Cement News tagged: Corporate
Aboitiz plans to buy Lafarge Philippines assets
Philippine conglomerate Aboitiz Equity Ventures Inc said on Friday it had signed an agreement for a possible acquisition of Lafarge's local cement operations in partnership with CRH Plc. CRH had earlier agreed to buy for EUR6.5bn cement assets from Lafarge and Holcim Ltd., whose asset divestments are part of preconditions to winning regulatory approval for their merger. Both Lafarge and Holci...
Indocement shareholders approve disbursement of almost all 2014 profits as dividends
During an annual shareholders meeting in Jakarta on Wednesday the shareholders of PT Indocement Tunggal Prakarsa approved the company’s proposal to pay dividends of about IDR4.96trn (US$381.9m) or IDR1350 per share, about 94 per cent of the profits recorded in 2014. Indocement booked IDR5.27trn in profits in 2014, a 5.2 per cent increase from IDR5.01trn in 2013. During 2014, the company...
Molins sees net 1Q15 profit up 132%
Spanish cement producer Cementos Molins reported a net profit of EUR15.1m in 1Q15, up 132 per cent YoY from EUR6.5m in 1Q14. Although domestic sales improved by 7.1 per cent, the company said the advance was “insufficient”. EBITDA reached EUR2.1m, but net profit remained in the red. Its Mexican subsidiary Corporación Moctezuma posted a 37.3 per cent rise in sales while Argentina’s Cementos A...
Sabanci Holding posts 54% rise in first-quarter profit, Turkey
Sabanci Holding, whose business units include Turkish cement producers Akcansa and Cimsa, on Monday posted a 54 per cent rise in its first-quarter profit to TRL648.5m (US$241m). Revenue amounted to TRL2.48bn in the period, less than the TRL2.54bn in the same period last year, according to a filing with the stock exchange.
Vulcan Materials sees good volume growth in most markets
Vulcan Materials, the largest US aggregates producer, generated a first-quarter turnover 9.9 per cent ahead at US$631.3m and EBITDA declined by 70.6 per cent to US$78.5m. At the trading level, the first quarter there was a US$10.8m profit compared with a US$194.7m profit a year earlier when there was a substantial capital gain from the sale of the cement operations, along with the ready-mix...
Putney Capital Management announces acquisition in partnership with Argos
Putney Capital Management LLC announced the acquisition of one of the main terminals for the reception, storage and distribution of cement in Puerto Rico. This strategic investment was made in partnership with Colombia's Cementos Argos (Argos), the fifth largest producer of cement in Latin America, and the second largest in the southeast of the United States with operations in Colombia, Centr...
Shandong Shanshui Cement to issue CNY900m 366-day bills
Shandong Shanshui Cement Group Ltd, the subsidiary of China Shanshui Cement Group Ltd, has announced that it will issue CNY900m 9US$145.1m) unsecured short term bills with a maturity of 366 days on the interbank market on 20 May. The corporation said in a statement that the bills will be issued at the face value, and the coupon rate determined in the process of bookbuilding. Both value date ...
FLSmidth expects pick-up in cement order intake in 2015
FLSmidth reported a 39 per cent decline in cement order intake for the first quarter of 2015 but, based on the current order tender activity, the group still expects the division's full-year order intake to be higher than last year. In its interim report released last week, FLSmidth reported a decline in both total revenue and order intake of three per cent over Jan-March 2015 period, despite...
Fitch downgrades Cimento Tupi's Ratings
Fitch has downgraded its rating for Cimento Tupi to ‘C’ following the Brazilian cement company’s announcement that it will miss its US$9m interest payment on its US$185m of senior unsecured notes due in 2018. The downgrade reflects Tupi's inability to pay its coupon payment which will enter a 30 day cure period on its outstanding notes, Fitch said in a statement. Tupi hired investment bank R...
Ashaka 1Q pretax profit down 59%, Nigeria
Nigeria's Ashaka Cement first-quarter pretax profit fell 58.8 per cent to NGN1.16bn (US$5.8m) from a year ago, the company said on Monday. The decline was partly attributed to a fall in sales and a contraction in gross margin. Revenue fell to NGN4.56bn during the three months to end-March, down from NGN6.5bn in the previous year, the local unit of Lafarge Cement said in a stock exchange fil...
Cementir advances in Denmark and Sweden
Cementir's first quarter turnover eased by 0.9 per cent to EUR204.7m and the EBITDA came off by 1.6 per cent to EUR24.2m, primarily reflecting difficult market conditions in Turkey and Egypt. At constant exchange rates, the turnover would have been down by 4.1 per cent to EUR198.0m. The trading profit declined by 31.5 per cent to EUR3.1m, but at the pre-tax level there was an improvement to E...
Holcim files Lafarge stock exchange offer
Holcim Ltd said on Monday it has filed with the French financial market regulator details of its proposed share exchange with Lafarge. The offer allows Lafarge shareholders to exchange all shares in the Paris-based company for newly created shares in Holcim. The exchange ratio is 10 Lafarge shares for nine shares in Holcim. Two thirds of Lafarge's 293 million shares have to be offered up ...
Buzzi improves in the USA & central Europe
Buzzi Unicem's first-quarter turnover increased by 3.4 per cent to EUR513.39m and the EBITDA went from a EUR10.26m to EUR27.15m. The loss at the trading level was reduced by 48.6 per cent to EUR19.24m. Net financial charges increased by 31.3 per cent to EUR43.01m giving a seasonal pre-tax loss 24.5 per cent lower at EUR46.16m. Net debt at the end of March was 6.6 per cent higher at EUR1133.3m,...
Holcim shareholders back all motions for proposed merger
Lafarge and Holcim have today successfully secured support from Holcim shareholders for their proposed merger and completed one of the final key steps on their way to creating a global building materials giant. Representing around 72 per cent of the company’s share capital, the 738 shareholders attending the Extraordinary General Meeting of Holcim Ltd approved all motions proposed by the Board...
Votorantim Cimentos issues EUR500m in European bonds
Votorantim Cimentos SA announces the issuance of its Euro-denominated bond, representing the first issuance since November 2014 by a Brazilian company in the international capital markets in 2015. The issuance followed three days of investor meetings in London, Amsterdam, Munich and Frankfurt, which resulted in an issuance of €500 Euro-denominated notes due 2022 bearing interest at the rate o...
Italcementi advances in India and Morocco
Italcementi's first-quarter turnover improved by 5.1 per cent to EUR980.5m while the running EBITDA eased 0.4 per cent to EUR95.2m. The trading loss was increased by 13 per cent to EUR4.7m and net interest charge rose by 2.6 per cent to EUR34m. The pretax loss declined by 23.1 per cent to EUR34m but a higher tax charge led to a 7.5 per cent increase in the net attributable loss to EUR73.4m. ...