Cement News tagged: Corporate
Buzzi Unicem completes buy-out of Dyckerhoff shares
Buzzi Unicem said on Tuesday that the squeeze-out of all outstanding ordinary and preferred shares in German-based Dyckerhoff AG still held by minority shareholders was recorded in the Commercial Register in Germany. As a result, as of 27 August 2013, the Italian cement major holds 100 per cent of Dyckerhoff. The payment to the minority shareholders of the cash compensation equal to EUR47.1...
China Shanshui Cement 1H hit by lower prices
China Shanshui Cement recorded a YoY drop in net profit attributable to shareholders in the first six month of 2013, as the group faced pricing pressures in key operating regions. Net profit attributable to equity shareholders for the six months ended 30 June 2013 dropped 52.2 per cent YoY to CNY348m. The basic and diluted earnings per share were CNY12 cents. Revenue was CNY7.07bn, a decreas...
UltraTech poised for Jaiprakash's Gujarat units
UltraTech Cement is said to be in advanced stages of discussions to acquire the Gujarat-based cement units of Jaiprakash Associates, local media have reported. Sources familiar with the deal told Business Standard of India that the cement units are to be sold at a valuation of US$130/t, lower than the US$160/t Jaiprakash had earlier been seeking. Jaiprakash's cement facilities in the state...
Ha Tien 1 issues new shares for debt reduction, Vietnam
Ha Tien 1 Cement JSC (HT1) has approved a plan to issue 120 million new shares in a private placement to Vietnam Cement Industry Corporation (Vicem), the country’s leading cement producer. The issuance is aimed to reduce its loans contracted with Vicem, HT1 said in a statement sent to the bourse. After the issuance, Vicem’s holding in HT1 will increase to 79.69 per cent, equal to 253.42 mill...
Lafarge Pakistan Cement earnings rise
Lafarge Pakistan Cement posted earnings growth of 73.6 per cent in the first half of the year. According to a notice sent to the Karachi Stock Exchange the company’s profits jumped to PKR865m with earnings per share (EPS) of PKR0.66 compared to PKR499m (EPS of PKR0.38), in the same period of 2012.
Prosperity Minerals completes sale of TCC Liaoning Cement, China
Prosperity Minerals has completed the sale of its 16.11 per cent stake in China-based TCC Liaoning Cement to TCC International Holdings. All the necessary approvals were obtained and the disposal was completed on 22 August 2013, Prosperity said. As per the agreement, around US$18.7m, or 80 per cent of the total consideration, has been paid to Prosperity and around US$3.5m will be paid to...
Higher demand lifts Yamama 1H net profit, Saudi Arabia
Saudi-based producer Yamama Cement Company reported a 11.7 per cent YoY rise in first half net profit thanks to a rise in sales due to higher local demand. For the first six month of the year, profit climbed to SAR544m (US$145m), up from SAR487m in the same period of last year. Gross profit rose to SAR562m from SAR526m a year earlier.
China's Sinoma profit falls as turnover climbs
China National Materials Co Ltd, Sinoma Group (China), has reported mixed results for the first six months of 2013. While turnover over the period moved ahead 6.9 per cent to CNY21.8bn (US$3.6bn), net profit for the period fell 38.8 per cent to CNY101.2m (US$93.9m) from CNY165.3mn a year earlier. The company's cement production division recorded revenues of CNY10.322bn (US$1.686bn), up 15.2 p...
Sinai profits slump, Egypt
Sinai Cement, Egypt, reported a steep fall in profits for the first half of 2013. 1H13 net profits fell by 31 per cent to EGP51.1m (US$7.3m), down from EGP74.2m (US$10.6m) over the same period last year.
FLSmidth releases interim report 1H13
Danish turnkey supplier FLSmidth announced that its 1H13 order book has slipped, while revenues are also down. The company said : "Cement earnings were significantly below last year as expected. Order intake decreased 30 per cent, but revenue increased 37 per cent, whereas EBITA decreased 37 per cent." FLSmidth had expected the market to remain fairly subdued between January-June 2013 and it...
Turkey: Cimsa Cimento's 1H13 net profit gains
Cimsa Cimento has seen a big rise in its 1H13 profits on the back of increased investment and higher sales. Consolidated net profit grew to TRY218m (US$110m) from TRY49m a year earlier. The first-half performance was mainly driven by income from investment activities of TRY143m compared to just TRY 9m a year earlier. First-half domestic sales rose 22 per cent to TRY 334m, while sales a...
India: delayed asset sale could help Jaiprakash Associates
To overturn its spiralling debts, Jaiprakash Associates (JA) has been actively seeking to sell off its 4.8Mta cement plant in Gujarat. The release of such assets is seen as a necessity to aid the company's profitability and its stock rating. The company's current net debt levels are estimated at INR602.8bn (US$9.33bn) and JA aims to reduce this amount by INR60bn-70bn (US$9.3bn-10.85bn) The c...
Dangote cement defers LSE listing
Dangote Cement has delayed plans for its listing on the London Stock Exchange (LSE) to 2014. Alhaji Aliko Dangote, chairman of Dangote Group, had announced the company intended to float a 20 per cent stake in Dangote Cement to finance its rapid expansion. Dangote's Vice Chairman, Alhaji Tajudeen A Sijuade, told Citi Business News, the company is on track to meet the stringent corporate govern...
Australia: Adelaide Brighton achieves higher profit
While sales volumes for the full year to December at Adelaide Brighton are expected to be similar to 2012, the company is making headway on revenue earnings. It reported a 4.5 per cent increase in revenue to a record half-year result of AUD579.3m (US$520.7m) and a 2.9 per cent increase in underlying net profit after tax to AUD60.9m for the half year ended June. A a number of projects are exp...
Lafarge Philippines benefits from strong cement demand
Domestic cement demand in the 1H13 has seen a sharp rise in the Philippines as sales have jumped by 6.2 per cent compared to the same period in 2012. “The continued increased in infrastructure and other construction projects launched by the government such as farm-to-market, roads coupled with sustained demand from the private and commercial sector, contributed to the growth,” said Lafarge ...
Sri Lanka's Tokyo Cement profits up six-fold
Lower raw material costs have aided profits at Sri Lanka's Tokyo Cement group. In the June 2013 quarter profits rose 660 per cent to LKR611m (US$4.63m) from a year earlier. The factors affecting cement sales in the country have changed significantly from last year when raw material costs were hurting cement producers and the government, which is in charge of cement prices, delayed a price hik...