Cement News tagged: Corporate
Votorantim Cimentos improves 1Q margins
Votorantim Cimentos ended the 1Q24 with better margins due to higher sales volume and lower costs. The company’s global cement sales totalled 8.1Mt, up one per cent YoY compared to 1Q23. The company posted global net revenue of BRL5.5bn (US$1.072bn) in the 1Q24, down four per cent in local currency (excluding the effect of exchange rate variation) compared to the same period last year. Th...
CEMEX signs solar agreement for Clinchfield plant
CEMEX USA has entered into an off-site renewable energy agreement with Georgia Power for its Clinchfield cement plant as part of its ongoing decarbonisation drive. Through this long-term agreement the Clinchfield plant will secure approximately 25 per cent of its power requirements from solar facilities throughout the state beginning in 2025, reports PR Newswire. “Embracing solar powe...
FLSmidth reports 55% increase in 1Q EBITA
FLSmidth posted a 1Q24 total revenue of DKK4839m, down 19.6 per cent YoY from DKK6016m. Total order intake was down 6.8 per cent YoY to DKK5248m from DKK5632m. However, EBITA increased by 55.3 per cent to DKK365m in the 1Q24 from DKK235m. The EBITA margin stood at 7.5 per cent. Cement Cement order intake was down 22.5 per cent YoY to DKK1042m in the 1Q24 from DKK1344m in the 1Q23. Product ...
S&P upgrades CEMEX investment grade
Rating agency Standard & Poor’s (S&P) has upgraded CEMEX ’s long-term global scale issuer credit rating to Investment Grade (BBB-) due to its strong financial and operating performance, deleveraging strategy and flexible capital allocation. “Achieving an investment-grade credit rating from S&P is a very important milestone for CEMEX,” said Fernando A González, CEO of CEMEX. “While we had r...
Hail Cement sees 19% drop in 1Q net profit
Hail Cement posted 1Q24 sales of SAR73.8m (US$19.7m), up by 19.2 per cent when compared with SAR61.9m in the 1Q23. The company’s gross profit declined by 11 per cent to SAR20.1m in the 1Q24 from SAR22.6m in the year-ago period. The operational profit saw a 18.5 per cent drop to SAR13.1m from SAR16.1m over the same period. Net profit fell 18.9 per cent to SAR15m in the 1Q24 from SAR18.5m ...
Gunmen abduct Dangote workers at Okpella
Gunmen stormed Dangote Cement ’s Okpella plant in Edo State, Nigeria, on 14 May, abducting dozens of plant workers, according to Business Day. Eye witnesses say the gunmen opened fire on a convoy of plant workers. The number of workers injured is currently unknown. The attack has been confirmed by Michael Odofin, a spokesperson for Okpella Cement Plc. “I cannot give any details right no...
Saudi Cement posts SAR113.8m net profit in 1Q24
Saudi Cement Co reported a net profit of SAR113.8m (US$30.3m) in the 1Q24, representing a 8.1 per cent drop YoY from SAR123.8m but a QoQ increase of 9.6 per cent from SAR103.80m in the 4Q23. Revenue improved 4.1 per cent YoY to SAR426.5m in the 1Q24 from SAR409.6m in the 1Q23. Compared with the 4Q23, sales were up 12 per cent YoY. Earnings per share slipped to SAR0.74 at the end of March ...
Southeast Cement Corp’s disappointing 1Q24 results
Taiwan-based cement producer, Southeast Cement Corp Ltd, has reported its 1Q financial results for the period ending 31 March. The company saw a 9.3 per cent YoY increase in revenue, from TWD528.05m (US$16.29m) in 1Q23 to TWD576.89 in 1Q24. Pretax profit also rose by an impressive 178 per cent during this period, from TWD19.51m to TWD54.24m. Despite these positive trends in revenue and ...
Yanbu Cement posts 14% increase in net profit
Yanbu Cement Co reported a 14.3 per cent YoY increase in net profit to SAR58.31m (US$15.5m) in the 1Q24 from SAR51.01m in the 1Q23. The company attributed the rise in profit to an increase in both volume and value of sales in addition to other revenues, according to a bourse filing. Sales edged up by 4.5 per cent YoY to SAR234.17m in the 1Q24 from SAR224.01m. Earnings per share increased...
JK Cement sees revenue rise in March quarter
India-based JK Cement has reported total income of INR29,820.3m (US$357m) in the quarter ended 31 March 2024, compared to INR27,006.7m in the same quarter a year earlier. Profit after tax over the same period advanced from INR1393.6m to INR2359.5m, while basic earnings per share improved from INR18.04 to INR30.54. Total expenses increased from INR25,102.8m in the three months ended 31 Mar...
Titan America to be listed in US equity market
Titan Cement International has announced its intention to proceed with the IPO of its US business ( Titan America ), with the aim of raising funds that will facilitate the group’s and Titan America’s future growth. Titan America, a US$1.6bn sales business, is a leading and fully integrated player in the high-growth economic regions of the US East Coast, with operations and leading market pos...
InterCement reaches debenture holder agreement
InterCement Participaçoes SA has reached an agreement with its debentures holders to defer payments due under the series of Brazilian law-governed debentures issued by the company and issued by InterCement Brasil (ICB), which allow the company and ICB to preserve liquidity while negotiating a comprehensive finance plan.
Cementir's 1Q24 regional market update
Cementir's results for the 1Q24 were overall in line with management's expectations despite the decline in revenues and EBITDA compared to the first quarter of the previous year. The company reported regional growth in Turkish cement sales and Belgian ready-mix sales. Turkey Cement sales volumes increased by 22 per cent compared to the 1Q23 in the domestic market, where the most signific...
Cementir posts higher sales in 1Q24
Cementir cement and clinker sales volumes equal to 2.4Mt increased by 2.3 per cent in the 1Q24 compared to the same period of 2023 thanks to the increase recorded in Turkey, which offset the decline in volumes in other geographical areas. Francesco Caltagirone Jr, Cementir chairman and CEO, commented: “Results for the first quarter of 2024 were in line with our expectations, with sales vo...
CRH announces new share buyback
CRH plc has completed the latest phase of its share buyback programme, returning a further US$0.3bn of cash to shareholders. Between 29 February 2024 and 9 May 2024, 3.7m ordinary shares listed on the New York Stock Exchange were repurchased. This brings the total cash returned to shareholders under the ongoing share buyback programme to US$7.6bn since it began in May 2018. CRH has also ...
Start of Buzzi SpA share buyback programme
Buzzi SpA has announced the start of a share buyback programme pursuant to the authorisation passed at the 9 May shareholders’ meeting. Under such programme the company may repurchase up to a number of shares which, taking into consideration the ones held from time-to-time in treasury by the company and its subsidiaries, does not overall exceed the maximum amount of EUR200m. The share buyba...