Cement News tagged: Corporate
Binani Cement appoints new MD
Binani Cement Ltd, part of the Braj Binani Group, has appointed Jotirmoy Ghose as its new managing director. “Jotirmoy’s vast expertise of global operations and new market developments fit perfectly with Binani Cement’s plans of deepening its roots into new global markets where it is currently expanding,” Braj Binani, Chairman — Braj Binani Group, said in a statement. Commenting upon hi...
Exports offset domestic losses for Molins
The third-quarter consolidated net profit of Spain’s Cementos Molins fell 65.5 per cent YoY to EUR10.8m. The company’s international subsidiaries enjoyed a profit of EUR43.3m, offsetting the EUR32.5m loss registered in the domestic market. In the first nine months of the year, consolidated turnover slipped by 9.7 per cent YoY to EUR621m. Around 10.5 per cent was shaved of the turnover origi...
Cemex Latam opens new grinding unit in Colombia
Cemex Latam Holdings inaugurated a new cement grinding plant in Clemencia in Bolivar, Colombia. Output from the 0.45Mta works is expected to supply projects in the Caribbean coastal area. The plant, which will produce three types of cement (for general purposes, for structural use and for use in marine environments), is located on a 10ha site. "Our vision is to promote the development of...
India: Ambuja wins approval for Holcim restructuring
Ambuja Cements Ltd announced on Thursday that it had received shareholders' approval to buy a 24 per cent stake in Holcim (India) Pvt. Ltd from Holderind International for INR350,000m (US$556m) as well as the amalgamation of Holcim (India). The restructuring has been criticised by some investors and local shareholder-advisory firms for favouring the parent. Another round of voting will take ...
South Korea: Investors in Tong Yang Cement fear capital cut
Tong Yang Cement, which is currently under a court receivership, may slash its capital on a large scale to offset losses in prior years, according to a Reuters report. It is rumoured that the troubled cement producer will soon determine whether capital reduction will be executed and how much capital will be erased. Tong Yang Inc, a holding company of Tong Yang conglomerate, sold debt worth...
India: US$122m net profit for Udaipur Cement in September quarter
Net profit of Udaipur Cement Works reported to INR77,000m (US$122m) in the quarter ended September 2013 as against net loss of INR21,300m (US$33.8m) during the previous quarter ended September 2012. Sales reported to INR32,700m in the quarter. For the full year, net profit swung to INR58,500m in the year ended September 2013 from a net loss of INR126,200m during the previous year ended Septe...
Swiss poll could limit executive salaries
Nine months after putting checks on excessive payouts for executives in a referendum, Europe's best-paid voters will decide on Sunday whether to cap the highest wages in a company at 12 times the lowest pay. Swiss corporations and the government have joined forces to oppose the so-called 1:12 initiative, which is forecast to be rejected. The payscale at Holcim, formed 101 years ago in the Swi...
Vietnam: Vinaconex on target with restructuring
Vietnam Construction and Import-Export JSC (Vinaconex) claims to have met its restructuring targets after successfully addressing shortcomings in the firm's assets, capital sources and operations. Lowering investments into non-core businesses and reducing its debts has enabled Vinaconex to fulfil its asset restructuring, capital and operational targets to foster its core construction business....
Nigeria: Dangote Cement Plc gross revenue soars
In the 1H13 Dangote Cement Plc's gross revenues grew by 29 per cent to NGN288.9bn (US$1.8bn) for the 3Q13, from NGN224.5bn recorded in the corresponding period 3Q12. Dangote Cement recorded a profit before tax (PBT) of NGN151.7bn for the nine-month period to September 2013, an increase of 43 per cent YoY from NGN106.4bn in 3Q12. Operational expenses grew by 57 per cent to NGN33.6bn in the...
Holcim's India's rejig plan receives FII support
Holcim may have won minority shareholder support for its restructuring plans in India on strong backing from foreign institutional investors (FII) who control just over 30 per cent of its subsidiary, Ambuja Cements. According to analysts, the FII includes some 359 foreign portfolio investors, which is expected to be sufficient to overcome opposition from domestic institutional investors incl...
Malaysia: Lafarge's net profit rises by 24.7%
Lafarge Malaysia Bhd's net profit for the third quarter ended 30 Sept 2013 rose 24.7 per cent to MYR120.2m (US$37.7m) from MYR96.4m a year ago. Its revenue climbed 2.7 per cent YoY to MYR728m compared with MYR708.8m earlier. Earnings per share stood at 14.2 sen from 11.3 sen last year. In a filing with Bursa Malaysia, Lafarge said the higher revenue was mainly due to higher sales volume i...
China: Qingsong Building Materials acquires Xinjiang cement business
Xinjiang Qingsong Building Materials & Chemicals (Group) Co Ltd has acquired a 31.64 per cent stake in Yili Nangang Building Materials (Group) Co Ltd for CNY169m (US$27.7m), the company announced. After the acquisition, Qingsong Building Materials' stake in the Xinjiang Uyghur Autonomous-based company increased to 51 per cent, further expanding cement market shares in the region.
PPC's preliminary report, year-end Sept 2013
PPC's South African cement sales volumes rose by seven per cent, while industry sales for the nine months ending June 2013 increased by 4.2 per cent. Strong volumes were recorded in the Gauteng and inland regions despite increased industrial action in these markets. Volumes in the coastal regions also recorded growth despite rising imports and a particularly wet winter season. Imported cemen...
Brazil: CSN reports 3Q13 earnings
Companhia Siderurgica Nacional (CSN)announced its results for the 3Q13 and 9M13, posting a record net revenue of BRL4.7bn (US$2bn) in 3Q13, 15 per cent up on 2Q13. Year-to-date net revenue came to BRL12.4bn, also a new record. The adjusted EBITDA totalled BRL1.7bn in 3Q13, 51 per cent up on the BRL1.1bn recorded in 2Q13, fuelled by the mining and steel segments. The consolidated EBITDA margi...
Anglo American announces the sale of Tarmac Building Products to Lafarge Tarmac
Anglo American Plc said it will sell Tarmac Building Products Ltd to Lafarge Tarmac Holdings Ltd, the 50:50 joint venture of Lafarge's and Anglo American's construction materials and services businesses in the UK. The deal is subject to regulatory approvals, and details are confidential, it said. Tarmac Building Products is a supplier of heavy building products, including construction blocks...
SCG reports 53% increase in 3Q net profit
Thailand's largest industrial conglomerate, Siam Cement Group, reported a 53 per cent increase in third-quarter net profit while its cement and building materials division showing the highest rise in revenue. Net profit for the quarter totalled THB9.79bn (US$309.77m) which the company attributed to the continued recovery of chemicals margins and volume, growth in the domestic cement demand...