Cement News tagged: Corporate
Taiwan Cement hikes prices 3.2%
Taiwan Cement announced a rise of cement prices in Guangdong and Guangxi, China, by CNY10 (US$1.63)/t or 3.2 per cent to CNY320/t. The company said that as the China market has entered peak season, cement stocks in the Pearl River Delta have been falling, enabling price rises to go ahead. Taiwan Cement said it would keep a close eye on the market's reaction and does not rule out a furthe...
TCL shareholders axe old board
Six directors have resigned from the board of Trinidad Cement Ltd (TCL) in a meeting held in Port-of-Spain on Tuesday following a dramatic compulsory meeting of shareholders fed up with the dire financial performance of the indebted Caribbean cement producer. Businessman Wilfred Espinet was elected Chairman of the new TCL board, along with retired public servant Alison Lewis, Jamaican busine...
FLSmidth wins DR Congo plant project
FLSmidth has won a contract worth EUR68m from Nyumba Ya Akiba SARL to supply a complete package of equipment and engineering for a greenfield cement plant in the Democratic Republic of Congo. The plant will be located in the province of Bas-Congo, approximately 250km west of the capital Kinshasa. Nyumba Ya Akiba SARL is a joint venture between Pakistani Lucky Cement Ltd and the Rawji Group o...
Fauji Cement full-year net profit rises 27% YoY
Pakistan-based producer Fauji Cement reported a net profit of PKR2.39bn (US$23.7m) for the fiscal ending 30 June 2014, up 27 per cent YoY compared to PKR1.88bn in the year before. An increase in cement prices and lower financial charges contributed to the Fauji Cement’s earnings, a report by Global Research said. During the fourth quarter, earnings declined 46 per cent QoQ to PKR403m due...
Moody's: WCC results in line with expectations
Moody's Investors Service says that West China Cement Ltd's (WCC) first-half results are in line with Moody's expectations. As a result, WCC's B1 corporate family and senior unsecured ratings remain unchanged. "WCC improved its profitability and financial leverage in 1H 2014, despite a moderation in revenue growth, due to slowing cement demand," says Jiming Zou, a Moody's Assistant Vice Pres...
Chile's Cementos Bío Bío restructures Corpbanca and BCI loan
Chilean cement producer Cementos Bío Bío has reached a finance agreement with Corpbanca and BCI to restructure a loan taken out in August 2012. The CLP120bn (US$206m) loan has a maturity of seven years and a two-year grace period. The loan will be repaid in 20 quarterly installments, starting 17 November 2016. The debt restructuring is expected to enable the cement company to face a contr...
Holcim plans service centre in Slovakia
Holcim is considering the creation of a European service centre in Kosice, Slovakia. The "Shared Service Center" will deliver services to 16 countries, excluding the UK, according to Holcim spokesperson Eike Christian Meuter. Plans for the centre will be finalised later this year with the facility starting operations next year.
TCL second-quarter revenue up 9%
Trinidad Cement Ltd (TCL) saw second-quarter revenue rise by nine per cent to TTD560m (US$88.3m) as demand remained strong in key markets. EBITDA and non-recurring charges climbed 16 per cent YoY to TTD132.2m in the quarter under review. For the first half year of 2014, revenue increased by TTD79.5m or eight per cent whilst EBITDA and non-recurring charges remained flat at TTD232.2m compared ...
SCG Philippine operations post higher sales
Siam Cement's operations in the Philippines posted stronger sales of cement, building materials and tiles in the first half of 2014, the Thai conglomerate said in a statement. The group reported a nine per cent YoY increase in the consolidated sales of its Philippine subsidiaries for the second quarter, amounting to US$38m. Contributions from the Philippine operations brought up its overa...
Vietnam government investment arm to divest in Yen Bai shareholding
The Vietnamese government’s investment arm, State Capital Investment Corporation (SCIC), plans to sell its entire 1.9 million shares of Yen Bai Cement and Minerals JSC (YBC) between 21 August and 19 September. SCIC currently holds a 40.6 per cent stake in YBC. The Hanoi Stock Exchange (HNX) cancelled the stock listing of YBC on 28 May 2014.
TCC confident on fourth-quarter revenue boost
Taiwan Cement Corp (TCC) said it expects revenue to rise by 13 per cent in the second half of this year from TWD58.59bn (US$1.96bn) in the first half due to an anticipated rise in sales in the fourth quarter. The company expects revenue this quarter to be between the TWD28.67bn it reported in the first quarter and TWD31.87bn in the second quarter. Revenue for the final three months of the ye...
Morgan Stanley raises Buzzi Unicem rating
Morgan Stanley has raised its rating on Italy's Buzzi Unicem to "overweight" from "equal weight", on a strong upside potential for the cement maker's stock which has underperformed the market since February amid uncertainty over Ukrainian and Russian markets. Around 50 per cent of Buzzi Unicem's earnings per share (EPS) growth in 2015 will come from a double-digit rise in EBITDA, lower finan...
West China Cement first-half revenue rises despite flat volumes
West China Cement reported higher revenue and gross profit margins for the six months to the end of June 2014, boosted by higher average selling prices (ASP) in its core markets in Southern Shaanxi province as overall sales volumes remained flat. Revenue reached CNY1,997.7m an increase of 1.5 per cent from a year earlier. The gross profit margin increased to 19.3 per cent from 17.6 per cent ...
Nigeria: Dangote pretax profit dips
Nigeria's Dangote Cement said on Friday its half-year pretax profit fell to NGN107.06bn (US$659.4m), down 0.57 per cent from NGN107.68bn a year ago. However, turnover rose to 208.91bn during the six months period to 30 June 2014, compared with NGN198.46bn last year, the cement company said in a filing with Nigerian Stock Exchange.
Improved pricing and exports boost CCCL first half
Caribbean Cement Company Ltd (CCCL), the Jamaican subsidiary of Trinidad Cement Limited (TCL), achieved a 28 per cent increase in revenue for the first half of the year due to improved pricing and increased exports. Turnover rose to JMD7.25bn up from JMD5.68bn a year earlier, “driven by improved pricing and an almost doubling of aggregate clinker and cement export sales volumes,” a report b...
Ash Grove announces new president and COO
Ash Grove Cement Company’s board of directors announced the promotion of J Randall Vance to president and chief operating officer, effective immediately. Vance, who served three years as senior vice president of administration and chief financial officer, assumes responsibility for manufacturing and sales of the company’s cement operations, as well as continuing to lead its finance, accountin...