Cement News tagged: Corporate
Cementos Argos readies itself for 'vibrant' US market growth
With US demand recovery on a roll, Cementos Argos is readying itself for 'vibrant' growth in the years ahead with the group having consolidated its presence in nine strategic states. Last year, Argos recorded historic overall results in terms of both income and EBITDA, which rose above US$2.9m and US$534m (growth of 17 and eight per cent, respectively). The company reported unprecedented cons...
ARM posts flat full-year pretax profit
Kenya's ARM Cement posted a pretax profit of KES2.02bn (US$22m) for 2014, up one per cent YoY. The cement maker, which also has operations in Tanzania, said its revenue for the period fell three per cent to KES13.74bn, mainly because there was no additional capacity expansion during the period, the firm said. In a statement, the firm predicted that this year would be better, with growth in t...
Hetauda reports accumulated loss of US$6.42m at end-2014
Nepal-based Hetauda Cement Industries Ltd (HCIL) reported an accumulated loss of US$6.42m at the end of its 2014 financial year. "We faced a loss of US$692,829 in 2011-12 and US$95,251 in 2012-13. Our annual loss increased to US$6.42m in 2013-14," said Ramesh Shiwakoti, chief accountant of the state-owned company. Although a HCIL spokesperson said that the company's loss can be partly att...
Sabanci cement unit seeks acquisition opportunities
Turkey-based Sabanci Holding's cement business expects its sales to rise 10-15 per cent this year after posting a 16 per cent increase to TRL2.5bn (US$980m) in 2014, the cement unit's chief executive said. Sabanci's cement arm is also looking for acquisition opportunities and could borrow up to US$1.5bn to fund an acquisition, Hakan Gurdal told Reuters in an interview.
Dalmia Cement (Bharat) reports rise in 3Q volumes
Dalmia Cement (Bharat) Ltd announced its financial results for the quarter ended 31 December 2014, reporting a YoY increase in volumes and income. Income rose to INR7.94bn from INR7.07bn in 3Q14, led by a six per cent rise in volumes to 1.65Mt and a nine per cent increase in sales realisations. Power and fuel costs came down by 16 per cent per cent on a per tonne basis but were offset by inc...
Fitch downgrades Cemento Tupi's ratings
Fitch Ratings has downgraded Cimento Tupi SA's (Tupi) ratings as follows: foreign currency Issuer Default Rating (IDR) to 'CCC' from 'B-'; Local currency IDR to 'CCC' from 'B-'; Senior unsecured notes due 2018 to 'CCC/RR4' from 'B-/RR4'; --Long-term National Rating to 'CCC(bra)' from 'BB+(bra)'. The downgrade reflects the company's inability to deleverage or improve its liquidity position des...
Lafarge and Holcim agree on revised terms
Lafarge and Holcim are back on track with their proposed merger having reached an agreement on revised terms for the deal. Holcim demanded new terms earlier this week, stating that the merger could no “longer be pursued in its present form and has proposed to enter into negotiations in good faith around the exchange ratio and governance issues." Under the new terms confirmed today, both ...
Moody's: WCC's weakened 2014 results to have no impact on ratings
Moody's Investors Service says that West China Cement Ltd's (WCC) weakened 2014 results are in line with the rating agency's expectations and will have no immediate impact on the company's B1 corporate family and senior unsecured ratings, or its stable rating outlook. "WCC's weakened profitability resulted in an increase in its financial leverage in 2014. However, we expect its financial lev...
AshakaCem Plc appoints new chairman, Nigeria
AshakaCem Plc, a subsidiary of Lafarge Africa Plc, has appointed Malam Suleiman Yahyah as its chairman. The appointment followed the expiration of the tenure of Alhaji Umaru Kwairanga, who has stepped down. The cement manufacturing company in its notice to the Nigeria Stock Exchange (NSE), stated that “the board of directors has appointed Malam Suleiman Yahyah, OON, as the Board Chairma...
HeidelbergCement ‘confident’ on 2015 outlook
HeidelbergCement’s 2014 consolidated financial results show increases in revenue and operating income, and significant increases are expected for the year in hand. The group's turnover increased by four per cent last year to EUR12,614m, or by 8.4 per cent on a comparative basis, and the EBITDA improved by a 2.9 per cent to EUR2288m and the trading profit advanced by five per cent to EUR1595m...
Buzzi Unicem proposes to acquire SACCI
Buzzi Unicem is offering EUR120m for a 99.5 per cent stake in SACCI and the simultaneous relief of all outstanding liabilities from a previous debt restructuring agreement. The proposal is seen as a further step in the consolidation of the fragmented Italian cement industry, where Buzzi Unicem is the second largest producer behind Italcementi. SACCI presently operates four cement plants, ...
Reliance to sell part of cement division?
Reliance Infrastructure, part of the Anil Ambani-led Reliance Group, may sell half of its cement business to fund the acquisition of Pipavav Defence and Offshore Engineering. Reliance Cement is in talks with Heidelberg and Italcementi, and has offered a 50 per cent stake in the company, according to a report published yesterday by Business Standard (India). The prospective joint venture part...
Cemex aims to trim debt by US$1bn in 2015
Cemex is aiming to cut its debt by up to US$1bn this year. The company believes it can refinance US$2.9bn in bonds at a coupon of around nine per cent this year, according to a presentation to investors. Cemex had total debt of US$16.29bn at the end of 2014. Separately, Cemex said it expected compound annual growth of four per cent in sales volumes between 2014-2016.
HeidelbergCement completes sale of North American and UK building products business
HeidelbergCement on Friday completed the sale of its North American (excluding Western Canada) and United Kingdom building products business (collectively “Hanson Building Products”) to an affiliate of Lone Star Funds. “I am very glad to be able to hand over Hanson Building Products to a buyer which as an experienced financial investor will support the sustainable development of the business ...
Holcim Board seek exchange ratio renegotiation for Lafarge-Holcim merger
Holcim has issued a statement on its Annual General Meeting and the Board of Directors' decision to renegotiate the exchange ratio for the Lafarge-Holcim tie-up. The Board of Directors of Holcim Ltd has decided that the agenda for the Annual General Meeting of 13 April 2015 will only contain topics related to Holcim Ltd. This decision has been taken due to pending antitrust clearance in the...
Attock Cement to remit US$24m Iraqi project
Attock Cement Pakistan Limited (ACPL), Pakistan, one of Pakistan’s largest cement manufacturers and exporters, has received government approval to remit US$24m as an equity investment for the establishment of a cement grinding unit in Basra, Iraq. The permission was given by the the country's finance minister, Senator Mohammad Ishaq Dar, who chaired the meeting of the Economic Coordination Co...