Cement News tagged: Corporate
BUA Cement says new plants will drive down cement prices
BUA Cement has said that it hopes the completion of its two new plants this year would result in the lowering of cement prices in Nigeria. The company plans to add 6Mta of cement production capacity by the end of 2023 with the opening of Line 3 at its Obu plant and Line 5 at its Sokoto plant, according to Punch. Contractors in the country have reportedly been complaining to the govern...
Southern Province Cement posts net profit of SAR68m in 2Q23
In the January-June 2023 period, Southern Province Cement logged net profits after zakat and tax valued at SAR68m (US$18.1m) down 54.6 per cent YoY from SAR150m. Revenues declined by 6.74per cent to SAR526m in the 1H23 from SAR564m in the 1H22, while the earnings per share (EPS) plummeted to SAR0.49 from SAR1.07. During the 2Q23, the company posted 68.9 per cent lower net profits after za...
Orient Cement welcomes new company secretary
Orient Cement , part of the CK Birla Group , has announced the appointment of Diksha Singh as company secretary and compliance officer with effect from 2 September 2023. She will take over the role from Nidhi Bisaria, who resigned effective from 1 September 2023. Ms Singh is a science and law graduate, and is an associate member of the Institute of Company Secretaries of India. She has...
JSW Cement announces key milestones
JSW Cement has announced a number of milestones that underscore the company’s commitment to innovation, sustainability and expansion. Shiva Cement , a subsidiary of JSW Cement, has successfully commissioned its waste heat recovery systems, not only enhancing operational efficiency but also contributing significantly to the reduction of carbon emissions. “The utilisation of waste he...
Kohat Cement reports 18% increase in sales in FY23
Kohat Cement Company (KOHC) has reported sales of PKR38.92bn (US$126.9m) in the fiscal year ending 30 June 2023 (FY23), marking an 18.4 per cent increase on the previous year. Gross profit over the same period advanced by 6.3 per cent from PKR9.8bn to PKR10.4bn, while profit after tax saw a 15.9 per cent improvement from PKR5.02bn in FY22 to PKR5.82bn in FY23. Earnings per share over the sa...
Institut Semen dan Beton Indonesia becomes an Affiliate Member of WCA
The World Cement Association (WCA) announced it is welcoming the Jakarta-based engineering specialist and industrial research consultancy firm, Institut Semen dan Beton Indonesia (ISBI) , as an Affiliate Member. Institut Semen dan Beton Indonesia, also known as the Indonesian Cement and Concrete Institute, has provided engineering training and consulting within the cement indus...
CEMEX acquires two Spanish quarries
CEMEX is strengthening its aggregates supply in Europe with the purchase of two quarries near Madrid as part of its strategic bolt-on acquisition strategy. Madrid and its surrounding areas are currently undergoing major urban expansion. Through this acquisition, CEMEX is better positioned to serve customers in the area, particularly for infrastructure projects, says the company. The deal ...
Deccan Cements posts fall in income in FY22-23
Deccan Cements Ltd has reported total income of INR7908.3m (US$95.6m) in the year ended 31 March 2023 (FY22-23), down from INR8022.2m in FY21-22. Net profit after tax contracted from INR875.7m in FY21-22 to INR492.9m the following year, while earnings per share fell from INR62.52 to INR35.19 over the same period. Total expenses before finance costs, exceptional items and tax came in at IN...
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...