Cement News tagged: Corporate
Udayapur Cement back in production
Following a month-long renovation and upgrade, Nepal’s government-owned Udayapur Cement has resumed production. The renovation was the first in the plant’s 31-year history and cost NPR90m. "We've resumed our operations and have started to send our cement in the market," Surendra Paudel, the factory's general manager said, adding that they'd need to do maintenance in the next 10 years. "If w...
Yanbu Cement 3Q profit slips
Yanbu Cement posted 3Q revenues of SAR153m (US$40.8m), down 11.6 per cent YoY when compared with SAR173m reported in 3Q17. The Saudi cement producer’s net profit (after zakat and tax) edged down from SAR18m in 3Q17 to SAR17m in 3Q18.
Southern Province Cement's net profits fall to SAR3.5m in 3Q18
Southern Province Cement (SPC) reported a net profit of SAR5.3m (US$1.41m) in 3Q18, down 65 per cent QoQ and down 91 per cent YoY. "...with the current economic situation, low construction activities and high competition we don’t believe prices are going up in the near term," Al Rajhi added. In terms of sales, 4Q18 should witness a slight increase in profits for SPC as there are no holi...
Calicom Industries applies to acquire Dandot Cement
Dandot Cement Co Ltd (DCCL) has informed Pakistan Stock Exchange that the company has received a firm intention from Calicom Industries (Pvt) Ltd, Lahore to its acquire control of DCCL and 63,542,787 voting shares (67 per cent of paid up capital) of DCCL beyond the thresholds prescribed under Section 111 of the Securities Act 2016 (the "Act"). This intention was notified to DCCL's board of d...
1QFY19 remains gloomy for cement industry in Pakistan
Pakistan's cement sector net earnings have dropped by 38 per cent YoY to PKR8.224bn (US$62m) in 1QFY19 on the back of a number of factors, including a surge in international coal prices (12 per cent YoY), the devaluation of the Pakistani rupee against the US dollar (18 per cent YoY) and higher fixed costs (depreciation and financial cost) on the account of plant expansion. This obser...
Jindal Steel and Power to enter cement market
Jindal Steel and Power (JSP) plans to establish a 2Mta cement plant near its Angul steel plant in Odisha, India. The company has already purchased the land for the plant, which will be established in an industrial park. JSP is now awaiting for the government to hand over the use of the land. The plant is estimated to cost INR5bn (US$67.7m). JSP will use granulated blastfurnace slag to produ...
Caribbean Cement's debt repayments hurt 3Q18 results
Caribbean Cement has blamed finance costs linked to debt owed to Cemex as well as volatile currency movements for its lower profits in 3Q18. The company's 3Q18 sales amounted to JMD4.5bn (US$33.5m) up seven per cent YoY, but profits fell to JMD305m at the end of September 2018, down from JMD748m a year ago. "The reduction in profit before taxation compared to the same period in 2017 was im...
Confidence Cement to install slag dryer, close Line 1
Bangladesh-based Confidence Cement will install a new slag dryer at its cement plant in Sitakunda to ensure uninterrupted production of the existing Lines 2 and 3. In addition, the company has decided to shut down Line 1, citing high maintenance costs and electricity costs at the 600tpd line.
Kohat Cement expansion works on schedule
The installation of Kohat Cement Co Ltd's new 7800tpd grey cement line is making good progress at the existing plant in the Khyber Pakhtunkhwa province, Pakistan, according to the company's directors' report. Almost 70 per cent of the plant has been shipped by the supplier. Civil and erection works are progressing as scheduled, the 1QFY19 reported added. Presently Kohat Cement has 2.8M...
Pacific Cement faces clinker price rises
Pacific Cement, a subsidiary of Fijian Holdings Ltd, is finding the rise in clinker prices a strain on its business. FHL CEO, Nouzab Fareed, says the company is trying to address the increase in the price of the imported raw material for cement production. Mr Fareed commented that Pacific Cement is currently facing some global challenges. "Right now we are going through a lot of challenges wi...
Cementos Pacasmayo net income drops 14% in 3Q18
Cementos Pacasmayo saw its revenues fall by 4.4 per cent to PEN318.8m (US$95.2m) in 3Q18, mainly due to change in mix of products sold and to a slight decrease in prices. It also reported a 1.9 per cent rise in sales volumes of cement, concrete and precasts to 610,800t, mainly due to a recovery in the self-construction segment as well as increased sales to small and medium-sized projects. ...
Taiwan Cement to invest US$1.1bn in new joint venture
Taiwan Cement announced it will spend US$1.1bn to create a joint venture with Turkey’s OYAK in The Netherlands, via a newly-created subsidiary, Dutch TCC Holdings. Taiwan Cement will hold 40 per cent of shares in the joint venture with OYAK holding 60 per cent. Through the JV, Taiwan Cement aims to increase its visibility in the European market at a time when the Chinese market is cooling.
Gharibwal Cement's 1QFY18 profits fall to PKR269m
Gharibwal Cement Ltd (GCL) announced its financial results for the 1QFY19 on 29 October. It posted a decline in profit to PKR269m (US$20,194), down by 10.6 per cent YoY, as compared to PKR301m reported in the same period last year. GCL's sales during the quarter decreased by 7.9 per cent YoY to PKR2.47bn from PKR2.69bn reported during the same period last year. The company incurred l...
Lucky Cement sees 9% turnover rise, 24% profit fall
Lucky Cement reported a 9.2 per cent rise in gross turnover for the quarter ended 30 September 2018 to PKR31.32bn (US$235.2m) from PKR28.68bn in the same quarter of the previous year. The Pakistani cement producer attributed the increase primarily due to higher sales volumes and an increase in federal excise duty and sales tax. The company reported a consolidated profit after tax of PKR3.16b...
InterCement sells Portugal operations in further deleveraging
To help reduce its indebtness, InterCement is leaving the European market. Controlled by Mover Participações (current holding company of the Camargo Corrêa group), the company agreed on Friday to sell its cement and concrete operations in Portugal and Cape Verde to Turkish group Oyak, according to Valor International. While the price of the divestment was undisclosed, the deal is believed to ...
Siam Cement Group's Philippine sales rise 46% July-September 2018
Siam Cement Group (SCG) of Thailand has reported a cement sales increase between July-September 2018 of 46 per cent, boosted by the government's 'Build, Build, Build' in the Philippines. SCG’s Philippine sales from July to September expanded by to PHP5.09bn (US$94.8m), from PHP3.48bn during the same period last year. This put its total sales in the Philippines at PHP14.29bn after three quarte...