Cement News tagged: Corporate

Dangote highlights pan-African job creation; confirms dividend at AGM

22 June 2020, Published under Cement News

President of Dangote Group, Aliko Dangote, told the company’s 11th Annual General Meeting in Lagos on 17 June that Dangote Cement was able to sustain 54,000 jobs in four African countries, where the company has its operations. “According to our 2019 socioeconomic impact assessment study specifically on our operations in Nigeria, Ethiopia, Senegal and South Africa, we sustained 54,005 jobs (...

Ramco Cements posts 18% profit increase in FY19-20

22 June 2020, Published under Cement News

India’s Ramco Cements recorded a 13.2 per cent YoY decline in consolidated net profit to INR1.43bn (US$18.8m) during the 4QFY19-20, compared with INR1.65bn in the year-ago period. Consolidated revenue also fell 9.2 per cent YoY to INR14.04bn from INR15.46bn. However, the company posted an 18.4 per cent rise in net profit to INR6.02bn for the full FY19-20 period, against INR5.11bn in the pre...

INSEE ramping up output at Galle plant

19 June 2020, Published under Cement News

INSEE Cement will be ramping up production at its Galle cement plant to support the local economy’s fast recovery from the COVID-19 pandemic. The company said in a statement that over the years, local cement manufacturers have contributed immensely in enriching the national economy through value additions that support the employment opportunities, up-skilling of local construction profession...

Mangalam Cement sees net sales rise 3% in FY19-20

18 June 2020, Published under Cement News

India’s Mangalam Cement has reported net sales of INR3.04bn (US$39.79m) in the quarter ending 31 March 2020, a 7.9 per cent YoY decline compared to INR3.3bn in the 4QFY18-19. However, net profit surged to INR155.1m from INR16.7m. In the full FY19-20, total income advanced 2.8 per cent YoY to INR12.58bn from INR12.23bn in the previous fiscal year. The company also posted a net profit of INR75...

India Cements denies reports of acquisition

India Cements denies reports of acquisition

18 June 2020, Published under Cement News

Despite recent reports, India Cements has denied that Radhakishan Damani, owner of Avenue Supermarts Ltd, will be acquiring a controlling interest in the company. Mr Damani currently holds a stake of around 20 per cent, while the related group has a stake of around 29 per cent. "Damani is an investor, so he has been acquiring a stake in India Cements over a period of time. It does not seem...

JK Cement reports 4Q results and receives approval to raise INR2.5bn

19 June 2020, Published under Cement News

India’s JK Cement has reported a 99.9 per cent decline in net profit to INR2.3m (US$30,194) in the final quarter of FY19-20, compared with INR1.5bn in the year-ago period. Net revenue edged up to INR14.78bn from INR104.71bn in the 4QFY18-19. Operating expenses dropped 6.7 per cent YoY to INR11.31bn from INR12.12bn. The company has also received approval to raise funds through the issuance o...

YTL Corp records 11% revenue increase

YTL Corp records 11% revenue increase

17 June 2020, Published under Cement News

Malaysia’s YTL Corp has reported a 65.6 per cent decline in net profit to MYR29.52m (US$6.9m) in the third quarter ending 31 March, compared to MYR85.79m in the year-ago period. However, the group’s revenue advanced 11.6 per cent YoY to MYR4.81bn from MYR4.31bn. For the nine-month period until March 2020, YTL Corp saw a 75.7 per cent YoY fall in net profit to MYR62.37m from MYR256.40m in the...

Hong Leong Asia grows stake in Tasek Corp

17 June 2020, Published under Cement News

Hon Leong Asia’s wholly-owned subsidiary, Ridge Star, has acquired 30,700 shares of Malaysia-based Tasek Corp at a value of around US$57,964, according to The Straits Times. Following this development, Hong Leong Asia now owns a 92.4 per cent stake in the company. Last month, Hong Leong Asia had submitted an unconditional voluntary takeover offer for the remaining shares of Tasek at MYR5....

Paraguay’s INC ensures cement supply for public works

17 June 2020, Published under Cement News

Paraguay’s Industria Nacional de Cemento (INC) is guaranteeing the supply of cement to public works during the COVID-19 health emergency, reports the official news agency, Agencia de Información Paraguaya (AIP). In March and April 2020 it sold 1,392,612 bags of cement, with a daily production of 50,000 bags, or around 2500tpd. At present, the company is on track to supply the market with 0.6Mt...

Hima Cement's Kasese mining right appeal is dismissed

17 June 2020, Published under Cement News

Uganda-based Hima Cement (LafargeHolcim group) has seen its Kasese mining rights stripped from it after the High Court upheld a decision from 2013 to confer them to East African Gold Sniffing Company Ltd. The dispute has involved legal proceedings before the Minister of Energy and Mineral Development, the High Court and the Court of Appeal. Hima Cement had appealed to the High Court after its...

JSW Cement delays expansion and listing plans

16 June 2020, Published under Cement News

India’s JSW Cement has deferred its expansion plans by around 6-12 months and further delayed its listing on the bourses. The company’s plans would have seen it reach 25Mta of capacity by 2023. "As a result of the current economic situation, our expansion plans are being deferred by six to 12 months. But these will happen for sure," said Nilesh Narwekar, CEO of JSW Cement. "As of now, we...

Sinai Cement sees net losses widen in 1Q20

16 June 2020, Published under Cement News

Egypt’s Sinai Cement saw its net losses widen 35 per cent YoY to EGP105.44m (US$6.5m) in the first quarter of 2020, compared to a loss of EGP78.16m in the corresponding period of last year. However, the company’s net sales increased 5.3 per cent YoY to EGP211.73m from EGP201.08m in the 1Q19.

Dalmia Bharat posts 4Q net profit of INR240m

16 June 2020, Published under Cement News

Dalmia Bharat reported a consolidated net profit of INR240m (US$3.2m) for the fourth quarter ended 31 March 2020. The company posted a net profit of INR2.63bn in the January-March quarter of the previous financial year, the company said in a regulatory filing. However, it cautioned against comparison of the latest results with the previous period as it has shifted to AS 116 standards from 1 ...

VICEM Ha Tien Cement submits targets for 2020

16 June 2020, Published under Cement News

Vietnam’s VICEM Ha Tien Cement reported a five per cent YoY rise in net revenue to VND8839bn (US$379.79m) and profit before tax of VND928bn (up 14 per cent YoY) in 2019. However, Dinh Quang Dung, company chairman, stated that the company is projected to face risks in the form of COVID-19 and other factors in 2020. Therefore, several targets have been submitted to shareholders for the current...

Arabian Cement reports 153% surge in profit to EGP15.9m

15 June 2020, Published under Cement News

Egypt’s Arabian Cement Co has reported a 153 per cent YoY surge in consolidated net profit for the first quarter of 2020, rising to EGP15.91m (US$983,519) from EGP6.3m in the 1Q19. Standalone net profit saw an even larger increase to EGP16.3m from EGP4.23m.

Northern Region Cement sees 78% rise in profit

15 June 2020, Published under Cement News

Saudi Arabia’s Northern Region Cement Co has reported a 78 per cent increase in net profit to SAR27.6m (US$7.36m) in the first quarter of 2020, compared to SAR15.5m in the year-ago period. Revenue surged 44 per cent YoY to SAR180.1m from SAR124.3m in the 1Q19. The increase in profits has been attributed to higher sales volumes and lower financing charges.