Cement News tagged: Corporate
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. ...
Dzata Cement did not cause UT Bank collapse
Dzata Cement of Ghana was not responsible for the collapse of UT Bank in 2017. The cement producer was previously thought to be a major cause of the bank's folding, incorrectly attributed to the cement company defaulting on a loan. However, Ibrahim Mahama, who owns the cement facility, said the repayment of the loan was to start after the company began operations and cement sales. The licen...
Suez Cement reports net profits of EGP250m in 1H18
Suez Cement reported EGP250.59m (US$14m) in net profits for the six-month period ended June, against a loss of EGP40.61m in the year-ago period, according to a filing to the Egyptian Exchange (EGX). Sales amounted to EGP 3.96bn at the end of June, versus EGP 3.11bn in 1H17. Profits climbed to around EGP 156.62m in 1H18, up from EGP20.81m in the same period a year earlier. Suez Cement previou...
Taiwan Cement posts record quarterly profits
Taiwan Cement Corp posted a record 2Q profit, due mainly to higher cement prices in China, rising sales and increased contribution from its China-based subsidiary, TCC International Holdings Ltd. The Taipei-based firm's 2Q18 net income, attributable to the parent company, hit TWD7.06bn (US$229.9m), up 228.71 per cent YoY from TWD$2.15bn, the company said in a filing with the Taiwan Stock Exc...
Sri Lanka’s Tokyo Cement reports increased loss
Tokyo Cement Plc reported losses of LKR605m (US$3.78m) in the June 2018 quarter as revenues fell and the sale of a vessel added LKR380m to the losses already sustained. In the June 2018, revenues declined four per cent to LKR7.76bn while costs rose by four per cent to LKR6.2bn. Finance expenses increased 170 per cent to LKR380m. Gross profits fell 27 per cent YoY to LKR1.507bn. The company ...
Shree Cement gets Raipur coal linkage
India’s Shree Cement was awarded the coal linkage for its Raipur plant in Chhattisgarh. The contract for Grade 7 coal was awarded to the cement producer following a e-auction. The company paid a winning premium of INR130/t (US$18.76/t), 5.63 per cent of the notified price.
Loma Negra reports 2Q18 net revenues up 37%
Loma Negra reports its 2Q18 net revenue increased 37.2 per cent to ARS4.757bn (US$169.4m) in 2Q18, from ARS3.467bn in the comparable quarter last year. Cement, masonry and lime revenues in Argentina were up 33.4 per cent YoY, to ARS3.503bn despite volumes remaining almost flat. Cement revenues in Paraguay increased 49.2 per cent, reaching ARS369m in the quarter as the 2.4 per cent YoY declin...
Riddhi Siddhi's Nepal plant nears completion
Nepal’s Riddhi Siddhi Cement is planning to start commercial production at one of the country’s largest plants in Makawanpur within two months, as 80 per cent of the construction is now complete. "We are about to complete the construction work," said Rajesh Kharel, director of the company. "We have deployed around 1000 workers round the clock at the factory site to complete the construction...
Eagle Cement Corp grows net profits by 5%
Philippine-based Eagle Cement Corp grew its net profit by five per cent YoY to PHP2.3bn (US$43.3m) in the 1H18 with higher sales volume compensating for lower selling prices. The company's first-half net sales rose by some 10 per cent YoY to PHP8.21bn. Gross profit margin was maintained at 48 per cent. Cash flow as measured by earnings before interest, taxes, depreciation and amortisation (...
Cemex Latvia's turnover rises 35% with strong export sales
Cemex generated EUR78.067m turnover in Latvia in 2017, up 34.6 per cent against 2016, selling 970,000t of cement, while the copany's share of export sales grew to 70 per cent. Growth was recorded in all segments thanks to a robust growth of the Latvian construction sector in 2017. Growing exports to markets such Sweden and Finland as well as sales in Estonia, Lithuania and Belarus compensat...
Taiheiyo Cement records 32% net profit increase in 1QFY18-19
Taiheiyo Cement has announced a 5.9 per cent YoY increase in revenue to JPY211.34bn (US$1.9bn) in the first quarter of FY18-19 ended 30 June, compared with JPY199.61bn of the year-ago period. Operating profit advanced 10.3 per cent to JPY9.76bn from JPY8.85bn, while net profit surged 32.4 per cent to JPY6.13bn. The company also released forecasts for the 1HFY18-19 and financial year ending M...
Tabuk Cement turns to losses in 2Q18
Saudi Arabia’s Tabuk Cement Co has reported net losses of SAR36.08m (US$9.6m) in the 2Q18, against profits of SAR1.29m in the equivalent period of the previous year. For the first half of 2018, losses reached SAR47.3m, versus profits of SAR9.97m in the 1H17. The 2Q18 result has been attributed to low selling prices on the back of strong competition with an increase in sales volumes unab...
Venezuela’s San Sebastián works sees production plummet
Invecem’s San Sebastián de los Reyes cement plant in Aragua, Venezuela, has been out of action for three weeks as workers protested regarding wages and the lack of investment in the plant by the state. Output has fallen from 90,000 to 18,000t. "If we do not have investment, we will not have salary improvement. Most of the equipment and machinery that is damaged come from abroad and the spar...
Umm Al Qura Cement records 98% profit decline
Saudi Arabia-based Umm Al Qura Cement Co (UACC) has seen its profit drop 97.6 per cent YoY in the second quarter of 2018, falling to SAR199,600 (US$53,226) from SAR8.4m. The significant decline in profit has been attributed to a decrease in sales value, alongside higher marketing and selling expenses. In the half-year period (Jan-Jun 2018), the company saw profits down 59.3 per cent to SAR10...
Central African Cement Ltd established to build 5000tpd plant in Zambia
ZCCM-Investment Holdings has announced that it has signed a shareholders' agreement with China Machinery Construction Group Ltd, also known as SinoConst, for the development of a cement plant. The joint venture project, called Central African Cement Ltd (CAC), will see ZCCM-IH holding 35 per cent of the shares in CAC, while SinoConst will hold the remaining 65 per cent. The project have a ce...
FLSmidth reports 13% order increase in 2Q18
FLSmidth has released its interim 2Q18 report and reported a 13 per cent order increase to DKK5.056bn (US$787.86m) for the period, driven by over 100 per cent growth in the minerals division. Revenue in the second quarter advanced 3.2 per cent YoY to DKK4.73bn, compared with DKK4.585bn of 2Q17. "We saw the highest order intake in the Minerals division for several years, which shows that mine...