Cement News tagged under: Tanga Cement
Judge blocks acquisition of Tanga Cement in Tanzania22 August 2023, Published under Cement NewsThe proposed acquisition of AfriSam subsidiary, Tanga Cement , by Heidelberg Material 's Scancem International DA has hit a snag as a tribunal judge ruled a decision to accept the deal to be against the law. Judge Salma Maghimbi of The Fair Competition Tribunal (FCT) in Tanzania, has ruled the decision by the Federal Competition Commission (FCC) to accept the merger was wrong, stating that the FCC does not have jurisdiction over the matter. Chalinze Cement of Tanzania has also oppose... |
Lawrence Masha resigns as Tanga Cement board chairman02 January 2023, Published under Cement NewsLawrence Masha has left the board of Tanga Cement Co Ltd. In a statement to the Dar es Salaam Stock Exchange, the company said:”Shareholders are advised that Tanga Cement PLC announced today that the Chairman of the Board, Mr.Lawrence Masha, resigned from his position with effect from December 15, 2022, having spent nine years on the Board of the Company, to be able to commit to a new opportunity.” The resignation follows its failed takeover by Scancem International, subsidiary of Heidel... |
HeidelbergCement agrees to 68% stake in Tanga Cement27 October 2021, Published under Cement NewsHeidelbergCement has signed an agreement to acquire 68 per cent of the shares in the Tanzanian cement producer Tanga Cement. The step aims to strengthen its local business and create significant synergies with its existing assets in Tanzania, says the company in a statement. Through its subsidiary Tanzania Portland Cement, the largest cement-producing company in the country, HeidelbergCement already has a good market position in Dar es Salaam in eastern Tanzania. As part of this transactio... |
Tanga Cement sees net loss widen in 1H2107 October 2021, Published under Cement NewsTanzania’s Tanga Cement saw its net loss widen to TZS7.8bn (US$3.38m) in the first half of 2021, compared with a TZS5.2bn loss in the year-ago period. Around TZS2.6bn has been attributed to a major breakdown in clinker production units that saw costs of production surge, according to The Citizen. Board Chairman, Lawrence Masha, noted that due to the breakdown it had to purchase 117,259t of clinker to ensure sufficient cement production. The increase in the cost of sales took its toll o... |
Tanga Cement's Board Chairman forecasts strong infrastructure demand in 202101 December 2020, Published under Cement NewsTanga Cement PLC's Board Chairman, Lawrence Masha, gave an upbeat outlook on the company's prospects because of the government’s heavy infrastructure projects and investments. At the shareholders' annual general meeting Mr Masha said: "The group remains optimistic of the positive impact of infrastructure development plans under the government’s development version 2025 programme and expect the projects to continue gaining momentum in 2020." Despite the company’s net loss of TZS1... |
Tanga Cement continues plans for Arusha plant12 November 2020, Published under Cement NewsTanga Cement has said talks with the government regarding its new cement grinding plant in Arusha, Tanzania, are still in progress. The factory will be able to produce between 500,000-750,000tpa, according to Tanga Cement's Country Executive, Ben Lema. The discussions with the government started in 2016. "We are still in talks with the government on a project to build a cement grinding plant in Arusha that will move services closer to the people of the Northern Region zone and other su... |
Tanga Cement sees 1H sales slip 1%, net loss widens30 October 2019, Published under Cement NewsTanzania-based Tanga Cement saw its first-half sales edge down by one per cent YoY to TZS97.63bn (US$42.4m) in 2019 from TZS98.88bn in the1H18, according to the company’s unaudited results for the six months ended 30 June 2019. Gross profit fell to TZS24.98bn in the 1H19 from TZS25.56bn in the year-ago semester while operating profit declined to TZS1.17bn from TZS6.77bn over the same period. Net loss widened from TZS1.79bn in the first six months of 2018 to TZS10.23bn between January-June... |
Tanga Cement sees 25% increase in revenue for 201820 August 2019, Published under Cement NewsTanzania’s Tanga Cement reported a 25 per cent YoY increase in revenue to TZS215bn (US$93.56m) for 2018, up from TZS172bn in the previous year. Gross profit rose 91 per cent to TZS56.2bn from TZS29.4bn. EBITDA surged 304 per cent to TZS34.4bn from TZS8.5bn, on the back of improved sales volumes, margins and operational efficiency, according to its annual report. Operating profit recovered from a TZS10.99bn loss in 2017 to a TZS14.9bn profit. "Depreciation and financing costs related to c... |
Tanga Cement reduces loss12 September 2018, Published under Cement NewsTanga Cement reported a net loss after tax of TZS1.8bn (US$ 788,135) for the first half of 2018, a marked improvement of its business results when compared to 1H17 when losses reached TZS14.6bn. The company’s operating profit for the six-month period reached TZS6.7bn, an advance when compared with the TZS4.3bn operating loss for the equivalent period in 2017. “Our interim half year results will be published in the coming two weeks….They will show you a clear picture of how our turnaroun... |
Tanga Cement wins awards from the NBAA12 December 2017, Published under Cement NewsTanga Cement has won an award for the ‘Best Presented Financial Statements’ from the National Board of Accountants and Auditors Board (NBAA), reports All Africa. This is the second year running that the company has received the award, which was presented at the NBAA gala dinner in Dar es Salaam. In addition, Tanga Cement won in the manufacturing category. "As a leading producer of cement, our most top priority is on quality. We put quality above the rest... and these awards can bear witness... |