Cement News tagged: Corporate
Lucky Cement records 92 per cent jump in profit
Lucky Cement Ltd posted its financial result for 1HFY24 at the Pakistan Stock Exchange (PSX) on 26 January. The company announced unconsolidated earnings of PKR13.710bn (US$49m), showcasing a hefty jump of 92 per cent YoY. Gross sales increased to PKR79.26bn from PKR58.70bn over the same period. The company has decided to undertake a 28.8MW wind power project at the Karachi plant. The proje...
Inform collaborates with ready-mix software company
AI-powered optimisation software company Inform has formed two new collaborations. The first is with BCMI, an innovative leader in cloud-based software company, for ready-mix concrete and bulk materials based in Redmond, WA, USA. The second is with Marcotte Systems, a renowned leader in innovative solutions for the concrete industry based in Saint Bruno, Canada. These collaborations will br...
Kohat Cement welcomes new company secretary
Nadeem Atta Sheikh, chief executive at Kohat Cement , informed the Pakistan Stock Exchange Ltd (PSX) on the 26 January that Muhammad Ahsan Yousaf has ceased to be the company secretary of Kohat Cement with immediate effect. Ms Iqra Khalid has been appointed the new company secretary.
ACC reports 375% surge in PAT
India’s ACC Ltd has reported a 139 per cent YoY leap in operating EBITDA to INR9050m (US$108.87m) in the 3QFY23-24. Profit after tax over the same period has advanced by 375 per cent to INR5380m. According to the company, the “robust” results are due to “a sharp growth in volume and improvement of important KPIs.” Revenue for the 3QFY23-24 stood at INR49,140m, up from INR45,370m in the same ...
Votorantim Cimentos to invest BRL5bn until 2028
Votorantim Cimentos announced BRL5bn (US$1bn) in investments, which BRL1.5bn (US$300m) are already in place, to expand the company's cement capacity by 10 per cent in the next five years (3Mta). At BRL1666m/t (US$333m/t), the investment is expected to increase the yearly EBITDA by BRL1.3bn (US$260m) - 26 per cent of Votorantim's 2022 EBITDA, as stated by the news. According to Osvaldo Ayre...
Dalmia Bharat Ltd records INR2660m profit in 3QFY24
Dalmia Bharat Ltd reported profit after tax of INR2660m (US$32m) in the 3QFY23-24, up 22 per cent from INR2180m in the 3QFY22-23. Sales volume reached 6.8Mt in the 3QFY23-24. This was a rise of 8.1 per cent from the 6.3Mt recorded in the 3QFY22-23. The 3QFY23-24 EBITDA for the company amounted to INR7750m, a rise of 20.3 per cent from the INR6440m reported in the 3QFY22-23. Commenting on ...
JK Cement sees continued revenue growth
JK Cement has reported total income of INR28,199m (US$339.12m) in the three months ended 31 December 2023. This compares to INR25,984m in the previous quarter and INR23,581m in the same quarter a year earlier. Profit after tax in the December 2023 quarter came in at INR2894.6m, up from INR1789.2m in the previous quarter and INR576m in the same quarter in 2022. Meanwhile, earnings per shar...
NCCB appoint new chairman
Neeraj Akhoury, president of the Cement Manufacturers’ Association and MD of Shree Cement Ltd, has been appointed as the chairman of the National Council for Cement and Building Materials (NCCBM) for a span of two years (2023-24). The decision was taken at a meeting of the Board of Governors of NCCBM recently held at Vanijya Bhawan, New Delhi. Before joining Shree Cement, in October 2022, M...
Dangote Cement attracts substantial investment
Dangote Cement has become the first company to be valued at NGN10trn (US$11.76bn) on the Nigerian stock market. The company’s share price advanced by 9.99 per cent on 22 January 2024 to close at NGN592.60 per share, giving the company a market value of NGN10.1trn. The news follows an NGN6bn investment in Dangote Cement by Femi Otedola, a Lagos-based billionaire. Mr Otedola told Nigerian ...
Aker Carbon Capture and MAN Energy collaborate on CCUS
Aker Carbon Capture and MAN Energy Solutions have signed a Memorandum of Understanding to jointly pursue opportunities related to carbon capture, utilisation and storage (CCUS) and CO 2 compression in the North American market. The agreement leverages MAN’s expertise in compressor technology and system integration, as well as Aker Carbon Capture’s proven amine technology and carbon capture pr...
Lucky Cement expected to post strong financial results
Pakistan cement manufacturers, listed in Pakistan’s Stock Exchange (PSX), are yet to start posting their financial results on the bourse for 2QFY23-24 and 1HFY23-24. Mixed results are expected, due to the high construction cost, cement bag and steel prices, unviable interest rates and peak inflation. However, Lucky Cement Ltd ,which is scheduled to announce its 2QFY24 financial result on ...
PPC welcomes new executive committee
South African cement producer PPC has restructured its executive committee to help boost the company’s profitability amidst forecasts of low cement demand across the country, according to The Herald. Mokate Ramafoko has been appointed chief revenue officer (CRO), responsible for boosting PPC’s top line, while Kevin Ross has been named as the new chief legal and compliance officer and com...
Carthage Cement reports record turnover
Tunisia-based Carthage Cement closed 2023 with a turnover of TND431m (US$138.7m), up 18 per cent when compared with the company’s turnover in 2022, driven by its cement and aggregate business. Domestic turnover increased 22 per cent to TND339m in 2023 from TND278m in 2022. Export turnover was stable at TND57m. Aggregate sales increased 27 per cent YoY from TND17.6m to TND22.4m in 2023. Co...
FLSmidth sells MAAG to Solix
FLSmidth Cement sold its MAAG gears and drives business to Sweden-based investment company, Solix Group AB. The transaction is expected to close during the 1Q24 and includes all related assets, including intellectual property, technology, employees and customer contracts. The divestment of the MAAG business is in line with FLSmidth Cement’s GREEN’26 strategy, which in combination with a grea...
Shree Cement begins production at Nawalgarh plant
India’s Shree Cement has commenced commercial production at its 4.2Mta cement plant in Nawalgarh . The facility, which is located at Village Gothra, Nawalgarh Tehsil, Rajasthan, began production on 22 January 2024. This latest plant forms part of the cement producer’s plans to reach a cement production capacity of 80Mta by 2030.
UltraTech Cement records consolidated net sales of INR164bn
UltraTech Cement Ltd ( Aditya Birla Group ) has released its financial results for the quarter ended 31 December 2023, reporting consolidated net sales of INR164,870m (US$1.983bn) compared with INR152,990m of the corresponding period of the previous year. Profit after tax was INR17770m, the highest-ever quarterly figure as compared to INR10580m in 3QFY22-23. The domestic grey cement sales v...