Cement News tagged: Corporate
Cameroon: Medcem Cameroon receives new capital
The share capital of Medcem Cameroon, a subsidiary of the Turkish group Eren Holding, has soared from XAF10m (US$ 172,129 ) to XAF400m, a legal statement by the firm revealed on Wednesday. StarAfrica reports that this capital upsurge by cash contribution from shareholders, is in stark contrast with the commercial activities of the cement plant whose products have been absent from the market...
Tunisia: Ciments de Bizerte completes quay
Ciments de Bizerte is scheduled to complete the development project of its shipment quay by June 2016. The upgraded quay will enable the company to expand its clinker and cement exports as well as enable the unloading of petcoke for the entire domestic cement industry.
SCG forecasts regional capacity will hit 292Mta by 2018
In a presentation to investors earlier this month, Siam Cement Group (SCG) disclosed that it expects capacity in Thailand and nearby markets will reach 292Mta in two years' time, up from 251Mta in 2015. Production capacity is set to expand in Thailand, Indonesia, Vietnam, Myanmar, Cambodia and Laos. This comes against a backdrop of existing overcapacity – in 2015 domestic consumption in the...
Nigeria: Lafarge Africa sees FY15 growth of 2.5%
Lafarge Africa recently released its FY15 financial results, which showed a 2.5 per cent YoY growth in revenue and a 20 per cent decline in profit after tax, PAT, over the same period in 2014, reports All Africa. The company managed to grow its top-line amid the challenging market and economic headwinds it faced during the year, largely driven by the growth in its ready-mix sales and its sout...
Al Jouf Cement 4% decline in 1Q profit
Saudi Arabian cement producer, Al Jouf Cement Co posted on Tuesday a net profit of SAR 24.72m (US$6.59m) in the first quarter of 2016, four per cent down from SAR 25.76m (US$6.87m) in 1Q15. The fall in in profit was a result to the drop in the average selling price and higher finance charges and expenses of Zakat in this period, despite the increase in sales volume and other revenue from ...
Tangshan Jidong Cement begins work on 7200tpd plant
Tangshan Jidong Cement, a state enterprise with domestically listed shares, has begun work on a large 7200tpd (2.4Mt) cement plant. Construction of the Jidong plant in Heilongjiang province is a windfall for the local community. A plant this size will bring prestige, tax revenue and employment. The cement industry, however, is in despair at the new arrival. “It's totally unreasonable," lam...
Saudi Cement 1Q16 12.5% net profit fall
Saudi Cement reported a 12.54 per cent drop in 1Q16 net profit on Monday, hurt by a decrease in sales and an increase in energy costs. One of the kingdom’s largest cement firms by market value made a net profit in the three months to 31 March of SAR265m (US$70.7m), down from SAR303m in the corresponding period of 2015, according to a bourse filing says AME Info. Construction-related firms h...
Tanzania: Tanga Cement Co looks to cut costs with rail deal
The Tanga Cement Company has signed a deal with Tanzania Railway Ltd to transport 35,000t of cement a month to Mwanza and Kigoma. The deal would see the state rail company ship 15,000t to Mwanza on Lake Victoria and 20,000t to Kigoma on Lake Tanganyika. Both destinations are remote from cement producing regions and as a consequence currently pay high prices for cement. Tanzania’s Citizen...
Pakistan: Fauji Cement Co 64% growth for 9MFY15-16
Fauji Cement Co Ltd (FCCL), one of Pakistan's largest cement manufacturers and exporters, on April 18 reported earnings of PKR4.33bn (US$41.34m) for 9MFY16 compared to PKR2.65bn in 9MFY15, posting a growth of 64 per cent YoY. Analysts at BMA Capital Management Ltd attributed the growth in earnings firstly to a 13 per cent YoY growth in revenue due to higher dispatches and secondly to an 11 pe...
CRH boss Ireland’s best-paid CEO
Albert Manifold, chief executive of CRH, is Ireland's best-paid CEO, earning EUR5.53m a year (US$6.25m) according to a survey by the Sunday Independent. Mr Manifold earns over EUR1m more than the next best-remunerated boss, Kerry Group’s Stan McCarthy. CRH has expanded rapidly in recent years, taking on debt to purchase assets from LafargeHolcim as the latter shrank down its operations t...
Republic Cement to be delisted from Philippine stock exchange
The Philippine Stock Exchange has approved the delisting of cement-maker Republic Cement & Building Materials Inc., formerly Lafarge Republic Inc. (LRI), effective April 25 this year. Republic Cement, which is now 99.09 per cent owned by the consortium of conglomerates Aboitiz Equity Ventures (AEV) and British firm CRH Holdings, is exiting the local bourse after completing a voluntary tender...
TPCC profits rise, dividend announced
Tanzania Portland Cement Company (TPCC) profit increased by three per cent to TZS56.2bn (US$25.72m) in 2015, despite depreciation of the shilling that had a negative impact on fuel, spares and quarry services, according to a report in the Tanzania Daily News. TPPC, trading on the Dar es Salaam Stock Exchange (DSE) as Twiga cement, said profits rose due to stable domestic cement demand and an ...
Najran Cement profits suffer steep fall
Najran Cement (Saudi Arabia) posted a net profit of SAR61.08m (US$16.29m) in the first quarter of 2016, registering a decline of 33.6 per cent from SAR92m (US$24.53m) in the same period in 2015. The profit slump was due to decreased sales and production in combination with a rise in the cost of imported clinker used in the manufacture of cement, Najran said in a statement to the Saudi Stock...
Hail Cement profits slips 12 per cent
Hail Cement Company, Saudi Arabia, posted a 11.74 per cent decline in net profit for the first quarter of the fiscal year 2016, according to a bourse filing posted Sunday. The cement firm generated SAR33m (US$8.8m) net profit, down from SAR37.5m (US$10m)in the prior-year period. The profit decline was ascribed by the company to a rise in cost of sales due to market volatility.
India: LafargeHolcim sale temporarily halted by court
The sale of 11Mta of LafargeHolciim assets in India has been put on hold by India's Competition Appellate Tribunal. According to Mint an appeal has been lodged by Dalmia Cement (Bharat) Ltd. against the Competition Commission of India’s decision ordering the divestment of Lafarge India. The tribunal's decision will delay the sale process by at least three weeks, until May 9. Last week sa...
Kazakhstan: Steppe Cement sales down as demand tumbles
Steppe Cement has seen sales and revenue fall in the first quarter of 2016 as the company predicts that demand in Kazakhstan will be 11 per cent lower this year than it was in 2015. According to a report from DigitalLook, Steppe Cement’s volumes were down one per cent YoY in Q1 2016, falling to 190,953 tonnes. Revenues fared worse, falling by 12 per cent to KZT2.3bn (US$6.8m) over earnings ...