Cement News tagged: Corporate
PPC expansion strategy on track
PPC's expansion strategy remains on track and the new plant in Rwanda was officially opened on 18 August 2015. In an investor presentation posted on PPC's website ahead of the RMB Morgan Stanley Big Five Investor Conference in Cape Town on Monday, the company said all three remaining projects in the DRC, Zimbabwe and Ethiopia are ~45 per cent complete. The 1Mta Slurry Kiln 9 project has com...
Ecuador: Ucem to invest US$230m in new clinker plant
Ecuador’s Unión Cementera Nacional (Ucem) has signed a contract with Peru’s Casaracra and the Ministry of Production, Employment and Competition to build a new clinker plant in Riobamba, Chimborazo. Casaracra will invest US$230m. "This investment will replace imports of the value of US$250m over the next 10 years," said Ecuadorian Vice President, Jorge Glas, at the signing ceremony. The new...
CRH plc announces change of role for Board member
CRH plc announces that Mark Towe, currently president and chief executive of Oldcastle, will assume the new role of chairman, CRH Americas. He will work with the group chief executive to support performance and excellence programmes across the group. The appointment is effective from 1 January 2016. Mr Towe will continue as an executive director on the Board of CRH plc.
Morgan cuts CR Cement target price
Morgan Stanley lowered its target price for China Resources Cement (CRC) to HK$5.1 from HK$5.6, and maintained its "overweight" rating. The research house said the slow season is behind and it sees more policy support on the infrastructure and property side. Morgan Stanley expects construction demand to improve and cement prices to turn around. It has slightly lowered 2015 sales volume base...
Qalaa Holdings first-half revenues up by a third, Egypt
Qalaa Holdings (formerly Citadel Capital) released its consolidated financial results for the quarter ending 30 June 2015, reporting revenues of EGP2086.8m, up 33.7 per cent compared to the same quarter of last year. In the second quarter alone, the energy and cement divisions contributed some 70 per cent of total revenues. On a six months basis, revenues climbed 37.8 per cent YoY in 1H15 ...
PT Semen Baturaja eight-month net profit rises 27% YoY
PT Semen Baturaja Tbk reported a 27 per cent YoY increase in net profit to IDR224.7bn (US$15.3m) in the first eight months of the year, with strong sales growth seen by the publicly-traded state company. Sales rose by 29 per cent YoY to 925,034t over the period under from review from 714,863t a year earlier. "The income of the companysurged 29 percent to IDR880.1bn from IDR682.3bn," Corporat...
Confidence Cement plans expansion, Bangladesh
Bangladesh-based Confidence Cement Ltd is planning to double capacity from the existing 2000tpd to 4000tpd. The new project is scheduled for completion in 2016. During the first half of 2015, the company's revenue climbed 15.3 per cent YoY to BDT2.143bn (US$27.5m). Net profit dipped slightly to BDT152.3m versus BDT157.3m in the comparative period of the previous year. Confidence is the firs...
EPA announces a settlement with Lehigh Southwest, USA
The US Environmental Protection Agency (EPA) announced a settlement with Lehigh Southwest Cement Co for failing to properly report releases of toxic chemicals at its Cupertino, California, USA. The company is required to pay a US$47,600 penalty and spend US$144,250 to fund projects that support local emergency response and limit future releases from the plant. The EPA said in a statement that...
Alkhalij to double its cement capacity
Part of Qatari Investors Group, Alkhalij Cement Company will invest around US$800m in its second production line, which is scheduled to come on-stream in 1Q16. The new capacity will be built to maintain market share and meet the expected rise in cement demand, which has been boosted by major construction and infrastructure projects. Firas Tayssir Ibrahim, chief administration officer of Q...
DG Khan Cement has strong FY15
DG Khan Cement, part of the Nishat Group, has posted net earnings of PKR7.63bn (US$73.1m) in the year ending 30 June, up 28 per cent compared to full-year earnings of PKR5.97bn in the same period of last year. The company runs a total of 4.2Mta of production capacity in three cement plants with two located in Dera Ghazi Khan and one in Khairpur district, Chakwal. The key reasons behind the e...
Sri Lanka: Holcim village inaugurated by President
Sri Lanka's President Maitripala Sirisena inaugurated Holcim Village in Akmeemana, Galle, this week. The initiative was constructed and conceived by Holcim under its Sustainable Development Project and following its pledge for Livable Communities. Akmeemana Holcim village consists of 14 households and is the fourth settlement of its kind. The project cost the firm LKR14m (US$99,971). The Ga...
Italcementi disposes of WCC stake
Italcementi Group, via its affiliate CimFra (China) Ltd SAS, has disposed of its 5.24 per cent stake in West China Cement (WCC) for an upfront consideration of HKD341m, equivalent to approximately EUR38.5m, subject to later adjustments through a derivative contract with Credit Agricole CIB. The disposal of the minority WCC stake has no impact on EBITDA generation capacity at group level, Ital...
Lafarge Malaysia Bhd to acquire Holcim Malaysia
Lafarge Malaysia Bhd plans to acquire Holcim (Malaysia) Sdn Bhd, for MYR330m (US$77.4m) cash, as part of parent company LafargeHolcim Ltd’s plans to consolidate operations in the southeast Asian country. In a filing with Bursa Malaysia today, Lafarge Malaysia said it has entered into a conditional share purchase agreement with Holcim Indonesia for the proposed acquisition. Lafarge Malaysia s...
San Miguel Corp to up investment spend
Philippine conglomerate San Miguel Corp said on Monday it is raising planned investment in cement manufacturing to almost US$1bn with the addition of three new cement plants to two previously announced facilities. President Ramon Ang outlined the investment at a briefing following the listing of San Miguel's PHP33.5bn (US$720m) worth of newly issued preferred shares. Ang said in July San Mi...
Tanzania: Tanga six-months hit by devaluation of shilling
Tanga Cement Company has registered a net loss of TZS6.94bn- for the six months to June 2015, compared to a profit of TZS8.60bn in the corresponding period of year. Management partly attributed the decline to the devaluation of the Tanzanian shilling during most of the period. "The devaluation of the shilling resulted in a TZS7.9bn/- unrealised foreign exchange loss...The devaluation made t...
New director general appointed at Kavkazcement
Igor Nikolenko has been appointed the new General Director of CJSC Kavkazcement, part of Eurocement. A Eurocement statement stated that the new appointment was highly qualified with a 'deep knowledge of Eurocement group's business processes and long experience in the field of construction materials.' Mr Nikolenko was born in Belgorod in 1965. Having graduated from Belgorod Technological Insti...