Cement News tagged: Corporate
Meghna Group joins WCA
The World Cement Association (WCA) welcomes Meghna Group of Industries, Unique Cement Industries Ltd, to its international membership. The company is one of Bangladesh's biggest conglomerates and will join as a Corporate Member. The association now boasts a network of 66 members and representatives that cover 36 countries. "We are delighted that an important player in the rapidly expanding B...
CRH to create new global Building Products division
CRH plc will establish a new global Building Products division from 1 January 2019, bringing together its Europe Lightside, Europe Distribution and Americas Products divisions. Under the leadership of Keith Haas (currently President, Americas Products), this new platform will operate alongside our Americas Materials and Europe Materials divisions, leveraging CRH's scale and network opportuni...
Prism Cement reports 13% net sales increase in 4QFY18
India’s Prism Cement Ltd has reported a 13.4 per cent YoY increase in net sales to INR16.14bn (US$238.94m) for the 4QFY18. EBITDA surged 40.3 per cent to INR1.69bn, while its EBITDA margin expanded to 10.6 per cent. However, profit after tax decreased 10.6 per cent to INR627m. The cement sector saw sales volume growth to 1.7Mt in the quarter, according to India Infoline. EBITDA/t increased t...
Raysut Cement suspends production after Cyclone Mekuna damage
Raysut Cement will shut down production in Oman for up to 10 days after the Tropical Cyclone Mekuna hit the company's Salalah factory on 25 May. Heavy rain and strong winds caused "external damage" and waterlogged the company's production facilities and stock yard. Raysut Cement's CEO, Joey Ghose, said the company's buildings had been battered by Cyclone Mekuna for two days. He said it was u...
Burnpur Cement announces net loss in FY18
India’s Burnpur Cement reported a INR39.5m (US$585,316) net loss in the quarter ending 31 March 2018, improving from the INR233.1m net loss of the year-ago period. Furthermore, sales increased 419.8 per cent to INR186.1m from INR35.8m. In the full-year FY18 period, the company recorded a INR444.9m net loss (FY17: INR597.7m). However, sales decreased 43.4 per cent to INR420.6m (FY17: INR743.4...
TCL announces TTD49m operating loss in 2017
Trinidad Cement Ltd (TCL) has announced its results for the full-year 2017 period, reporting an operating loss of TTD49m (US$7.26m) on the back of unprecedented storms in its eastern Caribbean markets and the economic downturn in Trinidad and Tobago. "These factors led to a decrease in revenue by nine per cent on a year-to-year basis compared to TTD1.7bn from 2016. Jamaica was an exception f...
India Cements reports 56% slide in FY17-18 profits
India Cements Ltd reported a 56 per cent fall in net profits for the year ending 31 March 2018. Consolidated net profit decreased to INR707.2m, down from INR1.631bn in the previous financial year. Revenues dropped by seven per cent from INR58.802bn in FY16-17 to INR54.567bn one year later. India Cements Vice-Chairman and Managing Director, N Srinivasan, attributed the slide in profits t...
Super-objection could prevent Mungret tyre burning plans
Metropolitan councillors have approved plans for a joint submission against Irish Cement's Mungret plans to the Environmental Protection Agency (EPA). Irish Cement, which wants to burn used tyres at its plant in Mungret, has cleared all but the final hurdle to establish the EUR10m (US$11.6m) project. However, a group of local residents and councillors now hope to join with Clare County ...
Ibeto Cement signs deal to receive US$850m in funding
Nigeria’s Ibeto Cement Co Ltd has signed a deal to receive US$850m in financing from Milost Global Inc, according to the New York-based private equity firm. The binding agreement includes US$500m in equity and US$350m of debt. The chairman of the Ibeto Group, Cletus Ibeto, has announced the company’s plan to grow beyond west Africa through the acquisition of other cement businesses within the...
Lafarge Malaysia expect to 'break even' despite poor 1Q18 results
Lafarge Malaysia recorded its fifth consecutive quarter of net losses for the period ended 31 March this year, on weaker demand and higher competition, coupled with the increase in coal and petcoke prices. The fall in revenue was attributable to the lower sales recorded in the cement business – the biggest revenue contributor for the group at 85 per cent – due to soft market demand, increased...
Saurashtra Cement records 43% net sales increase
India's Saurashtra Cement Ltd has reported a 43 per cent YoY increase in net sales for the 4QFY18, rising to INR1.82bn (US$26.7m) from INR1.27bn in the year-ago period. Net profit saw a 486.2 per cent surge in the same period to finish at INR260m, with the result attributed to a tax credit. In the full-year period ending 31 March 2018, the company reported a 12.6 per cent YoY rise in net sal...
Dr Stefan Kern appointed new A TEC Group manager
Starting 1 April 2018, Dr Stefan Kern will lead the A TEC Group. Wolfgang Hammer will hand over the management tasks completely to his former deputy. Stefan Kern started at A TEC in August 2013 and was responsible for sales activities in northern Europe, eastern Europe and South Africa. In 2016 Dr Kern, who studied chemical engineering in Vienna, joined the management board. Together with...
LafargeHolcim announces jobs restructuring at corporate offices
LafargeHolcim has announced proposals to simplify its corporate organisation. Around 200 corporate jobs will go and the corporate offices in Paris and Zurich will close. Remaining positions in Switzerland will be moved to the company's Holderbank site and a new corporate office in Zug. In Paris remaining positions would be moved to Clamart in the southwest of the city. The plan is targeted to ...
Lafarge Africa plans to cut debt over the next 18 months
Lafarge Africa Plc plans to cut debt over the next two years as it seeks to boost profit before resuming expansion, according to the company’s chairman, Mobolaji Balogun. The company expects its leverage ratio to fall from over 100 per cent to between 60-70 per cent over the next 18 months, according to Bloomberg. "As soon as the debt becomes more comfortable, we don’t sit there, we will put ...
Grasim looks to invest INR59bn in modernising its cement plants
India’s Grasim Industries will invest over INR130bn (US$1.9bn) in its cement and textiles businesses over the next 24-36 months, as the company looks to increase capacity and modernise production, according to a senior official of the group. The company, including its subsidiary, UltraTech, will invest INR59bn in modernising its existing cement plants, while also carrying out environmental up...
CRH to invest EUR8m in Lumbres plant
Equiom has announced it will invest EUR8m in its plant in Lumbres, France. The sum represents the largest investment in the works for 15 years, according to Nord Eclair. Last year, improvements were made on the dust filters of the facility, which, along with two other plants, recently came under ownership of Ireland-based CRH. The project enabled the plant to meet European environment stand...