Cement News tagged: Corporate
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...
CEMEX reveals strategy for EBITDA growth
CEMEX has outlined its strategy to achieve high single-digit EBITDA growth in the medium term. According to the company, since 2020 it has focussed on rebalancing its portfolio towards the US, increasing its percentage of EBITDA contribution from 24 to 29 per cent. CEMEX now intends to increase this to 40 per cent by expanding its growth capex and investing divestment proceeds to the region....
Lucky Cement diversifies mining business
The Competition Commission of Pakistan (CCP) has recently approved two mergers (cement and fertiliser firms) in the mining of copper and minerals in the Balochistan province of Pakistan. CCP approved the acquisition of a cumulative 66.66 per cent shareholding in National Resources (Private) Ltd by two publicly-listed companies: Lucky Cement Ltd and Fatima Fertilizer Co Ltd. National Resources...
Kuwait Cement reports a 59% fall in quarterly profit
Kuwait Cement Co KSC has reported a 59.3 per cent drop in quarterly net profit from KWD2.7m (US$8.8m) to KWD1.1m between January 1 to 31 March 2024. The company's quarterly operating revenue fell 10.6 per cent to KWD18.5m, compared to KWD20.7m in the same quarter of 2023.
Arabian Cement awarded three EPDs
Arabian Cement Co has been awarded the Environmental Product Declaration (EPD) certificate for three of its key products – clinker OPC, CEM II/A-P 42.5N, and CEM I/42.5N. “This certification positions us as one of the industry pioneers in our commitment to the latest sustainability approaches. The EPD signifies our dedication to environmental responsibility throughout our product lifecycl...
Syrian Hama plant restores Plant No 3 to working order
General Company for Cement and Building Materials in Hama province, Syria, has restored Plant No 3 to operational status, after the completion of comprehensive maintenance of its machines and equipment by the efforts of engineering and technical cadres working in it. Maintenance work began at the Hama Cement plant last January, and the work was carried out with the expertise and nationa...
Anhui Conch sees profit decline in 2023
Anhui Conch Cement has reported turnover of CNY140,999m (US$19,588m) in 2023. This compares to CNY132,021m in the previous year. Gross profit declined from CNY27,190m in 2022 to CNY22,364m in 2023, while profit before tax contracted from CNY20,232m to CNY13,869m over the same period. According to the company, profit for the year came in at CNY11,018m in 2023, down from CNY16,357m in 20...
Indian fair trade regulator approves UltraTech’s acquisition of Kesoram cement business
The Completion Commission of India (CCI) has approved UltraTech Cement ’s proposed acquisition of Kesoram Cement Business , the cement arm of Indian conglomerate Kesoram Industries Ltd . The business is set to be acquired by Mumbai-based UltraTech, as part of a deal made on 30 November 2023. The all-share deal will see UltraTech Cement purchase Kesoram Cement at a valuation of INR76bn (U...
Heidelberg Materials opens new bagging centre at Mitchell plant
Heidelberg Materials North America has installed a state-of-the-art packaging system at its Mitchell plant in Indiana, the second-largest cement plant in North America. The new bagging centre and rotating packaging system features a Ventomatic GIROMAT EVO V12 Rotary Packer, representing the latest technology. The 12-spout automated rotating packaging system can fill 3600 bags/h. Another te...
Holcim Switzerland acquires Cand-Landi Group
Holcim Switzerland has acquired the Cand-Landi Group. This transaction is the result of a successful partnership that the two companies have maintained for many years to better meet the needs of the French-speaking Swiss market. By combining their know-how, Holcim and Cand-Landi offer a comprehensive range of solutions in the areas of sustainable building, logistics and teh circular econo...
Boral rejects Seven Group offer
Boral Ltd has rejected an offer from Seven Group Holdings (SGH) saying it is “not fair and not reasonable.” Independent expert firm Grant Samuel & Associates assessed the fair market value of Boral shares to be in the range of AUD6.50-7.13/share, concluding that the offer from SGH of AUD5.96-6.19/share was below this range. SGH currently holds a 72 per cent stake in Boral. The offer, which t...
CEMEX signs decarbonisation collaboration with White Summit Capital
CEMEX has entered into a collaboration with specialised energy transition infrastructure investor and manager White Summit Capital to develop projects across its European operations that will contribute to CEMEX’s 2050 net-zero objectives. The envisaged partnership will focus on two key pillars of CEMEX’s Future in Action strategy: Decarbonising our Operations (for instance by reducing cl...
West China Cement Ltd announces a 65% drop in net profit
West China Cement Ltd has reported a 65.3 per cent decrease in its net income from CNY1214.8m (US$168.7m) in 2022 to CNY421.3m in 2023. This came as sales revenue rose slightly by 6.3 per cent rise in sales revenue, from CNY8489.1m to CNY9,020.9m, over the period. As a result, the company’s earnings per ordinary share fell to CNY0.077, down 65.6 per cent from CNY0.224 the year before. ...
Holcim Philippines and Megawide renew supply contract
Holcim Philippines has renewed its supply agreement with infrastructure conglomerate Megawide Construction Corp. Under the terms of the agreement, Holcim will supply the cement requirements of Megawide’s Precast and Construction Solutions (PCS) projects across the island of Luzon in 2024. This partnership is a continuation of a collaboration between Holcim and Megawide that began in 2016. ...
Power Cement saw losses in 1HFY23-24
Power Cement Ltd released its half-yearly financial report ending on 31 December 2023, wherein the company reported sales revenue at PKR16.84bn (US$60.23m), representing an increase of 33 per cent compared to the same period last year. The gross profit for the first half of FY23-24 surged to PKR3.95bn, indicating a growth of around 43 per cent compared to the first half of FY22-23. In the...
Riyadh Cement reports 8% uptick in sales
Saudi Arabia-based cement producer Riyadh Cement Co reported a 7.6 per cent increase in sales to SAR643.4m (US$171.6m) in 2023 when compared with SAR598m in 2022 on the back of an increase in sales volumes. The company’s operating income slipped by 0.4 per cent YoY to SAR201.06m in 2023 from SAR201.94m. Net profit declined by 0.6 per cent SAR188.8m in 2023 from SAR189.8m in the year-ago pe...