Cement News tagged: Corporate
Attock Cement Pakistan reports 35% YoY profit growth
Attock Cement Pakistan Ltd (ACPL) has announced its financial results for FY23 (ended 30 June 2023), posting a profit after tax of PKR1.516bn (US$4.98m) compared to PKR1.122bn in the same period last year. This marks a 35 per cent YoY increase. According to AHL Research, net revenue in FY23 came in at PKR25.477bn, up 24 per cent YoY from PKR20.479bn in FY22. Although total cement dispatch...
Dalmia Cement announces new MD and CEO
Mr Puneet Dalmia will succeed Mahendra Sanghi as managing director and chief executive office of Dalmia Cement (Bharat) Ltd . Mr Singhi will step down on 8 December 2023 but continue in the role of director and strategic advisor to the MD and CEO. According to the company, Mr Dalmia is currently managing director of Dalmia Bharat Limited. He has been the driving force behind the company’s ...
Adani Cements will not require external loans for capex expansion
Adani Cements is looking to rely on operating cash flows and internal accruals to fund its INR460,000m (US$5.5bn) expansion capex over the next five years, without the need for external borrowings. The cement arm of the Adani Group, comprising ACC Ltd and Ambuja Cements , has set an ambitious target to achieve a production capacity of 140Mta by FY28, from the current 67.5Mta. “With the...
Bangladesh cement producers switch to VRMs and roller presses
Bangladesh cement manufacturers are replacing their traditional ball mills (TBMs) with sophisticated vertical roller mill (VRM) and roller press (RP) equipment, reports the Daily Star. Although VRM and RP-based manufacturing lines are three times costlier than the traditional ones, advanced technologies can help sustain businesses in the long run. Nine large companies - Shah Cement , Bashun...
Fauji Cement Co sees profit expand YoY in FY23
Fauji Cement Co Ltd (FCCL) has earned profit after tax of PKR7.4bn (US$24.34m) in FY23, compared to PKR7.1bn in FY22. The result comes despite the retrospective increase in the Super Tax rate from four per cent to 10 per cent having an impact of PKR1.98bn and taking the effective rate to 39 per cent. The gross finance cost also advanced from PKR1.2bn to PKR3.64bn to during this period. ...
Anjani Cement reports loss in 2022-23
India-based Anjani Cement has reported consolidated turnover of INR6615m (US$79.9m) in 2022-23, compared to INR8012.6m in 2021-22. Gross profit over the same period has declined from INR1471.5m to INR240, while profit before tax has fallen from a profit of INR587m in 2021-22 to a loss of -INR641m in 2022-23. Consolidated cement production in 2022-23 came in at 1.400Mt with a capacity utili...
Siam Cement puts chemicals IPO on hold
Thailand-based Siam Cement has announced that it is postponing the initial public offering (IPO) of its SCG Chemicals business. According to Reuters News, the decision is due to unfavourable market conditions but the company plans to proceed with the IPO once conditions improve. The IPO approval date has been extended until 4 October 2023 but cannot be extended any further after that date...
Dangote defends price criticism
Dangote Cement has defended recent criticism of its cement prices saying they are in line with or lower than prices across the rest of the West African coast, reports The Punch. The company has come under fire for increasing the price of its cement in Nigeria, in particular, putting it significantly more expensive than in the likes of Benin - a claim refuted by the company, which says its pr...
Sika concrete recycling technology receives US$11m in funding
Sika has received CHF10m (US$11.34m) in funding for its innovative reCO2ver ® concrete recycling technology. ReCO2ver involves a novel concrete recycling process that allows old concrete to be entirely reused while facilitating the sequestration of CO 2 . To support the use of the technology, Switzerland’s Climate Cent Foundation is guaranteeing the purchase of CO 2 certificates from the pro...
WHR testing begins at Secil
The CTP Team waste heat recovery (WHR) system being installed at Secil , Portugal, has entered the testing phase with each piece of equipment being individually checked prior to commissioning and start-up. According to the company, the fans of the air-to-air heat exchanger have been tested using a temporary power source. The 7.2MW WHR system integrates three different heat sources to gener...
Bamburi sees pretax profit quadruple
Kenya-based Bamburi Cement Ltd , owned by Holcim, reported a 1H23 turnover of KES22,260m (US$153.5m), up 11 per cent when compared with the 1H22. Profit before tax surged to KES621m in the 1H23 from KES124m in the 1H22.
Diego Lugano and Hipermix in Brazil JV
Diego Lugano, a former footballer for Uruguay’s national team, is entering the cement business in Brazil in a joint venture (JV) with local company Hipermix. The JV has inaugurated a 0.4Mta cement and mortar factory in the industrial district of Montenegro, Rio Grande do Sul. The BRL100m (US$20.4m) investment will see the production of 100,000tpa of cement traded as Cementos Gaúcho, according ...
UNACEM to acquire Tehachapi plant
Peru-based Grupo UNACEM is buying the 0.9Mta Tehachapi cement plant in California, USA, from Martin Marietta Materials Inc for US$317m. "The acquisition of Tehachapi represents an opportunity to strengthen our presence in the Southwest US market," said Pedro Lerner, CEO of Grupo UNACEM. "If this transaction is approved, the United States would become the second country in terms of install...
Adani group posts EBITDA growth of 42% in 1Q
Adani Group delivered EBITDA growth of 42 per cent YoY to INR235,320m (US$2852m) in 1QFY24 with businesses across segments ranging from airports and sea ports registered good growth, the company said. Airports, green hydrogen and other businesses under the flagship incubator saw their profits almost double YoY. With EBITDA of INR17,180m, these businesses contributed seven per cent to the po...
YTL Corp reports 22% revenue rise
YTL Corp Berhad ’s revenue increased by 22 per cent to MYR29,508.2m (US$6,359.5m) for the 12 months ended 30 June 2023, compared to MYR24,241.5m (US$5,224.5m) for the 12 months ended 30 June 2022. Executive Chairman of the Malaysian company, Tan Sri (Sir) Francis Yeoh Sock Ping, PSM, KBE, said, “Our utilities segment accomplished excellent results driven mainly by the power generatio...
Hail Cement's posts net profits of SAR24.5m
In the 1H23 Hail Cement recovered net profits after zakat and tax valued at SAR24.48m (US$6.53m), compared to net losses of SAR13.72m during the same period a year earlier. Revenues plummeted by 26.3 per cent YoY to SAR121.63m in the 1H23 from SAR164.93m in the 1H22. During the first three months of 2023, the company also turned profitable at SAR5.97m, versus net losses after zakat and...