Cement News tagged: Corporate
Moody’s: West China Cement investment slowdown ‘positive sign’
West China Cement’s (WCC) slowdown in investments is also a positive, according to Moody's analyst, Jiming Zou, lead analyst for WCC. WCC's shift from an aggressive expansion strategy to more prudent financial management follows the need to stabilise its capital structure, Moody’s highlighted in a statement. "This approach is necessary as it will need to refinance offshore debt in January 20...
MoU signed for new mini cement plant in Nigeria
Sokoto State Government has signed a Memorandum of Understanding (MoU) with Brewtech Nigeria Ltd, to establish a mini cement company in the state. The project is expected to have a capacity of 300tpd, rising to 900tpd at its peak. ThisDay press reported that the project will be a collaboration between the state government, Brewtech and some private investors. It will be partly financed by the...
Lafarge Pakistan Cement swings to profit
Lafarge Pakistan Cement (LCP) has earned a net profit after tax of PKR1.488bn (US$15.17m) for the year ending 31 December 2012, compared to a loss of PKR118.42m in the previous year. Net sales rose PKR9.624bn last year from PKR7.804bn, reflecting a growth of 23.32 per cent. The cost of sales stood at PKR6.44bn against PKR6.148bn in 2011. The company incurred distribution costs of PKR225m and...
West China Cement sees 2012 net profit jump
West China Cement Ltd has reported a rise in net profit and operating revenue for 2012 and says it expects an improved operating environment going forward due in part to increased infrastructure demand. Net profit for the group jumped 44.9 per cent YoY in 2012 to CNY360m in 2012 and operating revenue grow 10.5 per cent YoY to CNY3.52bn. Cement sales volumes grew by 28 per cent, including sal...
Loesche awarded new contract for ACC project
Loesche, in a consortium with KHD, has been awarded a contract for its vertical roller mill technology to be employed at ACC’s Jamul plant in India. Loecshe will supply its mills type LM 56.3+3 and LM 43.3 D for the new project being undertaken by Holcim group company ACC. Part of the clinker produced in Jamul will be ground at the cement plant while another part will be processed at grin...
Cimpor's restructuring gives temporary lower numbers
Cimpor's turnover from continuing activities declined by an underlying 3.1 per cent to EUR1510m and compares with the actual EUR2275.3m shown in 2011 on the old structure. The comparable EBITDA eased by 3.3 per cent to EUR464.7m and compares with an actual EUR616.0m. The trading profit came off by 4.8 per cent from EUR321.2m to EUR305.8m, whereas a year ago EUR372.8m was shown. Net fin...
Chinese producers report declines in net profit
Three China-based cement producers have reported declines in net profit and operating revenue for 2012. China Shanshui Cement reported a 31.8 per cent decline in net profit to CNY1.52bn during the year. Operating profit slid 4.2 per cent YoY to CNY16.16bn, with basic earnings per share of CNY0.54. United Cement Group Corp, a centrally government-run cement company, saw a 65 per cent drop...
Nigeria considers new tariff on imports to protect local producers
The Nigerian government is considering imposing a new tariff on imported bulk cement following an influx of volumes which are said to have caused a glut in the market. The current duty on imported bulk cement is 10 per cent, but no levy is imposed on the commodity. Dr Olusegun Aganga, Minister of Trade and Investment, said during a meeting with select ministers on Nigerian business competi...
TPCC reports 22% rise in net profit, Tanzania
Tanzania Portland Cement Company Ltd (TPCC), part of HeidelbergCement, posted a 22 per cent increase in net profit despite competition from regional imports. Net profit for the year to December 2012 rose to TZS1.57bn (US$968m) from TZS50.6bn in 2011. Turnover increased 15 per cent to reach TZS249.11bn compared to 217.25bn recorded in the year before. The cost of sales was pushed up by double ...
Dyckerhoff net profit down on European markets
Buzzi Unicem's subsidiary Dyckerhoff has confirmed that net profit in 2012 fell as declines in Europe could not be offset by volume increases in Russia and the USA. The German-based cement major said in a release on Friday that net attributable profit for the year fell 59.2 per cent from the year before to EUR26.9m. Group EBITDA of fiscal year 2012 amounted to EUR 284.2m including one-time on...
Lafarge Zimbabwe to reduce foreign shareholding
Lafarge and the Zimbabwe government have agreed on Lafarge reducing its shareholding in the Zimbabwean cement manufacturer to 49 per cent. “We have agreed with the relevant authorities on the indigenisation modalities to bring down foreign shareholding to 49 per cent, in line with the indigenisation and economic empowerment [policy]. To this effect, our indigenisation plan was approved,” acc...
Clinker import tax hike threatens small, medium-sized producers in Assam, India
Medium and small-sized cement producers in Assam have criticized a proposal by the state government to raise the import tax of clinker by four per cent. The new proposal will see the entry tax on clinker raised from two to six per cent, applicable only to small and medium units, according to reports in the Economic Times. Industry sources said the proposal to raise the entry tax would adv...
Panel to review Egypt gas price hikes
A panel of judges is set to review an appeal made by five cement producers over gas price hikes by the Egyptian government, a Cairo administrative court said. According to reports by Bloomberg, a panel is to look into appeals by Tourah Portland Cement, Suez Cement, Alexandria Cement, Beni Suef Cement and Helwan Cement against the fuel price incrased that was started by Prime Minister Hisha...
Cemex prices US$600m in notes, Mexico
Cemex on Thursday priced six-year secured notes for US$600m to pay down debt. The notes, due 2019, to be issued at par, will pay annual interest of 5.875 per cent and will be callable after three years. It expects the sale to close on 25 March, the Mexican cement major said in a statement. The company plans to use about US$55m to pay off a 2009 financing agreement and the rest for other p...
HSBC Global increases stake in India Cements
HSBC Global Investment Funds has purchased 384,345 shares of India Cements Ltd for an undisclosed sumy, the cement producer said in a notice to the stock exchanges. Following the acquisition, HSBC Global Investment's stake in the company has risen to 5.12 per cent, India Cements noted.
Cementos Molins to reduce workforce
Spain-based cement producer Cementos Molins is to cut 56 jobs at its St Vicenc dels Horts works due to the ongoing crisis in the domestic construction market. The cutbacks will reduce the total number of employees at the plant by 29.3 per cent, according to reports in Cinco Días.