Cement News tagged: Corporate

Linus Gitahi is appointed Chair of ARM Cement Board

17 August 2018, Published under Cement News

Linus Gitahi, former Nation Media Chief Executive, has been appointed the Chair of the ARM Cement Board following Wilfred Murungi's retirement. Deputy Managing Director Surendra Bhatia has also retired from the position effective immediately with Thierry Metro appointed as a non-executive, non-independent director. "The Board of Directors take this opportunity to extend its gratitude to the o...

Former ARM CEO to remain as board member

17 August 2018, Published under Cement News

Pradeep Paunrana, chief executive of ARM Cement PLC (Kenya), said on Thursday he planned to quit his post as part of a changes at the Kenyan cement maker, but now states he will stay on as a board member. "As founder shareholder and entrepreneur, I will be an active Board member and support the incoming CEO and the management team in strengthening stakeholder relationships with suppliers, cu...

Cementarnica Usje's net profit falls 13% in 1H18

17 August 2018, Published under Cement News

The consolidated net profit of Macedonian building materials producer Cementarnica Usje, part of the Titan Cement group, fell by 13 per cent YoY to MKD432.5m (US$8m) in the first half of 2018, the company said on Thursday. Cementarnica Usje's operating revenue fell nine per cent YoY to MKD1.96bn in the first six months of the year, according to data from its interim financial statement. The ...

Attock Cement achieves PKR4.40bn net profit in FY18

16 August 2018, Published under Cement News

The Attock Cement company has announced its FY18 annual financial results, which shows its profit after tax at PKR4.40bn (US$35.8m) as compared to PKR3.03bn in the same period last year. It translates a growth of 45 per cent in profit YoY basis. Net sales of the company during FY18 have increased by 15 per cent YoY to PKR16.884bn, mainly achieved on account of impressive growth trend witness...

Burnpur Cement reports net loss of INR441m in Apr-Jun quarter

Burnpur Cement reports net loss of INR441m in Apr-Jun quarter

16 August 2018, Published under Cement News

India’s Burnpur Cement reported a net loss of INR44.1m (US$0.629) in the quarter ended 30 June 2018. In the year-ago period the cement producer saw a net loss of INR334.2m. Burner’s sales reached INR195.9m in the April-June quarter.

Cemex's Davenport site still seeks new use

16 August 2018, Published under Cement News

Cemex's Davenport facility in Iowa, USA, has remained empty since the plant was closed in 2010. Cemex maintains ownership of the plant, and while it has been in negotiations to sell the site, the talks with an aviation company have stalled. The preferred bidder, Joby Aviation, is no longer planning to move its production to part of the empty 104-acre Cemex site, founder and CEO, Joe Ben Bev...

Rain Industries awarded approval for mill upgrade

Rain Industries awarded approval for mill upgrade

15 August 2018, Published under Cement News

Rain Industries has received approval for the upgrade of its Unit II cement mill at Boincheruvupalli Village, Andhra Pradesh, India. Rain Cements, a wholly-owned subsidiary of Rain Industries, will see cement capacity increase from 2.033Mt to 2.795Mt in a INR419m (US$5.97m) project, which will be funded through internal accruals. The project is scheduled for completion by 30 June 2019.

ARM seeks limestone mining permit

16 August 2018, Published under Cement News

ARM is requesting government approval to mine limestone in five areas in Kilifi County, Kenya. The cement producer wants to mine the raw material over 24.931km 2 in the Chonyi, Pangani, Chairing, Maereni and Maseras areas. Kenya’s Ministry of Petroleum and Mining invited objections to the bid to be made within 42 days. This latest application is the third such permitting step following ap...

Elementia to invest US$30m in Yucatán grinding unit

16 August 2018, Published under Cement News

Mexican cement producer Elementia will invest US$30m in a 0.25Mta grinding unit in Yucatán, reports CE Noticias Financiers. The project is in line with Fortaleza’s commercial strategy and part of the company’s previously-announced profitable growth strategy focussed on the countries where it currently operates – Mexico, USA and Costa Rica, according to a company statement. The new cement p...

Al Wusta’s Duqm cement plant requires project finance

15 August 2018, Published under Cement News

Oman’s Al Wusta Cement is currently looking for project finance from international for its Duqm cement plant project. Total project investment is estimated to be US$85m. Al Wusta, a joint venture between Oman Cement Co and Raysut Cement Co, is analysing project feasibility studies with the EPC process expected to start in the 4Q18. Procurement talks will begin soon after with equipment likel...

Gulf Cement Q2 profit falls 38%

15 August 2018, Published under Cement News

UAE cement producer Gulf Cement reported a 38.2 per cent fall in net profit attributable to shareholders to AED8.4m (US$2.29m) in the 2Q18 when compared with AED13.6m in the year-ago quarter. Total operating revenues during the second quarter decreased to AED108.8m, down 25.9 per cent from AED146.9m in 2Q17.

Lucky Cement wins corporate award

15 August 2018, Published under Cement News

Pakistan’s Lucky Cement Ltd has won the Best Corporate Award in the Sugar & Cement category at the Best Corporate and Sustainability Report Awards. The award ceremony was jointly organized by the Institute of Chartered Accountants of Pakistan (ICAP) & Institute of Cost and Management Accountants of Pakistan (ICMAP). The award represents the Company’s commitment to having the best corporate pra...

CCNN appoints new managing director

15 August 2018, Published under Cement News

Cement Company of Northern Nigeria has named Yusuf Binji as its new managing director, with effect from 1 September 2018. He succeeds Ibrahim Aminu who joins the larger BUA group as an executive director. Mr Binji is currently managing director of Obu Cement Co, a subsidiary of BUA Cement in Okpella, Edo state, Nigeria –  a position he has heard since February 2017. “As managing director at ...

Argos sees 2Q profit slide but notes improved 1H net income

15 August 2018, Published under Cement News

Colombia's cement market leader, Cementos Argos, saw revenues advance by 1.4 per cent to COP2.184trn (US$727m) in the 2Q18 from COP2.154trn in the year-ago period. Operating EBITDA fell by 11.2 per cent to COP328.3bn in 2Q18 when compared with COPCOP369.7bn in April-June 2017. In addition, Cementos Argos reported a 59.7 per cent drop in net profit to COP29.4bn in the April-June 2018 quarter,...

Shree Cement to set up 3Mta grinding plant in Cuttack

15 August 2018, Published under Cement News

Shree Cement is setting up a 3Mta cement grinding unit at Chandrabali village, Shyampura, in Cuttack district of Odisha. The INR452,550m (US$2m) facility is being constructed by Petron Engineering Construction. The scope of the contract includes civil work of plant building, silos and miscellaneous work for the project. Chief Minister of Odisha, Naveen Patnaik, performed the ground breaki...

Arabian Cement profit soars 197% in 1H18

14 August 2018, Published under Cement News

Egypt's Arabian Cement posted a 196.6 per cent hike in consolidated profits to EGP212.76m (US$11.89m) in 1H18 from EGP71.71m in 1H17, the company said in a filing to the Egyptian Exchange. Revenues advanced to EGP1.64bn at the end of June, compared with EGP1.22bn in 1H17. Standalone profits surged to EGP213.3m in the first half of 2018, up from EGP71.51m in the year-ago period.