Cement News tagged: Corporate
Mustehkam Cement and Bestway Cement to merge, Pakistan
Two Pakistan-based cement producers, Mustehkam Cement and Bestway Cement, have informed the Karachi Stock Exchange (KSE) of their intention to merge and operate as a single company. The board of directors of both companies are scheduled to meet on 6 May to approve the amalgamation. Mustehkam Cement has been a subsidiary of Bestway Cement (and part of the Bestway Group) since in 1995. Theref...
Siam Cement first quarter net profit rises 47% YoY, Thailand
Siam Cement reported a 47 per cent is first quarter net profit, mainly due to advances in its cement and petrochemical business. The Thai conglomerate posted a net profit of THB8.8bn (US$805m) for the three months to the end of March 2013, up from THB5.97bn from a year earlier. Its cement and building materials business posted strong domestic demand thanks to a lively construction sector...
UltraTech in talks with JP Associates for Gujarat assets, India
UltraTech Cement is reportedly closing in on a deal to acquire the cement assets of Jaiprakash Associates in the state of Gujarat, India, according to local press reports. "The deal is expected to be sealed before May. The valuation and other critical aspects, such as the indemnity amount, are more or less finalised. We are waiting for one more approval," reported The Economic Times quoting...
Sale of Akmenes Cementas shares blocked by anti-trust regulator
Lithuania’s Competition Council has blocked the sale of a 51 per cent stake in Akmenes Cementas to Concretus Materials, part of the Betoneta Group. The regulator concluded on Monday that the market share, which the potential buyer would obtain after the takeover, would be too large. Shortly after the announcement, Concretus Materials withdrew its request for approval and cancelled the of...
Qatar National Cement Co 1Q13 sales edge ahead
Qatar National Cement Company (QNCC) reported a net profit of QAR118.6m (US$32.6m) for the first three months of this year, slightly ahead on the QAR117.9m recorded in the same period of last year. Earnings per Share (EPS) amounted to QR 2.42 as of March 31, 2013 versus QR 2.40 of the same period in 2012. Qatar National Cement Co (QNCC) is the state’s dominant producer with a 70 per cen...
UltraTech Cement quarterly net profit falls 16.3%, India
UltraTech Cement on Monday announced a 16.3 per cent YoY fall in quarterly profit, which it attributed to an increase in railway freight costs and diesel prices. The company reported standalone profit of INR7.26bn (US$134.26m) for the January-March quarter. Net sales rose one per cent to INR53.89bn and combined cement and clinker sales of grey cement were almost flat at 11.13Mt for the quarte...
Anhui Conch reports first quarter decline, China
China’s second-largest cement producer by capacity, Anhui Conch Cement, reported a decline in first-quarter net profit but an improved pricing environment has begun to emerge in the company’s key regional markets. Conch said its net profit attributable to shareholders for the first three months of 2013 declined 22.18 per cent YoY to CNY972m. Operating revenue was CNY9.91bn, an increase o...
Positive earnings outlook for Siam Cement, Thailand
Siam Cement Plc (SCC) of Thailand is expected to post good earnings growth thanks in part to domestic demand for cement and building products remaining strong. According to analysts at KGI Securities, SCC is likely to report a 1Q13 net profit of THB7.5bn, up 25.9 per cent YoY and 8.7 per cent QoQ thanks to a solid performance from the cement unit and clear signs of upturns for the chemical ...
Goldman positive on Eastern China markets
Goldman Sachs said it remains positive on China's cement sector but continues to be regionally and stock selective. The investment bank expects further upside to cement prices in Eastern China, given its current lowest inventory across the regions, and least new capacity additions in the year, benefiting Anhui Conch and CNBM. However, Northern/Southern China's cement prices are already und...
MPA survey indicate further decline in UK construction activity
Survey results by the Mineral Products Association (MPA) results for the first quarter of 2013 confirm the slow start to UK construction activity in 2013 and it has expresed the urgent need for accelerated delivery of promised funding and projects. However, while construction output is expected to decline again this year, the Construction Products Association has forecast a recovery in 2014 an...
Eastern Province Cement Co net profit rises 4.8% YoY
Eastern Province Cement Co has announced a 4.8 per cent YoY rise in net profit to SAR109m (US$29m) in 1Q13 compared to SAR104m in the same period of last year. The increase is attributed to the improved results of an associated company and increases in other incomes. Compared to the previous quarter, net profit rose 2.8 per cent from SAR106m in 4Q12 attributed to increases sales and a decr...
BBMG expects to post first-quarter loss
China-based cement producer BBMG Corp said it expects to record a loss attributable to shareholders of about CNY60m (US$9.7m) for the first quarter of 2013 compared to CNY294m profit in the same period of last year. The loss is attributed to lower selling prices in the areas in which BBMG’s subsidiaries operate due to lower demand. (Source: ET Net News Agency).
DG Khan reports strong rise in 9MFY12 net profit
DG Khan Cement Company (DGKC) registered a net profit of PKR4.2bn (US$42m) compared to PKR2.1bn in the first nine months of the fiscal year, an increase of 105 per cent. Revenues increased by nine per cent YoY during the period due to higher price realisations while the cost of sales stayed relatively controlled mainly due to lower coal prices, and were up only one per cent YoY. This enabled...
Votorantim Cimentos files for US$5.4bn IPO
Brazil’s leading cement producer, Votorantim Cimentos SA, filed on Wednesday with the Securities and Exchange Commission (SEC) to raise up to US$5.4bn in an initial public offering of its units. Votorantim will list shares in Brazil and American depositary receipts on the New York Stock Exchange, according to a US regulatory filing yesterday, pushing the total amount of pending IPOs in Brazil...
Argos share offering open for 15 days, Colombia
Colombia's largest cement maker, Cementos Argos, has opened for offers 250m preferred shares, a bookbuilding process to end on 8 May 2013 to raise between (US$1.05bn-US$1.27bn). Argos has set a range of between COP7700 and 9300 Colombian pesos ($4.20 to $5.07) per share for the offering, the company said in a statement published in local media. Argos said it will issue the shares in two...
Attock Cement quarterly profit higher on increased prices, Pakistan
Pakistan-based producer Attock Cement reported a 40 per cent rise in profit during the January-March 2013 quarter, driven by higher prices. Profit rose to PKR520m (US$5.3m) during the period compared to PKR371m in the corresponding period of 2012. With cement demand subdued during the winter period, the advance was attributed to increased prices. Cement prices averaged PKR438/bag (US$4.45) a...