Cement News tagged: Corporate
Dangote Asian expansion?
According to a Ghanaian news source, Dangote Cement is hoping to expand into the Asian market over the next decade. It is reported that the company plans to launch in southeast Asia and Latin America once it is able to consolidate its operations in Africa. Immediate targets for such an expansion are countries such as Nepal, Indonesia, Vietnam and Colombia, according to Armando Martinez Gall...
Saudi Arabia: Yamama sees 41% net profit decrease
Yamama Cement Co reported a 41 per cent YoY fall in net profits to SAR56.3m (US$15m) in the 3Q16 from SAR95.53m (US$25.47m). The decrease resulted from a higher cost of sold goods due to increases in fuel prices as well as those of fixed assets, according to a bourse filing. The company also attributed the lower profits to lower value and volume of sales as a result of the pilgrimage sea...
Saudi Arabia: Southern Province 3Q16 profit drops 14%
Southern Province Cement posted a 14.4 per cent YoY decrease in profits from SAR202m (US$53.9m) in 3Q15 to SAR173m in 3Q16. Lower demand and higher depreciation were cited as the key reasons for the decline. In the first nine months of 2016, the cement producer registered net profits of SAR724m, down from SAR739m for the same period of the previous year.
Nigeria: Lafarge raided and closed for suspected for tax evasion
Lafarge Cement Co Ltd in Onne and IGPES, an engineering company, in Port Harcourt, were raided by Nigerian enforcement officers from the Federal Inland Revenue Service (FIRS) on Monday for tax evasion. The leader of the FIRS team disclosed that Lafarge Cement had not paid its taxes since 2012. While the cement company's premises were sealed for failing to pay taxes of over NGN10m (US$31,695...
Saudi Arabia: low demand sees Najran Cement 3Q16 profits halved
Lower sales volumes due to a slowdown in construction activity have seen the net profit of Saudi Arabian-based Najran Cement halve YoY from SAR32.07m (US$8.55m) in 3Q15 to SAR15.36m in 3Q16. The profit fall came despite lower selling and distribution expenses, Zakat (tax) as well as higher other revenues. As for the nine-month period ended 30 September 2016, the Saudi cement producer re...
China: Taiwan Cement plans price increase
Taiwan Cement announced that it will be increasing its prices of cement products in China by as much as seven per cent by the end of the year as a response to recovering demand in the country. Edward Huang, Taiwan Cement's senior vice president, said, "We are planning to increase cement prices in southern China by [US$2.97] per tonne." Mr Huang went on to say that infrastructure spending...
Hail Cement sees 15.3% rise in net profit for 3Q16
Hail Cement posted a 15.27 per cent increase in net profit for the 3Q16, according to a bourse filing. The cement company reported a net profit of SAR20.12m (US$5.4m) from SAR17.45m in 3Q15, which was attributed to unrealised investment loss recognised during the same quarter last year. In the first nine months of 2016, net profits slipped 3.3 per cent YoY to SAR80.85m from SAR83.59m. The lo...
Uzbekistan: Ahangarancement JSC raises output by 6% in 9M16
Between January-September 2016 Ahangarancement JSC, the second-largest cement producer in Uzbekistan, increased cement production by six per cent to 1.418Mt, as compared to the same period of last year. The cement producer, which runs a 1.986Mta plant in Ahagaran, Tashkent, saw clinker production for the first nine months of 2016 rise by 3.8 per cent to 1.015Mt. In total, the company supplie...
USA: Elementia intends to buy 55% of Giant Cement
Elementia of Mexico, 49 per cent owned by billionaire Carlos Slim, said it had signed a letter of intent to purchase 55 per cent of Giant Cement Holdings Inc, a wholly-owned unit of Cementos Portland Valderrivas of Spain. Currently, Giant has an accumulated debt of approximately EUR437m in a securitised bond issue, says dirigentesdigital. At the same time, Cementos Portland has signed a lo...
Oman: Raysut Cement 3Q profit falls 23%
Raysut Cement Company reported a 22.5 per cent fall in its 3Q16 profits, according to a bourse statement. Profits reached OMR3.76m (US$9.7m), compared to OMR4.85m in 3Q15. In the first nine months of 2016, net profits increased five per cent to OMR16.66m from OMR15.81m in the equivalent period of 2015.
India: OCL in talks to buy Shiva Cement's Orissa plant
Shiva Cement is in talks with OCL India among others to sell its integrated cement plant in Orissa, according to the Financial Express. Shiva Cement shares surged as much as 15.68 per cent and hit their fresh 52-week high in morning trade. For the quarter ended 30 June 2016, the company registered a net loss of INR1390m (US$20.7m) against net profit of INR0.430m in the corresponding quar...
Mexico's GCC sees 32% hike in EBITDA in 3Q16
Grupo Cementos Chihuahua reported a 32.3 per cent rise in EBITDA in the 3Q16, supported by an 11.5 per cent increase in US sales, a price hike due to the depreciation of the Mexican peso against the dollar. "Net sales (consolidated) in the third quarter of 2016 increased 10.2 per cent over the same period of 2015, totalling MXN4,287m. This increase is a result of higher volumes of cement in ...
Qatar National Cement Company profits flat for 9M2016
The Qatar National Cement Company (QNCC) has released its earning statement for the first nine months of 2016, showing that revenues and profits have changed little from the corresponding period in 2015. Profits at QNCC were down one per cent to QAR355m (US$97.6m), while revenues also fell slightly, being down 0.9 per cent to QAR839m. Taken together with previous three-monthly earnings s...
India: Sagar Cement reviews expansion plans
Sagar Cement is reportedly convening a meeting of its Board of Directors on 19 October. The meeting will address proposals for setting up a coal-based power plant at the company’s unit in Mattampally, Nalgonda district, and the capacity expansion of the grinding unit in Bayyavaram, Visakhapatnam district. The capacities for the two plants in question were not disclosed in the company’s stateme...
Cemex expects to complete Tepeaca expansion in 2018
Cemex announced the expansion of its Tepeaca plant in Puebla, Mexico, to conclude in 2018. The plant will see the construction of a new kiln to take its production capacity to 7.6Mta. The project was started in December 2014 and represents an investment of US$642m, including fixed asset additions of US$442m incurred at the end of 2015. The expansion will generated 1500 jobs during const...
Hima Cement positive for growth prospects in Uganda
Uganda's Hima Cement expects the country's cement market to show significant growth going forward. Daniel Pettersson, Hima Cement Ltd country CEO, said, "We are very positive about the long-term prospects of the cement industry in Uganda, and LafargeHolcim is keen to solidify its position in the region as the leading producer of building solutions providing its customers with innovative val...