
Attock Cement Pakistan Ltd (ACPL) has announced its 1QFY19 results. It reported a net profit after tax of PKR423m (US$3.2m), down 30 per cent YoY despite an increase in revenue from PKR3.59bn to PKR5.83bn during this period. Analyst believes another reason for the profit fall was a rise in coal prices during this period. The company incurred a higher distribution cost of PKR626m and administ...
Expansion project of Maple Leaf Cement on the track
Maple Leaf Cement Factory Ltd has updated the Pakistan Stock Exchange about progress on it expansion project. According to Company Secretary, Muhammad Ashraf, the company is undertaking an additional dry-process clinker line of 7300tpd. The brownfield expansion at the existing Iskandarbad plant raises grey cement capacity at the plant to 18,000tpd. Total project cost is estimated at PKR26bn...
Unacem buys Cementos Portland for US$28m
Peru-based Unacem has acquired Cementos Portland for US$28m from Cementos Bío Bío and Votorantim. Unacem, which operates 8.3Mta of production capacity at two plants at Atocongo and Condorcocha, informed the Superintendency of the Stock Market (SMV) that on 10 October, it had carried out "a transfer of 100 per cent of the shares representing the capital stock of Cementos Portland for the tot...
Raysut Cement 9M profit falls
Raysut Cement Co reported revenues in the first nine months of 2018 were OMR64m (US$166.5m), representing a17 per cent increase when compared with OMR54.7m in 9M17. However, the company noted a significant drop in profit to OMR2m vs OMR6.7M in 9M17.
Lafarge suffers loss on high tax payment
Lafarge Cement Zimbabwe reported a loss of ZWD1174m (US$4.9m) for 1H18 due to a significant tax settlement. In 2017, the company disclosed a contingent liability of ZWD7.9m relating to a tax assessment for the 2009-13 period. Last June the matter was heard in the courts but the judgment is yet to be handed down. Income tax payments rose ZWD2.7m from ZWD26,260 during the period under review....
Egypt's National Cement Co to be liquidated
The Egyptian government has decided to liquidate National Cement Co due to continued financial losses and debt accumulation, according to Ahramonline. Total accumulated financial obligations had reached over EGP4bn (US$223m), including EGP3.3bn owed to Egyptian Natural Gas Holding Co and EGP600m to the Egyptian Electricity Co. Established in 1956, the company was the only public sector c...
Emami Cement files IPO prospectus
Emami Cement has filed a prospectus with market regulator Sebi to raise up to INR10bn through an IPO, according to a document on issue manager manager Axis Capital’s website. "The Initial Public Offering of equity shares of face value INR10 each of Emami Cement Ltd for cash. The offer comprises of a fresh issue of equity shares aggregating up to INR500cr and an offer for sale (OFS) of equity ...
IMIDRO chairman resigns
Mehdi Karbasian, the chairman of the Iran Mines and Mining Industries Development and Renovation Organisation (IMIDRO), has resigned. Fars news agency reported that Kabasian resigned his post after new legislation on retired employees was ratified by the country. Ardeshir Sa'ad Mohammadi, deputy of IMIDRO, becomes the temporary new chairman of the organisation. IMIDRO operates eight major c...