Cement News tagged: Corporate
Burnpur Cement reports net loss of INR441m in Apr-Jun quarter
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
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 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
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
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
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%
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
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
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
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
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
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.
Hsing Ta Cement reports stable net profit
Taiwanese cement producer Hsing Ta Cement saw its revenues advance 29.7 per cent to TWD1.748bn (US$56.8m) in the 2Q18 from TWD1.348bn in the year-ago period. Pretax profit more than doubled from TWD206.304m in the 2Q17 to TWD440.058m one year later. The company’s net profit remained largely stable at TWD125.366m (2Q17: TWD126.441m).
Chettinad Cement to be evicted off government land
Chettinad Cement Corp Ltd has been ordered to vacate government land that it encroached upon to construct a railway track to its Ariyalur railway track. The Madras High Court passed the judgement with Justice SM Subramaniam also ordering a probe into government officials involved in colluding with factory management to use the land. "Such industries cannot encroach upon government land, whi...
Asia Cement Corp sees 167% rise in 2Q net profit
Taiwan's Asia Cement reported a 37.6 per cent increase in revenues to TWD22.425bn (US$728.2m) in the April-June 2018 quarter from TWD16.298bn in 2Q17. Pretax profit was up by 174.9 per cent from TWD2.469bn in the 2Q17 to TWD6.788bn in 2Q18 while net profit surged by 167.9 per cent to TWD4.33bn in the 2Q18 from TWD1.616bn in the year-ago period.
Eagle Materials Inc name new COO
Michael Haack has been appointed as President and Chief Operating Officer of Eagle Materials Inc. Prior to joining Eagle, Mr Haack spent 17 years at Halliburton Energy Services, holding successively important operating positions, culminating with the management of Global Operations for Sperry Drilling, a multi-billion dollar company in the drilling and evaluation division of Halliburton. ...