Cement News tagged: Corporate
JK Lakshmi Cement to invest INR2.25bn in Surat expansion
JK Lakshmi Cement announced it will be spending INR2.25bn (US$27m) to expand its Surat plant in Gujarat, India. Cement capacity at the plant will be increased by 1.35Mta by setting up an additional grinding unit, the company said. The project is expected to be completed within two years and will see the doubling of existing capacity. It will be financed through a mix of term loans and in...
Kakatiya Cement returns to black in 2QFY23-24
India-based Kakatiya Cement Sugar & Industries reported a standalone net profit of INR18m in the 2QFY23-24 when compared to a net loss of INR49.9m in the year-ago period. Operating income increased by 107.3 per cent to INR5.3m in the 2QFY23-24 from an operating loss of INR72.8m. Operating expenses during the 2Q fell by 9.2 per cent YoY to INR372m from INR409.7m in the previous year’s equival...
Attock Cement re-appoints Nawaz as CEO
Attock Cement Pakistan informed Pakistan Stock Exchange Ltd (PSX) on 3 November that after the recent election of directors held on 23 October 2023, Babar Bashir Nawaz was re-appointed as chief executive officer by the Board of Directors of the company with immediate effect.
Indonesia’s increased 9M23 demand sees positive results for key producers
Indonesian cement consumption increased 4.4 per cent YoY and 2.7 per cent MoM to 6.12Mt in October 2023, as infrastructure projects in Sumatra were completed and work progressed on the Indonesian National Capital (IKN) project in Kalimantan, according to the Indonesian Cement Association (ASI). In the first nine months of 2023, demand reached 45.3Mt. PT Semen Indonesia Tbk and Indocement ...
Inauguration of Sokoto plant expansion by January 2024
BUA Cement has revealed its plan to inaugurate its Sokoto plant expansion by January 2024. Abdulsamad Rabiu, the Chairman of BUA Group , made this announcement during his visit to Governor Ahmad Aliyu in Sokoto this week. Mr Rabiu said that the company was diligently working to ensure the new plant, currently under construction in Sokoto state, Nigeria, would be ready for the inaugu...
Umm Al Qura Cement and City Cement see fall in profit
Saudi-Arabia-based Umm Al Qura Cement Co reported net profits of SAR1.44m (US$0.38m), representing a 76.4 per cent drop YoY from SAR6.12m in the third quarter of 2023. Revenues decreased by 38.2 per cent YoY to SAR33.51m from SAR54.2m in the 3Q23. In the first nine months of 2023 the company posted net profits of SAR10.05m, down 65.7 per cent YoY from SAR29.3m. Revenues fell by 33.9 per cen...
Grupo UNACEM completes Tehachapi acquisition
Grupo UNACEM has successfully completed the acquisition of the 0.9Mta Tehachapi integrated cement plant, located in California, USA. This significant milestone enables the Peruvian cement producer to double its installed capacity and strengthen its position in the competitive southwestern market in the United States. Grupo UNACEM has extended a warm welcome to the Tehachapi ceme...
Ambuja Cement reports quadrupling 2Q profit
Ambuja Cements , part of Adani Cement Industries , saw profit quadruple in the 2QFY23-24 to INR6440m (US$77.4m) from INR1390m in the year-ago quarter. The company’s revenue advanced eight per cent YoY to INR39,700m in the 2QFY23-24 while cement and clinker sales volumes advance seven per cent to 7.6Mt. Ambuja Cements saw its expenses decline by two per cent YoY with fuel costs down by ne...
India Cements narrows 2Q loss
The India Cements Ltd reported a lower net loss of INR810m (US$9.7m) in the 2QFY23-24 compared with a net loss of INR1380m in the year-ago period. EBITDTA for the 2QFY23-24 reached INR140m vs -INR870m in the 2QFY22-23, with the company seeing a net profit for the coming quarters, as price realisations improve and cost pressures soften. Total income slipped 2.5 per cent to INR12.28bn in the...
Holcim Romania inaugurates new aggregates plant
Holcim Romania has opened a new EUR3m aggregates plant in Neudorf, Arad province, western Romania. The first deliveries of the new plant have been completed this month, said Holcim. "I am glad that with the opening of the new aggregates plant, the fifth in the country, we are closer to our customers in the western part of the country, with whom we want to build successful projects, contrib...
Pioneer Cement’s profits expand 60% in 1QFY23-24
Pioneer Cement Ltd (PIOC) announced its 1QFY23-24 result on the Pakistan Stock Exchange website, where the company posted a profit after tax (PAT) of PKR933m (US$3.32m) compared to PAT of PKR585m in the same quarter last year. This translates into a growth of 59.5 per cent YoY, due to expansion in revenue during the period. PIOC’s sales (gross revenue) increased by 4.7 per cent to PKR8.71...
Crown Cement earns BDT610.34m in FY22-23
For the July 2022-June 2023 financial year, Bangladesh cement producer, Crown Cement earned BDT610.34m (US$5.54m) against the loss of BDT229.27m incurred in FY21-22 (July 2021-June 2022). This was possible due to robust sales growth and increased product prices. In FY21-22 the company incurred losses due to rising raw material costs, foreign exchange losses and increased freight charg...
CEMEX celebrates UK Technical Apprenticeship Programme
CEMEX UK is celebrating the growth and success of its Technical Apprenticeship Programme, based at the company’s National Technical Centre in Southam, Warwickshire, UK. Following the initial programme launch in May 2022, four apprentices have enrolled. The first apprentice to join the scheme has successfully completed Level 3 and is starting a new CEMEX apprenticeship degree course. CEMEX...
Chattanooga plant celebrates 100-year anniversary
Buzzi Unicem USA’ s Chattanooga plant observed its 100th anniversary with a celebration held at the Chattanooga Convention Center this past weekend. Over 300 current employees, retirees, customers and other special guests attended the event. Highlights of the event included a history walk featuring photos and historical facts about the plant over the years, and the Nervi exhibit, displayi...
Kohat Cement Co's profit rises by 25% YoY
Kohat Cement Co Ltd (KOHC) has announced its financial result for 1QFY23-24 at the Pakistan Stock Exchange (PSX) posting a profit after tax (PAT) of PKR2.230bn (US$7.92m) compared to a PAT of PKR1.785bn in a year ago period up by 25 per cent YoY. The result, highlights by AHL Research, says that the topline during 1QFY23-24 clocked in at PKR11.064bn, displaying a jump of 25 per cent YoY c...
CEMEX refinances US$3bn syndicated credit agreement
CEMEX has successfully refinanced its US$3bn syndicated credit agreement, extending the maturity to 2028. The refinanced credit agreement consists of a US$1bn five-year amortising term loan, and a US$2bn five-year committed revolving credit gacility. This represents a reduction of US$500m in the term loan and an increase of US$250m in the revolver from the prior facility. The signing of the ...