Cement News tagged: Corporate
Prosperity Minerals confirms merger offer, China
Prosperity Minerals Holdings Ltd confirmed that it has received an initial approach from Prosperity International Holdings Ltd with a view to a possible offer being made for the company at a price no higher than 130 pence per ordinary Prosperity share. Prosperity International stated that it will, by not later than the 28th day following its announcement on 15 July either, confirm its intenti...
Higher volumes and sales boost Yanbu first half, Saudi Arabia
Yanbu Cement Co's first-half net profit rose by 44.7 per cent YoY to SAR521m (US$138.9m), thanks to higher production and sales volumes supported by the start of its kiln line No 5 last year. Earnings per share (EPS) stood at SAR 3.31, up from SAR 2.29 a year ago. For the second quarter of 2013, YCC registered a net profit of SAR274m, an increase from SAR216m a year earlier.
Siam Cement 2Q13 earnings growth forecast
Siam Cement Co is expected to report YoY robust earnings growth thanks to impressive performances from its three core businesses including its cement division. KGI Securities expect SCC to report a 2Q13 net profit of THB8.8bn, up 106 per cent YoY and 0.2 per cent QoQ. ? In terms of its cement division, concerns about a delay to the government's THB2tn borrowing bill would impact sentime...
Asia Cement forecasts higher 1H net profit
Asia Cement (China) expects its unaudited net profit to more than double for the six months to the end of June 2013 compared to the same period of last year. The 100 per cent forecasted increase in first half net profit was primarily attributable to the increase in sales and a decrease in coal costs compared to 1H12, the company said. Asia Cement's interim results are expected to be publi...
Texas Industries fourth-quarter net profit declines, sales rise
Texas Industries Inc reported that its fourth-quarter net income declined to US$44.14m as the prior-year results included a higher gain from asset sales. However, the company benefitted from continuing recovery in major markets and from the commissioning of new cement capacity and ready-mix acquisitions in Texas. Net income declined to US$44.14m from US$60.21m in the same quarter last ye...
Qassim Cement first-half net profit rises, Saudi Arabia
Qassim Cement posted a SAR334.6m (US$89.2m) net profit for the first half of 2013, up from SAR307.4m a year ago. The company attributed the increase to a rise in sales coupled with lower expenses, but did not provide any exact figures. Earnings per share (EPS) stood at SAR 3.72, compared with SAR 3.42.
ARM's 1H13 pretax profit rises 28%, Kenya
An increase in sales has helped ARM Cement, Kenya's second-largest cement producer, to achieve a double-digit rise in pretax profit. Pretax profit for the six months ended June jumped to KES1bn (US$11.51m), a rise of 28 per cent YoY, the company said in a statement. Cement sales rose by 28 per cent YoY in the reporting period. The company, which operates a 0.75Mta clinker plant at Kaloe...
Steppe Cement 1H turnover boosted by higher prices
In the first half of the year, Kazakhstan-based cement producer Steppe Cement reported an eight per cent decline in volumes YoY but turnover rose by six per cent thanks to higher prices. During the January-June 2013 period, the company sold 564,440t of cement compared with 615,838t in the first half of 2012. Overall sales in Kazakhstan rose by 11 per cent during the period an the share of ...
TCC International expects profits to double in 1H13
TCC International expects to double net profit attributable to shareholders in the first half of this year compared to the same period of 2012. The increase is mainly attributed to the group’s improved operations in southwest China and a corresponding rise in its profit contribution during the period, ET Net News reports. The advanced profits are due to a increase sales and a significant imp...
Buzzi Unicem launches bonds, Italy
Italy’s second-largest cement producer Buzzi Unicem launched on Tuesday the placement of equity-linked bonds worth EUR200m maturing in July 2019. The bonds may be converted into ordinary shares of the company, subject to approval of an extraordinary general meeting, according to a statement by Buzzi. They will be issued at par and be offered with a yearly coupon between 1.275 per cent and 2.1...
Vicem sales rise 17.3% in first half 2013
Vietnam Cement Industry Corporation (Vicem) sold 11.69Mt of cement and clinker in the first six months of 2013, representing a YoY increase of 17.3 per cent and fulfilling 51.9 per cent of its whole-year target. The corporation, which is the largest cement producer in the Southeast Asian country, produced 8.3Mt of cement and 8.2Mt of clinker in the six month period, a rise of 11.8 and 14.6 p...
Huaxin subsidiary to buy 20% of Shide Golden Eagle Cement, China
Huaxin Cement announced that its wholly-owned subsidiary Huaxin (Hong Kong) International Holdings, has signed an agreement with Starry Cosmos Group Ltd to acquire a 20 per cent equity in the latter’s Shide Golden Eagle Cement (Hong Kong) Co. Shide Golden Eagle Cement (Hong Kong) owns 99.8 per cent equity in Enping Shide Golden Eagle Building Material Co. Enping Shide is constructing a 4000tp...
India: power advantage for Madras Cements
Analysts predict that Madras Cements Ltd should record 9-10 per cent volume growth through FY14 and FY15 on the back of power generation projects, additional capacity and a gradual improvement in the cement market. Given that power comprises a significant portion of cement production costs and given Madras Cements’ presence in the power-starved southern states of Tamil Nadu and Andhra Prade...
Huaxin Cement subsidiary buys stake in Success Eagle Cement
Huaxin Cement Ltd's wholly-owned Hong Kong subsidiary recently signed an equity transfer agreement with Starry Cosmos Group Ltd to acquire a 20 per cent stake in Success Eagle Cement (Hong Kong) Ltd for HKD75m (US$9.7m), the company announced on 3 July After the deal, Huaxin Cement's Hong Kong subsidiary will hold a 65 per cent stake in Success Eagle Cement.
Dudman sells UK cement trading business
The privately-owned Dudman is withdrawing from cement trading and has sold its four English cement terminals, in Sussex, Suffolk, Yorkshire and Merseyside and its one terminal at Montrose in Scotland to CRH. This will take the number of Irish multinational's British marine terminals to seven, all of which will be supplied from either Ireland or from the Cementos Lemona works in Spain. ...
CCI approves sale of Lafarge India stake
The Competition Commission of India (CCI) has cleared the proposed 14 per cent sale of Lafarge India Pvt Ltd to Baring Private Equity Asia. "The combination is not likely to have appreciable adverse effect on competition in India and therefore, the Commission hereby approves the combination under... the (Competition) Act," CCI said in its order dated June 26. In May Baring Private Equity...