Cement News tagged: Corporate
A top official of Attock Group receives the highest civil award
Attock Group of Companies in Pakistan congratulates Shuaib A Malik, Group CEO, on being conferred with the prestigious Sitara-e-Imtiaz by the government of Pakistan. He has been recognised for his outstanding contributions to fostering and facilitating foreign direct investment (FDI) in Pakistan's ever-challenging business environment. Attock Group of Companies includes the holding compan...
Saint-Gobain issues first double green bond
Saint-Gobain has successfully priced its first double green bond, reinforcing its commitment to sustainable construction. This follows a Sustainability Linked Bond in August 2022 and renewal in December 2023 of its backup revolving credit facility as a Sustainability Linked Loan. Two tranches of the green bond have been issued – EUR1bn with a six-year maturity and a 3.375 per cent coupon,...
CRH completes lime divestment deal in UK
In November 2023 CRH announced that its had reached an agreement to divest its lime operations in Europe to SigmaRoc for around US$1.1bn. The first phase of the deal was completed in January 2024, comprising the operations in Germany, Czech Republic and Ireland. CRH has now completed the second phase of the transaction, comprising its UK lime operations. The final phase, concerning the a...
Sublime Systems to build first commercial plant
US-based Sublime Systems has been awarded up to US$87m in funding by the US Department of Energy (DOE). The funding will be used to accelerate construction of Sublime’s first commercial manufacturing plant in Holyoke, Massachusetts. Sublime, which first launched in 2020, has scaled up its electrochemical cement manufacturing process to a pilot capacity of 250tpa at its plant in Somerville. ...
Caribbean Cement's expansion underway
Phase one of Caribbean Cement Co Ltd ’s (CCCL’s) expansion project is well underway in Jamaica. It is anticipated that when the Rockfort plant 's expansion is completed, Caribbean Cement’s existing cement-production capacity will increase by approximately 300,000t. Phase One of CCCL’s expansion project, which will deliver an increase of up to 30 per cent in cement production, is progressi...
Fujairah Cement reports sales drop in 2023
UAE-based Fujairah Cement Industries has reported sales of AED343.81m (US$93.62m) in 2023. This marks a contraction from the AED374.58m seen in the previous year. The company has also recorded a net loss of AED265.53m in 2023, compared to the loss of AED143.85m in 2022, while the basic loss per share from continuing operations came in at AED0.74 in 2023, versus a loss of AED0.40/share in ...
Carbon Re appoints new CEO
Carbon Re has appointed experienced entrepreneur Josh Vernon as its new CEO. Carbon Re is an industrial AI company that is focussed on decarbonising energy intensive industries such as cement, steel and glass. Josh Vernon has relocated from Sydney, Australia, to join Carbon Re in London. His most recent role was with Humanforce, Australia’s leading provider of HR/HCM tools to frontline work...
ASTM International welcomes Andrew G Kireta Jr as President
ASTM International has appointed Andrew G Kireta Jr as the organisation’s new president, effective 1 May 2024. Kireta’s background in standards development and familiarity with the organisation uniquely positions him to lead ASTM International into future growth and innovation. He will succeed Katharine Morgan, who served in the role since 2017 and will retire after a distinguished 40-year car...
Brimstone secures US$189m to decarbonise cement industry
Brimstone , the California-based building materials company that specialises in low-carbon cement production, has been awarded an investment of US$189m by the US Department of Energy (DOE) Office of Clean Energy Demonstrations (OCED). The funding is to be used to finance the construction of a commercial-scale cement plant which incorporates Brimstone’s advanced decarbonisation technology. ...
CEMEX sets the pace in 2023
CEMEX has released its Integrated Report, entitled 'Setting the Pace', which outlines the company’s strategic vision, operational performance, and value creation in 2023. Last year saw CEMEX achieve record growth in EBITDA and make significant progress in its decarbonisation efforts, reducing Scope 1 and 2 CO 2 emissions by 13 and 12 per cent, respectively, since 2020. This comes as the com...
Pioneer Cement coal mix strategy impacting positively
Pioneer Cement Ltd (PIOC), which had a market capitalisation of US$110m on 8 March, will see healthy growth in profit and dividend yields, according to AKD Research. This is based on the company's past performance and steps taken to improve margin. The research house believes that improved fuel mix results may increase profitability. PIOC has exceeded market expectations, with a drop in c...
Al Jouf Cement records 20% revenue advance
Al Jouf Cement has reported revenue of SAR301.49m (US$80.4m) in 2023, up 19.7 per cent on the previous year. According to the company, the increase is due to improved sales volumes and average selling prices. The cement producer has also reported lower production costs backed by continued operating efficiency efforts. Operating income in 2023 came in at SAR115.83m, marking a YoY advance of 5...
Northern Region Cement reports 50% drop in net profit in 2023
Saudi Arabia-based Northern Region Cement Co saw a 11.6 per cent increase in revenue to SAR689.55m in 2023 from SAR617.95m in 2022. However, net profits were down by 49.9 per cent YoY to SAR556.39 in 2023 from SAR112.45m. In the nine-month period ended on 30 September 2023, the net profits after zakat and tax reached SAR64.7m, down 14.6 per cent YoY from SAR75.72m.
Lucky Cement is reaping the benefits of expansion
According to AKD Research, Lucky Cement has demonstrated prowess in seizing opportunities, particularly through efficient coal inventory procurement, per management guidance. This strategy has resulted in the company achieving the highest gross margins among its peers, standing at 36.4 per cent in 1HFY23-24, with unconsolidated earnings doubling over the previous year. Similarly, consolidate...
UltraTech Commissions Roorkee brownfield project
UltraTech Cement has commissioned 1Mta of brownfield cement capacity at Roorkee , Uttarakhand taking the Unit’s capacity to 2.1Mta. This forms part of the 22.6Mta capacity expansion announced in June 2022. With this commissioning, the company’s total grey cement manufacturing capacity in Indianow stands augmented to 138.39Mta.
Votorantim Cimentos announces a 123% increase in net profit in 2023
Votorantim Cimentos has reported a 123 per cent growth in net profit in 2023 to BRL2.6bn (US$522.7m), from BRL1.2bn in 2022. The company’s consolidated global net revenue was BRL27.7bn, increasing three per cent YoY from BRL30bn in 2022. This growth in revenue was due to advantageous market dynamics in North America, Europe, Asia and Africa. In Brazil, where the company is based, total sales...