Cement News tagged: Corporate
Argos sees 2Q profit slide but notes improved 1H net income
Colombia's cement market leader, Cementos Argos, saw revenues advance by 1.4 per cent to COP2.184trn (US$727m) in the 2Q18 from COP2.154trn in the year-ago period. Operating EBITDA fell by 11.2 per cent to COP328.3bn in 2Q18 when compared with COPCOP369.7bn in April-June 2017. In addition, Cementos Argos reported a 59.7 per cent drop in net profit to COP29.4bn in the April-June 2018 quarter,...
Shree Cement to set up 3Mta grinding plant in Cuttack
Shree Cement is setting up a 3Mta cement grinding unit at Chandrabali village, Shyampura, in Cuttack district of Odisha. The INR452,550m (US$2m) facility is being constructed by Petron Engineering Construction. The scope of the contract includes civil work of plant building, silos and miscellaneous work for the project. Chief Minister of Odisha, Naveen Patnaik, performed the ground breaki...
Arabian Cement profit soars 197% in 1H18
Egypt's Arabian Cement posted a 196.6 per cent hike in consolidated profits to EGP212.76m (US$11.89m) in 1H18 from EGP71.71m in 1H17, the company said in a filing to the Egyptian Exchange. Revenues advanced to EGP1.64bn at the end of June, compared with EGP1.22bn in 1H17. Standalone profits surged to EGP213.3m in the first half of 2018, up from EGP71.51m in the year-ago period.
Hsing Ta Cement reports stable net profit
Taiwanese cement producer Hsing Ta Cement saw its revenues advance 29.7 per cent to TWD1.748bn (US$56.8m) in the 2Q18 from TWD1.348bn in the year-ago period. Pretax profit more than doubled from TWD206.304m in the 2Q17 to TWD440.058m one year later. The company’s net profit remained largely stable at TWD125.366m (2Q17: TWD126.441m).
Chettinad Cement to be evicted off government land
Chettinad Cement Corp Ltd has been ordered to vacate government land that it encroached upon to construct a railway track to its Ariyalur railway track. The Madras High Court passed the judgement with Justice SM Subramaniam also ordering a probe into government officials involved in colluding with factory management to use the land. "Such industries cannot encroach upon government land, whi...
Asia Cement Corp sees 167% rise in 2Q net profit
Taiwan's Asia Cement reported a 37.6 per cent increase in revenues to TWD22.425bn (US$728.2m) in the April-June 2018 quarter from TWD16.298bn in 2Q17. Pretax profit was up by 174.9 per cent from TWD2.469bn in the 2Q17 to TWD6.788bn in 2Q18 while net profit surged by 167.9 per cent to TWD4.33bn in the 2Q18 from TWD1.616bn in the year-ago period.
Eagle Materials Inc name new COO
Michael Haack has been appointed as President and Chief Operating Officer of Eagle Materials Inc. Prior to joining Eagle, Mr Haack spent 17 years at Halliburton Energy Services, holding successively important operating positions, culminating with the management of Global Operations for Sperry Drilling, a multi-billion dollar company in the drilling and evaluation division of Halliburton. ...
Dzata Cement did not cause UT Bank collapse
Dzata Cement of Ghana was not responsible for the collapse of UT Bank in 2017. The cement producer was previously thought to be a major cause of the bank's folding, incorrectly attributed to the cement company defaulting on a loan. However, Ibrahim Mahama, who owns the cement facility, said the repayment of the loan was to start after the company began operations and cement sales. The licen...
Suez Cement reports net profits of EGP250m in 1H18
Suez Cement reported EGP250.59m (US$14m) in net profits for the six-month period ended June, against a loss of EGP40.61m in the year-ago period, according to a filing to the Egyptian Exchange (EGX). Sales amounted to EGP 3.96bn at the end of June, versus EGP 3.11bn in 1H17. Profits climbed to around EGP 156.62m in 1H18, up from EGP20.81m in the same period a year earlier. Suez Cement previou...
Taiwan Cement posts record quarterly profits
Taiwan Cement Corp posted a record 2Q profit, due mainly to higher cement prices in China, rising sales and increased contribution from its China-based subsidiary, TCC International Holdings Ltd. The Taipei-based firm's 2Q18 net income, attributable to the parent company, hit TWD7.06bn (US$229.9m), up 228.71 per cent YoY from TWD$2.15bn, the company said in a filing with the Taiwan Stock Exc...
Sri Lanka’s Tokyo Cement reports increased loss
Tokyo Cement Plc reported losses of LKR605m (US$3.78m) in the June 2018 quarter as revenues fell and the sale of a vessel added LKR380m to the losses already sustained. In the June 2018, revenues declined four per cent to LKR7.76bn while costs rose by four per cent to LKR6.2bn. Finance expenses increased 170 per cent to LKR380m. Gross profits fell 27 per cent YoY to LKR1.507bn. The company ...
Shree Cement gets Raipur coal linkage
India’s Shree Cement was awarded the coal linkage for its Raipur plant in Chhattisgarh. The contract for Grade 7 coal was awarded to the cement producer following a e-auction. The company paid a winning premium of INR130/t (US$18.76/t), 5.63 per cent of the notified price.
Loma Negra reports 2Q18 net revenues up 37%
Loma Negra reports its 2Q18 net revenue increased 37.2 per cent to ARS4.757bn (US$169.4m) in 2Q18, from ARS3.467bn in the comparable quarter last year. Cement, masonry and lime revenues in Argentina were up 33.4 per cent YoY, to ARS3.503bn despite volumes remaining almost flat. Cement revenues in Paraguay increased 49.2 per cent, reaching ARS369m in the quarter as the 2.4 per cent YoY declin...
Riddhi Siddhi's Nepal plant nears completion
Nepal’s Riddhi Siddhi Cement is planning to start commercial production at one of the country’s largest plants in Makawanpur within two months, as 80 per cent of the construction is now complete. "We are about to complete the construction work," said Rajesh Kharel, director of the company. "We have deployed around 1000 workers round the clock at the factory site to complete the construction...
Eagle Cement Corp grows net profits by 5%
Philippine-based Eagle Cement Corp grew its net profit by five per cent YoY to PHP2.3bn (US$43.3m) in the 1H18 with higher sales volume compensating for lower selling prices. The company's first-half net sales rose by some 10 per cent YoY to PHP8.21bn. Gross profit margin was maintained at 48 per cent. Cash flow as measured by earnings before interest, taxes, depreciation and amortisation (...
Cemex Latvia's turnover rises 35% with strong export sales
Cemex generated EUR78.067m turnover in Latvia in 2017, up 34.6 per cent against 2016, selling 970,000t of cement, while the copany's share of export sales grew to 70 per cent. Growth was recorded in all segments thanks to a robust growth of the Latvian construction sector in 2017. Growing exports to markets such Sweden and Finland as well as sales in Estonia, Lithuania and Belarus compensat...