Cement News tagged: Corporate
Power Cement looks to enhance financial and tax efficiencies
The Board of Directors at Pakistan-based Power Cement Limited has requested the company's management explore and evaluate opportunities for a potential reorganisation of group companies. According to Mettis Global, the objective is to enhance financial and tax efficiencies across the group's entities. The decision came in response to an invitation from the group's leadership, urging the c...
UltraTech reports 16% YoY sales volume growth in 1QFY24
UltraTech has announced Indian grey cement sales of 25.24Mt for the quarter ended 30 September 2023 (2QFY24). White cement sales over the same period came in at 0.42Mt giving a total sales volume for India of 25.66Mt for the quarter. Grey cement sales overseas stood at 1.18Mt for the three-month period, taking total consolidated sales for UltraTech to 26.69 in the 2QFY24. This marks a 16 ...
Heidelberg Materials management changes
Heidelberg Materials has announced a number of changes to its management board. The Group area Western & Southern Europe and the majority of Northern & Eastern Europe-Central Asia will be combined into the Group area Europe. Jon Morrish, currently responsible for Western & Southern Europe, will take on responsibility for this newly established Group area as of January 2024. Ernest Jelito, r...
Buzzi's Maryneal plant breaks production records
Buzzi 's Maryneal plant in the USA reached record production levels in 2022 with clinker production of 1.03Mt and cement production of 1.18Mt, over 4.6 per cent above expectations. The 2022 figures also beat the 2021 figures, with clinker production coming in three per cent higher and cement production 2.5 per cent higher. “We’ve implemented strategies to keep reliable assets which a...
CEMEX acquires Kiesel
CEMEX has agreed to acquire Kiesel, a mortars and adhesives technological leader in the construction industry based in Germany, as part of its ongoing strategy to strengthen CEMEX’s Urbanization Solution business through bolt-on acquisitions. “We remain committed to increasing our capacity to serve growing urban markets with more sustainable and innovative solutions,” said Sergio Menénde...
Gharibwal Cement's profit decreases in FY23
Gharibwal Cement Ltd (GWLC) announced its financial results for 30 June 2023, on the Pakistan Stock Exchange’s 27 September 2023 website. The company saw a decrease in its profit to PKR1.23bn (US$430.1m) from PKR1.35bn earned in the same period last year. This represents a nine per cent YoY fall in profit YoY. The major factors responsible for this reduction were increased sales, selling a...
Hoffmann Green signs partnership with POINT.P
Hoffmann Green Cement Technologies has signed a structuring partnership with the flagship brand POINT.P to distribute clinker-free cement. Through its network of over 1000 sales outlets, POINT.P markets all the products, solutions and services needed to build a sustainable home. Following the agreement, POINT.P is continuing its efforts to deploy low-carbon solutions in line with its ob...
Dewan Cement reports losses on higher costs in FY22-23
Dewan Cement Ltd (DCL), subsidiary of Mega Conglomerate Pvt Ltd posted its financial results for FY22-23 on the Pakistan Stock Exchange (PSX) website on 26 September 2023. It reported a loss after taxation of -PKR586m against a loss of -PKR703m reported in a comparative period last year. The lower loss is attributed to the high cost of sales during this period despite better earnings of ot...
Thatta Cement's profit increased in FY22-23 and plans share buyback
Thatta Cement Co Ltd (THCCL) announced its financial results for the year ended 30 June 2023 (FY22-23) at the Pakistan Stock Exchange (PSX) on 27 September. It reported an increase in profit after tax to PKR249m (US$0.86m) from PKR119m earned in the corresponding period last year. This reflects a growth of 109 per cent YoY, mostly due to higher sales and other income that made the company re...
Regal Rexnord to be acquired by WEG SA
Regal Rexnord Corp has announced that it has entered into a definitive agreement to sell the Industrial Motors and Generators businesses that comprise the majority of its Industrial Systems segment to WEG, through certain subsidiaries of WEG SA, for total consideration of US$400m. The closing of the transaction, which is subject to obtaining required regulatory approvals and meeting customary ...
Saint-Gobain to acquire Adfil NV
Saint-Gobain has entered into an agreement to acquire Adfil NV, a specialist in fibres for concrete reinforcement. Adfil operates two plants in Belgium and generated revenues close to EUR40m in 2022. In addition to Chryso and GCP’s admixtures, Adfil’s performance fibres contribute to the reduction of reinforced concrete’s CO 2 footprint, the improvement of lead times and productivity for cons...
BCMA re-elects Kabir as President for two years
MD Alamgir Kabir has been re-elected as President of the Bangladesh Cement Manufacturers Association (BCMA) for 2023-24 and 2024-25 during the 22nd and 23rd AGMs held in Dhaka on 26 September. He is sponsor director and vice chairman of MI Cement Factory Ltd and has over three decades of business experience in the trading and manufacturing sectors. At present, he is also chairman of GPH I...
Holcim US rolls out ECOPact to Dallas-Fort Worth
Building on the success and growth of its ECOPact low-carbon concrete, Holcim US has now introduced the sustainable construction material in the rapidly expanding Dallas-Fort Worth metroplex. An industrywide commitment to lowering the carbon footprint of the built environment is driving the construction sector to act quickly to decarbonise by midcentury, says Holcim. “Dallas-Fort W...
Keerthi Industries reports 4% drop in revenue
Keerthi Industries Ltd (formerly Suvarna Cements Ltd) has reported revenue of INR2405.6m (US$28.9m) in the FY22-23, ended 31 March 2023, down four per cent compared to INR2499.5m in the same period a year earlier. Profit before interest and depreciation declined from INR348.5m in FY21-22 to INR17.4m a year later, while the INR222.5m pretax profit seen in FY2021-22 fell to a loss of -INR110.7...
Shree Cement approves NCDs to fund expansion
Shree Cement has approved plans to raise INR7000m (US$84.11m) through the issue of non-convertible debentures (NCD) on a private placement basis. According to Realty, the secured, rated, redeemable and taxable NCDs with a base issue size of INR3500m, with an option to retain oversubscription of up to INR3500m, will be allotted today (26 September 2023) at a face value of INR100,000 each for ...
Zimbabwe boosts PPC sales growth
PPC has recorded a three per cent advance in sales volumes in the five months to August 2023, compared to the same period in 2022, reports The Herald Zimbabwe. According to the company, the increase is being attributed to strong growth in its Zimbabwe market, which saw cement sales volumes expand by 42 per cent over the same timeframe. In January this year, the Zimbabwean government banned i...