Cement News tagged: Corporate
Hilal net profit edges ahead, Kuwait
Kuwaiti cement producer Hilal Cement net profit reached KWD518,500 (US$1.8m) for 2013, up 3.6 per cent from KWD500,500 a year earlier, the company said in a bourse filing. The total assets stood at KWD22m at end-December 2013, compared with KWD21.9m a year earlier. Hilal's management board has proposed a seven per cent cash dividend for 2013, equal to 7 fils per share.
Bamburi: operating profit plunges 24% YoY, Kenya
Bamburi Cement’s 2013 turnover declined by 3.6 per cent to KES33.9bn while operating profit fell 24 per cent amid an increasingly competitive market. Commenting on the company’s results, managing director Hussein Mansi, said: “In the first half of 2013, we experienced a drop in the company’s performance mainly attributable to competitive pressure in Uganda and we also saw a significant redu...
Guy Sidos appointed chairman of Vicat Group
Jacques Merceron-Vicat, chairman of the Vicat Group has appointed current CEO, Guy Sidos, chairman in addition to his position as CEO. The board also appointed Jacques Merceron-Vicat honorary chairman.
HeidelbergCement issues a Eurobond
HeidelbergCement yesterday priced a Eurobond issue under its EUR10bn EMTN programme with an issuance volume of EUR500m and a maturity date of 12 March 2019. The proceeds of the transaction will be used for general corporate purposes. The five-year bond bears a fixed coupon of 2.25 per cent p.a. The issue price is at 98.84 per cent, resulting in a yield to maturity of 2.50 per cent. Joint Glo...
Najran full-year net profit slips, Saudi Arabia
Saudi-based producer Najran Cement posted a slight two per cent decline in net profit for 2013 to SAR198m (US$52.8m) from SAR202m the year before. Earnings per share stood at SAR1.17 compared with SAR1.33 in 2012. The lower bottom line results were attributed to a rise in the cost of sales, Najran said. Operating profit for the year of SAR226m was 7.8 per cent lower than the SAR245m a year...
Italcementi approves capital hike, to delist Ciment Francais
Italcementi approved a capital increase for up to EUR450m, and a voluntary public tender offer on all the minority shares it does not already own in French subsidiary Ciments Francais at EUR78/share. The plan, which includes the conversion of Italcementi savings shares into ordinary shares on a conversion ratio of 0.65 ordinary shares for each savings share, is part of efforts to boost and s...
OYAK Cement full-year operating profit rises 52%
Turkish producer OYAK Cement Group said on Monday its operating profit rose 52 per cent to TRL343m (EUR112m) in 2013. Consolidated sales rose 17 per cent to TRL1.3bn. EBITDA was up 41 per cent to TRL414m in 2013. Under OYAK Cement’s wing are five subsidiaries: Adana Cimento, Mardin Cimento, Bolu Cimento, Unye Cimento and Aslan Cimento.
Malaysia: CMS pretax profit buoyed by cement division
Cahya Mata Sarawak Bhd (CMS) registered a 30 per cent YoY rise in pretax profit to MYR295.27m in 2013, driven mainly by higher earnings from its cement division. The cement segment saw a 46 per cent rise in pretax profit to MYR96.66m mainly due to the successful re-commissioning of its upgraded clinker plant. Commenting on the results, CMS group managing director Dato Richard Curtis said...
Mexico and Argentina impact 2013 Molins results
The market contraction in Mexico and a devaluation of the Argentine peso impacted the annual results of Cementos Molins. The Spanish company saw profit fall by 77 per cent to EUR10.1m although this is not comparable with the EUR20m of the previous year as the cement producer sold its stake in Cementos Artigas of Uruguay. Consolidated turnover noted a 9.4 per cent drop to EUR832m. Foreign ...
HeidelbergCement upgrade
Moody's Investors Service has upgraded the provisional (P)Ba2 MTN ratings and the Ba2/(P)Ba2 ratings on the notes outstanding to (P)Ba1 and Ba1, respectively of HeidelbergCement AG and its subsidiaries. The Ba1 coporate family rating (CFR) and the stable outlook remain unchanged. The upgrade of HeidelbergCement's MTN and bond ratings follows the signing of a new five year EUR3bn revolving cr...
Oman Cement to obtain a loan to finance new mill project
Oman Cement has decided to obtain a loan from a leading Omani bank to finance a new mill at its existing plant with an expected expenditure of US$39m. Jamal Shamis Al Hooti, CEO of the sultanate’s second-largest producer, said: “…while our acceptance to the Bank's offer has been communicated, an agreement in this regard is being finalised.” (Source: Muscat Securities Market)
Macedonia: Cementarnica Usje Skopje net profit increases 12% YoY
Macedonia’s sole cement producer, Cementarnica Usje Skopje, reported that non-consolidated net profit rose 12 per cent to MKD1.48bn (EUR24m) in 2013. Revenue fell by five per cent YoY to MKD3.9bn while operating costs decreased to 14 per cent to MKD2.6bn, the company said in its non-consolidated financial statement to the Macedonia Stock Exchange. The company is 94.8 per cent owned by Gre...
Mixed full-year performance for Holcim
Holcim reported a mixed performance in 2013 as attributable profit doubled while turnover declined. Overall volumes were down due to weaknesses in key emerging markets, but European shipments were finally on the up. For the full year Holcim’s turnover declined by 6.8 per cent to CHF19,719m (US$22,349m). Operating EBITDA edged ahead by 0.2 per cent to CHF3896m, though ignoring last year’s rest...
Lucky Cement 1HFY14 net profit rises 20%
Pakistan market leader Lucky Cement reported a 20 per cent rise in net profit for the first half of FY14 boosted by in part by higher prices. Net profit for the six months to the end of December 2013 stood at PKR5.16bn (US$49.2m) compared to PKR4.49bn in the same period of the year before. Revenue improved 11.8 per cent YoY to PKR19.57bn against PKR17.51bn in the 1HFY13. Commenting on the...
Holcim's full-year volumes down, net income rises on Leadership Journey initiatives
Holcim reported saw volumes decline in its cement, aggregates and ready-mix concrete segments in 2013, but operating EBITDA margin and net income increased due to the implementation of the Holcim Leadership Journey. Full-year net sales were down 6.8 per cent to CHF19.72bn, but increased on a like-for-like basis by 0.2 per cent. The group reported that it was significantly harder to implement...
HeidelbergCement signs new credit facility
HeidelbergCement has signed a new EUR3bn syndicated credit facility with a term of five years to refinance the existing credit facility which would have expired in December 2015. The revolving credit line was early refinanced due to favorable market conditions, the company said in a statement yesterday. HeidelbergCement was able to execute the new self-arranged facility with significantly i...