Cement News tagged: Corporate
Lucky Cement first-half profit up 8.5%
Pakistan's leading cement producer, Lucky Cement, reported a profit after tax of PKR5.6bn (US$55.1m) during the first half of FY14-15 versus PKR5.16bn a year earlier. During the six-month period, net sales rose nine per cent YoY to PKR21.4bn. The increase is attributed to a 9.2 per cent uptake in sales volumes to 2.02Mt, a 2.24 per cent improvement in exports to 1.23Mt and a 2.91 per cent r...
UAE: Gulf Cement net profit down 11.3%
Gulf Cement, which is listed on the Abu Dhabi Securities Exchange, said last week it booked a net profit of KWD4.7m (US$15.9m), down 11.3 per cent from KWD5.3m a year earlier. For the fourth quarter of 2014, the UAE-based cement producer slipped into a net loss of KWD1m, versus a net profit of KWD1.8m in the corresponding period of 2013.
CCI clears LH merger on condition
The Competition Commission of India has reportedly given the green light to the Lafarge and Holcim merger on condition it divests divests some of its units, including limestone reserves, to prevent a monopoly in eastern India, top sources said. After prima facie investigations by CCI revealed the combination will likely have an appreciable adverse effect on competition, especially in eastern...
Ukraine: Volyn Cement net loss widens
Volyn Cement reported a net loss of UAH456.7m (US$16.3m) for 2014, compared to a loss of UAH46.9m during the year before. The Dyckerhoff subsidiary's assets came in at UAH1.14bn on 1 January 2015, long-term liabilities reached UAH1.17bn and current liabilities totalled UAH155.3m. Total receivables amounted to UAH 46.9m at the end of 2014, according to the report. Volyn Cement operates an int...
LH: potential merger of Indian operations on the cards?
Lafarge and Holcim may bring together their local Indian interests as part of the merger process between the two global cement majors, according to local press. The Economic Times reported yesterday that Holcim and Lafarge plan to merge Holcim’s local companies ACC and Ambuja Cements together with Lafarge India, citing sources with direct knowledge of the matter. According to the report, the ...
Egypt: Qena Cement sees 15.3% rise in net profit
Qena Cement posted a 15.28 per cent rise in 2014 net profit, according a stock exchange filing on Thursday. Full-year profit came it at EGP312.91m (US$41m), up from EGP271.436m a year earlier.
Eurozone construction output down 0.8% in December
Construction output in the eurozone contracted in December, led by falls in Germany and Spain, according to the Eurostat, the European Union's statistical office. Production in construction fell by 0.8 per cent month-on-month at the end of last year. Building production dropped by one per cent on the month while that of civil engineering rose by 1.7 per cent. Construction output in Ge...
CRH announces non-executive board appointment
CRH announced the co-option to the Board, with effect from 1 March 2015, of Ms. Lucinda Riches as a non-executive Director. Ms Riches (53), a British citizen, is a non-executive director of UK Financial Investments Limited, which manages the UK Government’s investments in financial institutions. She is a non-executive director of Diverse Income Trust plc, Graphite Enterprise Trust plc, the ...
Lafarge's final full year turnover and EBITDA in decline
Lafarge's turnover eased by 1.9 per cent to EUR12,843m in 2014 and the EBITDA came off 2.6 per cent to EUR2721m, having fallen by 9.4 per cent in 2013. Including share of associates, turnover eased by 0.2 per cent to EUR15,167m and the EBITDA by 0.4 per cent to EUR3091m. The trading profit was off by 2.9 per cent to EUR1,881m, but was 0.4 per cent ahead at EUR2084m including associates and ...
Fauji Cement first half profit rises by a third
Pakistan producer Fauji Cement reported a 33 per cent rise in first-half profit of PKR1.67bn (US$16.4m) compared to PKR1.25bn a year earlier. Earnings surged 77 per cent QoQ to PKR1.06bn or an EPS of Rs0.80 during 2QFY14-15 because of the increase in margins and lower finance cost. Revenues increased nine per cent YoY to PKR8.99bn during the first half due to and increase in sales volumes to...
Holcim Obourg reduces job losses
The management of Holcim’s Obourg plant in Belgium and the unions have signed an agreement regarding the restructuring of the works. The majority of the 38 staff that will be laid off will leave the company on early retirement packages and only four will be dismissed. This lowers the initial reduction in staff by 10 after lengthy negotiations took place. The plant will now be operated by aro...
Oman Cement 2014 profit declines on weaker sales, clinker imports
Oman Cement reported a 12.8 per cent decline in net profit on account of weaker sales, lower clinker production and higher volumes of imported clinker, the company said on Monday. Clinker imports were brought in by the company during the year due to one of its kilns being closed temporarily for capacity enhancement. Oman Cement sold 2.078Mt of cement through 2014, down 1.1 per cent compared...
Eastern Province Cement names new chairman, deputy chairman
Saudi-based producer Eastern Province Cement Co (EPC) approved at a meeting on Sunday the appointment of Turki bin Fahd as board chairman. The company also named Abdul Mohsen al-Ruwaishid as deputy board chairman. In a separate statement on Monday, the cement manufacturer announced a 21 per cent YoY increase in net profit to SAR374m (US$99.7m) last year attributed to higher ready-mix concret...
Vulcan Materials adds two new members to its board
Vulcan Materials has named Southern Co CEO Thomas A Fanning and former US Secretary of Labor Elaine L Chao to its board of directors. Fanning has been president, CEO and chairman of Southern Co (the parent of Birmingham's Alabama Power Co) since 2010. He also serves as chair of the Federal Reserve Bank of Atlanta and as chairman of the Electric Subsector Coordinating Council. Chao served as ...
Dongwu raises US$6.70m in private placement
Dongwu Cement International Ltd has completed a private placement of 40m shares at a price of HKD1.30 ($0.16) per share for gross proceeds of HKD52m (US$6.70m). The company has agreed to issue up to 40 million shares at a price of HKD1.30 (US$0.16) per share to raise gross proceeds of HKD52m (US$6.70m) in a private placement. The placing shares represent approximately 7.81 per cent of the ex...
KHD appoints new CEO
The Supervisory Board of KHD Humboldt Wedag International AG (KHD) has appointed Johan Cnossen as a member of the Management Board, effective 1 May 2015. Mr Cnossen will serve as KHD chief executive officer, following the resignation of incumbent CEO, Jouni Salo, due to "personal reasons" , the German equipment manufacturer said in a statement on Friday. Mr Cnossen is currently Vice President...