Cement News tagged: Corporate
Saudi Arabia: Eastern Province and Tabuk Cement see fall in 3Q16 profits
Eastern Province Cement Co and Tabuk Cement are the latest Saudi cement producers to post a fall in third-quarter profits amid lower sales and higher production costs. Eastern Province Cement Co posted a 35.8 per cent YoY decrease in net profits from SAR67m in 3Q15 to SAR43m in 3Q16. In the first nine months of 2016 the cement producer reported net profits of SAR180m, representing a 26.2 pe...
Myanmar: June Cement project to continue despite local opposition
The management of June Cement has said that the firm has no plans to return land to local communities and will instead press on with its project to construct a new plant in Kyaikmayaw township in the southeast of the country, reports Burma News International. “We still need the land to construct the factory. We bought the land for the project at the beginning and received permission. So, to...
Argos Honduras to add capacity at San Lorenzo
Colombia’s Cementos Argos has announced plans to construct a new cement plant in San Lorenzo, Valle, southern Honduras. The project represents an investment of US$25m. “Argos will consolidate its presence in the country with this operation. The grinding capacity of San Lorenzo is 300,000tpa and we will manufacture grey cement, with major emphasis on general use,” said Harry Abuchaibe, Argos...
India: JSW Cement to go public by FY19
Parth Jindal, managing director of JSW Cement, has told the Deccan Herald newspaper that his company will issue its first public shares when it reaches 20Mta capacity. “We will go for IPO once we reach a capacity of 20Mt. Right now, we have a production capacity of 7Mt, and plan to reach 30m by 2020. “JSW Cement would like to achieve 17m capacity by opening up eight grinding units acros...
CIMAF to open third plant in Cote D’Ivoire
Ciments de L’Afrique (CIMAF) has announced it will establish a third cement plant in Côte d’Ivoire, raising its capacity in the West African country to 2.3Mta by 2017. The new grinding plant will have a capacity of 350,000tpa and will be located at Bouaké in the north of the country. The project, representing an investment of XOF12bn (US$20.1m), will allow the company to improve availabi...
Saudi Arabia: Northern Cement sees 43% profit fall in 3Q16
Northern Region Cement Co reported a 42.83 per cent decline in net profits to SAR30.09m (US$8m) in 3Q16 from SAR52.64m a year earlier. Profits also decreased 38.16 per cent QoQ, according to the company's statement to the Tadawul. The decrease in profits has been attributed to lower sales following a weaker domestic demand amid the Hadj season and summer holidays, complemented by a rise in...
Saudi Arabia: Yanbu, All Jouf and Saudi Cement see fall in 3Q16 profits
More Saudi cement producers have reported a fall in profits for the third quarter of 2016. The decline in profits were attributed to lower sales and a drop in average selling prices as competition intensified amid weaker demand. Higher oil prices have also been cited as a major factor in the decrease. Yanbu Cement company recorded a 35.9 per cent drop in profits during the period from SAR14...
Tunisia: Carthage Cement increases domestic market share
Carthage Cement's turnover for the first nine months ended 30 September 2016 grew 17 per cent, compared to the same period in 2015. It sold cement to the value of TND149m (US$66.2m) compared to TND125.5m (US$55.7m) in Jan-Sep 2015. Product orders increased by 16 per cent. Local market sales reached TND95.12m, compared with TND78.5m in 2015, an increase of 21 per cent. Carthage Cement now h...
Uganda: Kampala Cement’s investors revealed
Kampala Cement, Uganda’s newest cement company and the country’s third, is jointly-owned by two local investors, Charles Mbire and Rajinder Singh Baryan, according to an article in the New Vision newspaper. Baryan’s investment was known from the start as Kampala Cement and from the outset associated with his Multiple Industries Group. Mbire’s involvement was hitherto unknown, and the indust...
Barbados: Arawak Cement redundancies
Arawak Cement Co, St Lucy, Barbados, have formally offered its staff voluntary separation packages as part of a financial and operational restructuring programme that was first put into action October 2015. The company issued a statement last month explaining that the separation packages would be offered as the first phase of restructuring had not yielded the necessary results. The company ...
India: UltraTech cement profits up 25%
UltraTech Cement reported that for the quarter ending 30 September its profits rose 25.27 per cent YoY. A consolidated net profit of INR6.14bn (US$92.1m) was announced for the July-September 2016 quarter, compared to INR4.9bn in the same period last year. However, net sales fell 2.53 per cent to INR57bn from INR58.5bn. Despite an increase in net profit, the results were not as positive as e...
Dangote Asian expansion?
According to a Ghanaian news source, Dangote Cement is hoping to expand into the Asian market over the next decade. It is reported that the company plans to launch in southeast Asia and Latin America once it is able to consolidate its operations in Africa. Immediate targets for such an expansion are countries such as Nepal, Indonesia, Vietnam and Colombia, according to Armando Martinez Gall...
Saudi Arabia: Yamama sees 41% net profit decrease
Yamama Cement Co reported a 41 per cent YoY fall in net profits to SAR56.3m (US$15m) in the 3Q16 from SAR95.53m (US$25.47m). The decrease resulted from a higher cost of sold goods due to increases in fuel prices as well as those of fixed assets, according to a bourse filing. The company also attributed the lower profits to lower value and volume of sales as a result of the pilgrimage sea...
Saudi Arabia: Southern Province 3Q16 profit drops 14%
Southern Province Cement posted a 14.4 per cent YoY decrease in profits from SAR202m (US$53.9m) in 3Q15 to SAR173m in 3Q16. Lower demand and higher depreciation were cited as the key reasons for the decline. In the first nine months of 2016, the cement producer registered net profits of SAR724m, down from SAR739m for the same period of the previous year.
Nigeria: Lafarge raided and closed for suspected for tax evasion
Lafarge Cement Co Ltd in Onne and IGPES, an engineering company, in Port Harcourt, were raided by Nigerian enforcement officers from the Federal Inland Revenue Service (FIRS) on Monday for tax evasion. The leader of the FIRS team disclosed that Lafarge Cement had not paid its taxes since 2012. While the cement company's premises were sealed for failing to pay taxes of over NGN10m (US$31,695...
Saudi Arabia: low demand sees Najran Cement 3Q16 profits halved
Lower sales volumes due to a slowdown in construction activity have seen the net profit of Saudi Arabian-based Najran Cement halve YoY from SAR32.07m (US$8.55m) in 3Q15 to SAR15.36m in 3Q16. The profit fall came despite lower selling and distribution expenses, Zakat (tax) as well as higher other revenues. As for the nine-month period ended 30 September 2016, the Saudi cement producer re...