Cement News tagged: Corporate
UltraTech to bid for Lafarge Holcim assets?
UltraTech Cement is reportedly eyeing cement assets being put on the block by Holcim and Lafarge ahead of their planned merge Local press have speculated that the Aditya Birla group company is more interested in Holcim and Lafarge's assets in emerging countries, particularly in Latin America. Chairman Kumar Mangalam Birla is leading the bid preparations, a source familiar with the deal told...
Oman Cement nine-month net profit declines
Oman Cement Co (OCC) made a net profit of OMR11.4m in the first nine months of 2014, down 8.1 per cent from OMR12.4m in the same period last year, the producer said in a bourse statement on Tuesday. In third quarter alone, the company saw a decline in net profit compared to the same period of last year, according to Reuters calculations. OCC posted a profit after tax of OMR2.3m (US$6m) in the...
Yanbu Cement 3Q profit up 16.4%, Saudi Arabia
Saudi-based Yanbu Cement net earnings grew by 16.43 per cent YoY in the third quarter of 2014 to SAR163m, but declined by 32.37 per cent compared to 2Q14. The company said the third quarter annual increase was was due to the lower cost of sales due on the back of a boost in production and receipt of a clinker import subsidy. The company attributed the QoQ decline to lower sales due to the Ra...
Raysut posts 8.9% increase in 9M13
Oman-based Raysut Cement said in a bourse filing that it made a net profit after tax of OMR20.9m (US$54.3m) in the first nine months of 2014, up 8.9 per cent from OMR19.2m in the year-ago period. The company posted a 17.8 per cent increase in net profit for the third quarter of 2014 to OMR5.3m (US$13.8m), according to Reuters calculations. Raysut narrowly missed expectations as three anal...
Barclays raises target price for CRC, maintains rating
Barclays Research raised its target price for China Resources Cement to HK$5.91 (US$0.76) from HK$5.79 and maintained its "equal weight" rating. Despite the strong cement price in southern China so far this year, the research house noted concerns over CRC's long-term growth as volume growth expansion is limited and the company does not have any material consolidation plans so far. Barclay...
UltraTech Cement appoints two additional independent directors
UltraTech Cement Ltd, India's largest cement producer, on Monday said it has appointed Renuka Ramnath and Sukanya Kripalu as additional independent directors on its board. The appointments are effective as of 11 October 2014, the Adity Birla Group company said in a filing to the exchanges. Ramnath is the founder of Mutliples, a US$400m private equity fund, and is a former managing director a...
Paraguay: INC to halt kiln as it replaces refractory
Paraguay’s Industria Nacional de Cemento (INC) will halt its kiln at Vallemí to complete the replacement of its refractory. However, the maintenance will not affect output, which will remain at 45,000-50,000 bags per day, according to CEO Jorge Méndez. He said the company has sufficient clinker stock to maintain daily production rates for 45 days. Cement consumption has surpassed supply th...
Deutsche Bank upgrades Adelaide Brighton, Australia
Deutsche Bank has upgraded Australian building materials supplier Adelaide Brighton to hold from sell, citing recent share price underperformance. However, Deutsche continues to have concerns around the potential for more contract losses. The broker says Adelaide Brighton is trading on a multiple of 13.3 times earnings – broadly in line with its historical 12-month ratio of 12.9 times. "Upsi...
Hoang Mai Cement expects revenue at US$80m this year
Hoang Mai Cement JSC (HOM), an affiliate of Vietnam Cement Industry Corporation (Vicem), forecast its net revenue at VND1.7trn (US$80m) and pretax profit at VND45bn, thank to a rebound in demand of cement in the local market. The projection was made by Truong Quoc Huy, director of HOM in a report posted on a website under the Ministry of Construction. In 2014, the company’s total cement sale...
SA watchdog puts condition on merger approval
The Competition Commission of South Africa has consented to the merger of Holcim and Lafarge SA on condition that Holcim divests of the shareholding in Afrisam within three years of the approved merger. The watchdog said on its website that it had approved the intermediate merger on 1 October 2014, Holcim exited the South African market a few years ago, except for a stake it held in Afr...
TCL downgraded by Fitch Ratings
Trinidad Cement Ltd (TCL) has been downgraded by Fitch Ratings, just days after Standard & Poor’s (S&P) also lowered its corporate credit rating on the Caribbean-based producer. Fitch’s primary analyst Phillip Wrenn said in a statement that cement company’s foreign and local currency issuer default ratings (IDRs) had dropped to ‘D’ from ‘B-’. “This downgrade to ‘D’ follows the announceme...
Cementos Argos board approves bond issue
The board of Cementos Argos has authorised a bond issue of up to COP1trn (US$493m), proceeds from which will be used for working capital and debt payments, the company said in a statement. Cementos Argos, Colombia’s largest cement producer, will have three years to issue the paper, although typically bonds are released within a few months of the board's approval. The company, a subsidiary...
Vulcan expands through acquisitions, USA
Vulcan Materials Company, the biggest construction aggregates producer in the US, completed six acquisitions during its third quarter to expand its aggregate operations. These consist of five aggregates facilities and concerning downstream assets in Albuquerque, Phoenix, and Santa Fe, and an aggregates operation in Delaware that serves the markets in Northern Virginia and Washington, DC. The...
Senior appointments at Gujarat Sidhee Cement, India
VR Mohnot has been appointed as Chief Financial Officer & Company Secretary of Gujarat Sidhee Cement effective 1 October 2014. In addition,. Anupama Pai has been named Compliance Officer, the company said in a statement to the Bombay Stock Exchange.
Venezuela: final compensation installment delayed
Holcim is yet to receive the last compensation installment in connection with the nationalisation of Holcim Venezuela in 2008, the company said in a statement today. Corporación Socialista Del Cemento, SA, which is operating the former Holcim plant, has not transferred the remaining compensation amount of USD$97.5m due on 10 September 2014. The Swiss cement major said it is in contact with ...
S&P's downgrades Trinidad Cement Ltd
Standard & Poor's Ratings Services lowered its corporate credit rating on Trinidad Cement Ltd Group (TCL) to 'D' from 'B'. The downgrade reflects TCL's missed debt service payments due 30 September 2014. Such maturities are not subject to a grace period and we do not expect payment within five business days, which Standard & Poor's considers an event of default as per its criteria. In ad...