Cement News tagged: Corporate
Thailand: Siam Cement launches logistics firm
Siam Cement Group (SCG) has partnered with Yamato Asia to launch logistics firm SCG Express with an investment budget of THB633m (US$17.9m). Nithi Pattarachoke, vice-president for the domestic market at SCG, said the trend towards e-commerce and a digital economy prompted the cement conglomerate to capitalise on the movement. SCG Express offers a range of delivery services such as temper...
Peru: Cementos Pacasymayo announces phosphate spin-off launch date
Cementos Pacasmayo SAA and subsidiaries, has provided shareholders with an update regarding the status of its spin-off of phosphate project company called FOSSAL, SAA. Pacasmayo's CEO and the CEO of FOSSAL SAA established that 1 March 2017 was the effective day of the launch of FOSSAL SAA. This is subject to registration by the Peruvian Public Registry and compliance with the Securities Marke...
India: Grasim Industries' 3Q net profit rises 14 per cent
Grasim Industries reported a net profit of INR728,200m for the December quarter, up 14 per cent from INR640,470m on a YoY basis, helped by better realisations at its viscose staple fibre business. Net sales for the company rose one per cent to INR9470,950m. Analysts, on an average, were expecting a profit of INR819,400m on revenue of INR8806.850m, according to a Bloomberg poll. The con...
India: labourers at Teriyklam cement seek payment
Teriyklam cement factory has been accused by a Member of the Legislative Assembly (MLA) of not paying 42 labourers their wages for the past few months, from three villages of Odisha’s Ganjam. Digapahandi MLA and former Minister SN Patro has urged the State Labour Secretary to look into the issue. The labourers had been working at the Teriyklam cement factory in the Tuticorin district of Tami...
India: Malabar Cements Ltd official is arrested
Prakash Joseph, legal officer of public sector Malabar Cements Ltd, was arrested on Monday by the Vigilance and Anti-Corruption Bureau (VACB), reports the Hindu. Malabar Cements Ltd is estimated to have madea finiancial loss of INR270m (US$3.98m). The State government-owned PSU had signed a contract with a company owned by businessman VM Radhakrishnan for cement retailing. Violating an agre...
Egypt: Arabian Cement to reduce US$ loans
The Arabian Cement Company plans to accelerate the repayment of US dollar loans owed to banks during the current year to decrease the total value of these debts to EGP40m (US2.1m), compared to EGP65m (US$3.46m) in 2016. An official at the Arabian Cement Company told Daily News Egypt that the company made the decision to avoid the high cost of dollar debts after the Egyptian pound’s floatatio...
India Cements Ltd announce 3Q16 profits of US$519.6m
India Cements Ltd registered net profit at INR35,340m (US$519.6m) for the third quarter ending 31 December 2016 in the back of strong sales volume and lesser cost of production. The cement company registered net profit at INR3160m during the corresponding quarter of the previous year. For the nine-month period, net profit surged to INR141,730m from INR79,460m registered during the year ago...
Sri Lanka: 'Vijaya' brand of cement launched
Oliver Impex (Pvt) Ltd launched its latest brand of cement to the construction market in Sri Lanka at a special event attended by key stakeholders from the construction industry and distributors from around the island. The cement will be marketed under the name “Vijaya Cement”, which is a high-quality product which is SLS 107 certified and with strength class of 42.5 N, said the company. ...
Pakistan: Attock Cement net profit of US$13.1m
Attock Cement Ltd has announced a net profit of PKR1.378bn (US$13.1m), translating into the earnings/share (EPS) of PKR12.03 for the half-year ended 31 December 2016, which is 19 per cent higher than the profits of PKR1.152bn, and the EPS of PKR10.07 announced during the same period of the last year. The surge in profitability can be attributed to higher sales, which stood at PKR7.228bn for ...
Saudi Arabia: new chairman for Tabuk Cement
Saeed bin Saeed Obaid is appointed as the new chairman of Tabuk Cement, Saudi Arabia. He will succeed Khalid Bin Saleh Al-Shathry. Tabuk Cement said at its ordinary general meeting elected on Thursday, 26 January, the new board members for a three-year period.
Lucky Cement sees half-year profits rise 12.5% to US$67m
Lucky Cement has announced that its profits rose by 12.5 per cent YoY in the last six months of 2016 to PKR7bn (US$67m). In a statement to the Pakistan Stock Exchange, Lucky revealed that it had sold 3.5Mt of cement and 235,000t of clinker during the first six months of FY17. Cement sales improved over the previous year by 5.4 per cent, while no clinker sales at all took place in the corres...
New Zealand: Golden Bay Cement is still going strong after 100 years
Golden Bay Cement's Portland plant clocked over 100 years of buiness last year, when it also celebrated a new 6000t storage silo, ship loading facility upgrades and its workers recently spoke about its importance in the community. The plant began in December 1916 but can trace its roots back to 1884 when Nathaniel Wilson founded the Wilson Portland Concrete Co. Three generations of the Wils...
Malaysia: Borneo Oil signs US$18m limestone deposit deal
According to reports in the Star newspaper, Borneo Oil has signed a 30-year deal enabling it to mine marble and limestone in Lahad Datu, Borneo. In an announcement to the Malaysian stock exchange, Borneo oil revealed it had paid MYR80m (US$18m) for the right to mine reserves estimated at 24.5Mt. The company declared that it is now positioned to become “a substantial player in the supply ...
Qatar National Cement reports a 14% increase in 4Q profit
Qatar National Cement reported a profit rise of 14.4 per cent YoY to QAR119.62m (US$32.8m) in 4Q16 from QAR104.6m in 4Q15. Full-year 2016 profits increased 2.5 per cent YoY to QAR475.1m from QAR463.55m.
SCG predicts Thai cement consumption will recover in 2017
Despite a disappointing performance in 2016, Siam Cement Group believes that demand in the Thai market will recover in 2017, reaching some 40Mt, the Bangkok Post reports. In figures released for the fourth quarter of 2016, SCG revealed that domestic demand fell three per cent YoY. For 2016 as a whole, demand fell by two per cent. The company also saw a decline in exports, shipping 2.6Mt ...
Cemex and GCC announce offering to sell 23% stake in GCC
Cemex, SAB de CV and Grupo Cementos de Chihuahua, SAB de CV (GCC) announced that they will commence offerings that are expected to include an aggregate of up to 76,483,332 shares of common stock of GCC, currently owned by Cemex at a price range of between MXN95.00 to 115.00/share, Cemex currently directly owns 23 per cent of the outstanding share capital of GCC and, additionally, a minority...