Cement News tagged: Corporate
Cemex share approval, confident on meeting debt obligations
Cemex shareholders have approved a plan for the company to issue more shares. The proceedings from the issuance will be used to pay a dividend, the company said at its annual shareholders meeting. Meanwhile, Cemex CEO, Lorenzo Zambrano, last week said that the company will meet its debt obligations to creditors this year, suggesting that the company may be turning a corner following a tough...
Cements Argos: positive outlook after strong 2011 results
Cementos Argos, Colombia's largest cement producer, achieved more than COP3.6bn (US$2bn) in consolidated revenues for FY2011, representing YoY growth of 21% in peso terms as it reported strong performances in its Colombian and Caribbean divisions. In the US, results were still affected by the challenging conditions although the company sees interesting recovery prospects ahead. According to...
Jefferies starts India cement coverage
Jefferies has initiated coverage on the Indian cement industry with a buy rating on ACC, Grasim Industries, India Cements, UltraTech Cement, and hold rating on Ambuja Cements. "We believe India Cements has the highest earnings upside from both volume and price surprises.... Among the large caps, Ultratech looks the best positioned without a significant exposure to south," said Jefferies in ...
Cement division helps boost YTL net profit, Malaysia
YTL Corp of Malaysia registered a net profit of MYR489.2m in the six months ended 31 December 2011, up 10.4 per cent YoY, boosted by the group’s cement and multi-utility arm. Revenue increased by 10.8 per cent to MYR9.87bn. Commenting on the results, YTL Group Managing Director, Tan Sri Dato’ (Dr) Francis Yeoh Sock Ping, CBE, FICE, said: “At the half-way mark of the 2012 financial year, the...
Weak demand and high input costs hit Holcim Philippines earnings
Holcim Philippines posted a net earnings of PHP2.03bn, down 47.27% from the PHP3.85bn it earned in 2010 as weaker cement demand and higher input costs impacted revenue but said it is cautiously optimistic for the year ahead. The company said cement consumption fell after a very strong market in election year 2010. Simultaneously, continuous rises in coal and electricity hiked the company’s e...
Fujian joint-venture announced, China
Chinese cement producer, Fujian Cement plans to set up a joint venture, Fujian Jianfu Southern Cement, with its second-largest shareholder, Southern Cement to consolidate the cement industry in Fujian, a southeast province in China. Both companies will conduct mergers, acquisitions and expand production capacity, reports China Securities Journal, citing a company filing. Each company will h...
Suez Cement reports 54% decline in 2011 net profit
Suez Cement of Egypt posted a 54 per cent decline in 2011 due to political unrest and uncertainty. Net income fell to EGP568.6m (US$94m) from EGP1.24bn in 2010, the company said. With visibility in the Egyptian market still fairly poor, the company said in a statement to the Egyptian bourse: “The outlook is still very uncertain in the current political context and before a stable govern...
FCC may delay sale of US unit
Fomento de Construcciones & Contratas SA (FCC) of Spain may delay the sale of its US business after receiving offers below expectations, El Confidencial reports. FCC had wanted EUR600m for the unit, however, potential buyers do not see economic recovery yet that will revive cement demand, the newspaper noted, citing unidentified sources.
CRH announces non-executive Board appointment
The Board of CRH plc is pleased to announce the co-option to the Board of Ms. Heather Ann McSharry as a non-executive Director. Ms. McSharry (50) is Chairman of the Board of Trustees of Bank of Ireland Pension Fund and is a director of Ergonomics Solutions International, IDA Ireland and the Institute of Directors. She is a former Managing Director of Reckitt Benckiser and Boots Healthcar...
Indian cement importers meet Pakistan exporters
An Indian trade delegation of over 120 business people, government officials and members of Federation of Indian Chambers of Commerce and Industry (FICCI) including cement importers visited Pakistan last week to make head way on Most Favoured Nation (MFN) status to India and further enhance bilateral trade relations between the two countries. The Indian delegation was led by Anand Sharma, Mini...
Fauji Cement in possible Askari Cement takeover, Pakistan
Fauji Cement Company Ltd (FCCL) plans to acquire Askari Cement of the Army Welfare Trust (AWT). Both companies are reportedly at an advanced stage of negotiations and are expected to announce a merger soon, once the necessary approval is received from the relevant government departments and board of directors. Should the deal proceed, Fauji Cement will become the second largest cement prod...
CRH announces appointment of chairman designate
The Board of CRH today appointed Mr. Nicky Hartery as Chairman Designate, to succeed the present Chairman, Mr. Kieran McGowan. Mr. McGowan, who has been Chairman since May 2007 and a Board member since 1998, will retire after the Company’s Annual General Meeting, which is scheduled for 9th May 2012. Mr. Hartery (60) who joined the Board of CRH in 2004, was Vice President of Manufacturing an...
Lafarge-Tarmac tie-up challenged on competition grounds, UK
The planned merger between Lafarge and Tarmac has been called into question by the UK’s Competition Commission (CC) on grounds that the tie-up could damage competition in both the bulk cement and other construction materials markets. In February 2011, Lafarge and Tarmac announced their agreement to combine their cement, aggregates, ready-mixed concrete, asphalt and contracting businesses in...
CRH announces US management changes
CRH has announced a number of changes within its management team in the USA, effective as of 20 February 2012. The appointments are as follows: Doug Black (47), currently Chief Executive of CRH's Americas Materials Division, is appointed to the newly created position of President and Chief Operating Officer, Oldcastle, Inc. (the holding company for CRH's operations in the Americas) and will...
Siam Cement to issue bonds in March, Thailand
Siam Cement PCL of Thailand plans to issue up to THB25bn worth of bonds to existing bond holders and the public, Dow Jones News reports. The bonds, worth a four-year maturity, will carry a coupon rate of 4.15 per cent, the company said in a filing to the Securities and Exchange Commission on Monday. The bonds will be open for subscription during 1-9 March 2012 and during 26-30 March 2012...
Tokyo Cement quarterly net profit up 43 per cent, Sri Lanka
Sri Lanka’s Tokyo Cement said net profits for the December quarter rose 43 per cent to LKR275m (US$2.3m) from a year earlier with revenues up 39 per cent to SLR5.7bn. The company’s revenues grew 38% to LKR5.7bn cost of sales rose at a faster 44% but the firm grew gross profits at a slower 17%. Tokyo Cement is a joint venture between Nippon Coke and Engineering (formerly Mitsui Mining) a...