Cement News tagged: Corporate
Dangote doubles output at its Tanzanian factory
Dangote Cement has doubled its cement production in Dar es Salaam in response to Tanzania's cement shortage, which has resulted in higher cement prices. Routine maintenance at some factories has meant lower production and retail cement prices have risen from TZS12,000 (US$5.25) per 50kg bag to TZS22,000 (US$9.63) in recent weeks, reports The Citizen. Dangote Cement's Country Manager, Mr ...
Bestway Cement records profits of PKR13.157bn
Bestway Cement Ltd (BCL) has recorded a profit of PKR13.157bn (US$107.2m), down by one per cent YoY, in the fiscal year ended 30 June 2018. According to financial results received by Pakistan Stock Exchange (PSX) on 17 August 2018, the company announced an interim cash dividend of PKR0.3/share. No bonus or right shares were announced. The company's net sales increased to PKR77.11bn from P...
ARM Cement placed under administration
Kenyan cement producer ARM Cement Ltd has been placed under administration. Commercial banks took control of the cement producer in a bid to recover the KES15bn (US$14.9m) owed to them. Nigeria-headquartered UBA Bank was appointed joint administrators from PricewaterhouseCoopers (PwC) on Friday. Muniu Thoiti and George Weru of PwC took over the management of the cement maker on Friday. Mr W...
Wonder Cement to commission grinding unit
India’s Wonder Cement is ready to start operations at its 2Mta clinker grinding unit in Dhule, Maharashtra, according to The Hindu. The plant represents an investment of INR4.5bn (US$64.54m) by the company. "The Dhule plant, which will commence operations on Monday, will distribute cement mainly across Maharashtra, while a minimal quantity would be supplied to Madhya Pradesh. The plant will s...
Cemento Fortaleza starts operations in Costa Rica
Plycem-owned Cemento Fortaleza will move from being a distributor of cement in Costa Rica to a local producer. The company recently commissioned a new cement plant in Esparza, Puntarenas. The US$17m project includes German production technology and was built on a 50,000m 3 plot. The new plant will directly and indirectly employ more than 200 people.
Saurashtra announces rise in 3Q sales but drop in 3Q profit
Saurashtra Cement reported a 78.4 per cent decline in its net profit to INR49.3m (US$706,959) in the quarter ended June 2018 from INR228.2m in the year-ago period. Sales advanced 20.8 per cent to INR1.68m in the April-June 2018 period. In April-June 2017 sales reached INR1.391bn.
Wilfred Murungi retires from ARM Cement
Kenyan billionaire Wilfred Murungi has parted ways with ARM Cement Ltd, ending his 24 years of tenure as a director at the cement producer. "I wish to inform all shareholders that after 24 years period serving as a director of ARM Cement PLC, and briefly as Board Chair, I will officially be retiring effective 13 August 2018," Murungi said in his announcement. "In the period I have served ...
Southeast Asia producers line up for LafargeHolcim Indonesia sale
The sale of LafargeHolcim's Indonesian unit has attracted the interest of several potential buyers in the region, including Japan's Taiheiyo Cement Corp, Malaysia's YTL Corp and PT Semen Indonesia, Bloomberg reports, citing unnamed sources. HeidelbergCement's Asian unit PT Indocement Tunggal Prakarsa is also considering a bid, Bloomberg reports. Negotiations are still at an early stage a...
Linus Gitahi is appointed Chair of ARM Cement Board
Linus Gitahi, former Nation Media Chief Executive, has been appointed the Chair of the ARM Cement Board following Wilfred Murungi's retirement. Deputy Managing Director Surendra Bhatia has also retired from the position effective immediately with Thierry Metro appointed as a non-executive, non-independent director. "The Board of Directors take this opportunity to extend its gratitude to the o...
Former ARM CEO to remain as board member
Pradeep Paunrana, chief executive of ARM Cement PLC (Kenya), said on Thursday he planned to quit his post as part of a changes at the Kenyan cement maker, but now states he will stay on as a board member. "As founder shareholder and entrepreneur, I will be an active Board member and support the incoming CEO and the management team in strengthening stakeholder relationships with suppliers, cu...
Cementarnica Usje's net profit falls 13% in 1H18
The consolidated net profit of Macedonian building materials producer Cementarnica Usje, part of the Titan Cement group, fell by 13 per cent YoY to MKD432.5m (US$8m) in the first half of 2018, the company said on Thursday. Cementarnica Usje's operating revenue fell nine per cent YoY to MKD1.96bn in the first six months of the year, according to data from its interim financial statement. The ...
Attock Cement achieves PKR4.40bn net profit in FY18
The Attock Cement company has announced its FY18 annual financial results, which shows its profit after tax at PKR4.40bn (US$35.8m) as compared to PKR3.03bn in the same period last year. It translates a growth of 45 per cent in profit YoY basis. Net sales of the company during FY18 have increased by 15 per cent YoY to PKR16.884bn, mainly achieved on account of impressive growth trend witness...
Burnpur Cement reports net loss of INR441m in Apr-Jun quarter
India’s Burnpur Cement reported a net loss of INR44.1m (US$0.629) in the quarter ended 30 June 2018. In the year-ago period the cement producer saw a net loss of INR334.2m. Burner’s sales reached INR195.9m in the April-June quarter.
Cemex's Davenport site still seeks new use
Cemex's Davenport facility in Iowa, USA, has remained empty since the plant was closed in 2010. Cemex maintains ownership of the plant, and while it has been in negotiations to sell the site, the talks with an aviation company have stalled. The preferred bidder, Joby Aviation, is no longer planning to move its production to part of the empty 104-acre Cemex site, founder and CEO, Joe Ben Bev...
Rain Industries awarded approval for mill upgrade
Rain Industries has received approval for the upgrade of its Unit II cement mill at Boincheruvupalli Village, Andhra Pradesh, India. Rain Cements, a wholly-owned subsidiary of Rain Industries, will see cement capacity increase from 2.033Mt to 2.795Mt in a INR419m (US$5.97m) project, which will be funded through internal accruals. The project is scheduled for completion by 30 June 2019.
ARM seeks limestone mining permit
ARM is requesting government approval to mine limestone in five areas in Kilifi County, Kenya. The cement producer wants to mine the raw material over 24.931km 2 in the Chonyi, Pangani, Chairing, Maereni and Maseras areas. Kenya’s Ministry of Petroleum and Mining invited objections to the bid to be made within 42 days. This latest application is the third such permitting step following ap...