Cement News tagged: Corporate
India Cements reports 56% slide in FY17-18 profits
India Cements Ltd reported a 56 per cent fall in net profits for the year ending 31 March 2018. Consolidated net profit decreased to INR707.2m, down from INR1.631bn in the previous financial year. Revenues dropped by seven per cent from INR58.802bn in FY16-17 to INR54.567bn one year later. India Cements Vice-Chairman and Managing Director, N Srinivasan, attributed the slide in profits t...
Super-objection could prevent Mungret tyre burning plans
Metropolitan councillors have approved plans for a joint submission against Irish Cement's Mungret plans to the Environmental Protection Agency (EPA). Irish Cement, which wants to burn used tyres at its plant in Mungret, has cleared all but the final hurdle to establish the EUR10m (US$11.6m) project. However, a group of local residents and councillors now hope to join with Clare County ...
Ibeto Cement signs deal to receive US$850m in funding
Nigeria’s Ibeto Cement Co Ltd has signed a deal to receive US$850m in financing from Milost Global Inc, according to the New York-based private equity firm. The binding agreement includes US$500m in equity and US$350m of debt. The chairman of the Ibeto Group, Cletus Ibeto, has announced the company’s plan to grow beyond west Africa through the acquisition of other cement businesses within the...
Lafarge Malaysia expect to 'break even' despite poor 1Q18 results
Lafarge Malaysia recorded its fifth consecutive quarter of net losses for the period ended 31 March this year, on weaker demand and higher competition, coupled with the increase in coal and petcoke prices. The fall in revenue was attributable to the lower sales recorded in the cement business – the biggest revenue contributor for the group at 85 per cent – due to soft market demand, increased...
Saurashtra Cement records 43% net sales increase
India's Saurashtra Cement Ltd has reported a 43 per cent YoY increase in net sales for the 4QFY18, rising to INR1.82bn (US$26.7m) from INR1.27bn in the year-ago period. Net profit saw a 486.2 per cent surge in the same period to finish at INR260m, with the result attributed to a tax credit. In the full-year period ending 31 March 2018, the company reported a 12.6 per cent YoY rise in net sal...
Dr Stefan Kern appointed new A TEC Group manager
Starting 1 April 2018, Dr Stefan Kern will lead the A TEC Group. Wolfgang Hammer will hand over the management tasks completely to his former deputy. Stefan Kern started at A TEC in August 2013 and was responsible for sales activities in northern Europe, eastern Europe and South Africa. In 2016 Dr Kern, who studied chemical engineering in Vienna, joined the management board. Together with...
LafargeHolcim announces jobs restructuring at corporate offices
LafargeHolcim has announced proposals to simplify its corporate organisation. Around 200 corporate jobs will go and the corporate offices in Paris and Zurich will close. Remaining positions in Switzerland will be moved to the company's Holderbank site and a new corporate office in Zug. In Paris remaining positions would be moved to Clamart in the southwest of the city. The plan is targeted to ...
Lafarge Africa plans to cut debt over the next 18 months
Lafarge Africa Plc plans to cut debt over the next two years as it seeks to boost profit before resuming expansion, according to the company’s chairman, Mobolaji Balogun. The company expects its leverage ratio to fall from over 100 per cent to between 60-70 per cent over the next 18 months, according to Bloomberg. "As soon as the debt becomes more comfortable, we don’t sit there, we will put ...
Grasim looks to invest INR59bn in modernising its cement plants
India’s Grasim Industries will invest over INR130bn (US$1.9bn) in its cement and textiles businesses over the next 24-36 months, as the company looks to increase capacity and modernise production, according to a senior official of the group. The company, including its subsidiary, UltraTech, will invest INR59bn in modernising its existing cement plants, while also carrying out environmental up...
CRH to invest EUR8m in Lumbres plant
Equiom has announced it will invest EUR8m in its plant in Lumbres, France. The sum represents the largest investment in the works for 15 years, according to Nord Eclair. Last year, improvements were made on the dust filters of the facility, which, along with two other plants, recently came under ownership of Ireland-based CRH. The project enabled the plant to meet European environment stand...
Zambezi Portland Cement is returned to Ventriglia family
Zambian multi-millionaire entrepreneur Rajan Mahtani has lost ownership of Zambezi Portland Cement after the High Court of Zambia awarded full ownership of the company to the Ventriglia family of Italy on Monday. The outcome follows a decade-long court battle between the Ventriglia family and Rajan Mahtani who had claimed that he owned a 58 per cent controlling stake in the business as paym...
Adverse weather and foreign currency exchange affect Titan's 1Q18
Τitan Group 1Q18 results suffered from adverse weather conditions in the US and southeastern Europe, coupled with the strengthening of the euro against the US dollar and other currencies. Consolidated turnover reached EUR322.5m, recording a EUR39m decline compared to the previous year. EBITDA declined by EUR7.6m reaching EUR43.5m. Net profit after minorities and the provision for taxes was...
Ramco Cements reports 11% revenue increase in FY18
Ramco Cements Ltd has announced an 11 per cent YoY increase in revenue for FY18, rising to INR44.43bn (US$649.71m) from INR39.93bn of the previous year. However, its stand-alone profit after tax fell 14 per cent to INR5.56bn (FY17: INR6.49bn). In the same period, the company reported an 11.5 per cent rise in cement sales to 9.31Mt. Upcoming projects Ramco Cements also noted that its upcomin...
Cemex helps build new Sinai tunnel connection
Through a joint venture with Orascom Construction and The Arab Contractors (Osman Ahmed Osman & Co), Cemex is supplying 350,000m 3 of concrete and 160,000t of cement for the construction of two tunnels that extend from the outskirts of the city of Port-Said in northeast Egypt to the Sinai Peninsula, passing under the Suez Canal. The project is part of the Egyptian government's plan for the ...
Melón sees 12% rise in 1Q earnings
Chile-based Cemento Melón has increased its first-quarter earnings by 12 per cent to US$7m when compared with 1Q17, despite lower cement sales volumes, according to Diario Financiero Online. The company’s revenues edged up by one per cent to US$83m. Sales volumes fell by 6.5 per cent but the company attributed the higher earnings to “the implementation of operational excellence plans that ha...
Demerger of Century Textiles to UltraTech Cement
The Board of Directors of UltraTech Cement Ltd confirmed that Century Textiles will demerge its 'Cement Business' into UltraTech, in a company statement. "The transaction provides UltraTech the opportunity for further strengthening its presence in the highly fragmented, competitive and fast growing east and central markets and extending its footprint in the western and southern markets in ...