Cement News tagged: Corporate
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...
Lucky Cement re-appoints top directors
Irfan Chawala, CFO of Lucky Cement, has informed Pakistan's Stock Exchange of the re-appointment of top executives of the company. The Board of Directors has re-appointed Muhammad Yunus Tabba as the Chairman of the Board of Directors for another term of three years, while Muhammad Ali Tabba is also re-appointed, as CEO for three years. Other company directors are Muhammad Sohail Tabba, Jaw...
Cementos Bío Bío sells Peruvian subsidiary
Chile’s Cementos Bío Bío has sold its Peruvian subsidiary, Cementos Portland, in a transaction valued close to US$14m, according to La Tercera. The departure means that it will no longer be participating in a project with Brazil’s Votorantim Cimentos to construct a plant in Lima, which has reportedly faced a number of difficulties concerning market rivals. A further two projects that the com...
Tamil Nadu Cements completes construction of new plant
India’s Tamil Nadu Cements Corp Ltd has completed the erection of a 1Mta plant in Ariyalur, with 95 per cent of the total work now completed. The new facility represents an investment of INR7.5bn (US$101m) and will be the company’s second plant in the region. "The new plant will be a game changer on various aspects. The fully-automated plant is designed to produce 1Mt of cement a year. It w...
Dangote to push ahead with London IPO
Dangote Cement Chairman and CEO, Aliko Dangote, says Bank of America Merrill Lynch and Standard Chartered Bank could be among the banks to organise Dangote Cement’s London public listing in 2019. Speaking at the Financial Times Africa summit, Dangote added the listing would go ahead in 2019 after the Nigerian elections, but he could not provide a date. Edwin Devakumar, group executive dire...
Hsing Ta Cement's revenue up 33% in September
Taiwanese cement manufacturer Hsing Ta Cement has recorded a 32.6 per cent YoY surge in revenue for September 2018, rising to TWD690.78m (US$22.30m) from TWD521.03m. In the first nine months of 2018, the company has seen a 26 per cent increase in revenue to TWD4.71bn, compared with TWD3.74bn of the year-ago period.
NCL Industries reports 32% production increase
India’s NCL Industries has announced strong results in the Jul-Sept 2018 period. Cement production increased 32 per cent YoY to 0.48Mt, while dispatches similarly rose 31 per cent to 0.48Mt. Elsewhere, the company’s production of its cement particle boards advanced 19 per cent YoY to 16,458t. Dispatches of the product increased seven per cent to 16,728t.
Dewan Cement's net profit falls to PKR902m
Dewan Cement Limited (DCL) has announced that its net profit declined to PKR902m (US$7.33m) in financial year 2018 from PKR1.30bn earned in the same period last year. It shows profit dropped by 30.9 per cent, despite increase in net sale to PKR13.47bn from PKR12.85bn during this period. The company incurred a distribution cost of PKR206m against PKR261m incurred in the same period last yea...
Hoffmann Green Cement Technologies develops low metakaolin-based cement
Hoffmann Green Cement Technologies (HGCT) is completing the construction of a 50,000t pilot plant in Bournezeau, Vendée, France. The new works will produce cement using flashed metakaolin, reducing CO 2 emissions to 200-250kg/t produced, according to the company. "We use flashed metakaolin, clay flashed at 750˚C for five seconds, the clay is rendered in a metastable state, between the raw ...
Sino-Zimbabwe's output to be severely reduced by power cuts
Sino-Zimbabwe Cement Co will not produce the amount of cement it had planned to during October because of the scheduled power cuts by ZESA. ZESA is carrying out maintenance work on its 88kv Sherwood-Mvuma feeder station which supplies the Sino-Zimbabwe cement plant with its power. The maintenance work is expected to cause interruptions for the entire month of October. The cement plant is ...
Power Cement expects real estate to increase sales
While other southern cement producers have been wary of a slowdown, Power Cement Ltd (PCL), owned by the Arif Habib Group, has a need for expansion. "The Power Cement plant will start production on full capacity in June 2019 and it will produce 7700tpd of clinker and 9600tpd of cement," said Kashif Habib, the company's CEO. PCL, formerly Al-Abbas Cement, has developed its business through th...
Sagar Cements records 27% production increase in September
India’s Sagar Cements has reported that its consolidated cement production increased 27.2 per cent in September 2018, rising to 256,507Mt from 201,690Mt. Furthermore, consolidated cement sales advanced 21.8 per cent to 249,882Mt, compared with 205,097Mt of the year-ago period.