Cement News tagged: Corporate
MPA survey indicate further decline in UK construction activity
Survey results by the Mineral Products Association (MPA) results for the first quarter of 2013 confirm the slow start to UK construction activity in 2013 and it has expresed the urgent need for accelerated delivery of promised funding and projects. However, while construction output is expected to decline again this year, the Construction Products Association has forecast a recovery in 2014 an...
Eastern Province Cement Co net profit rises 4.8% YoY
Eastern Province Cement Co has announced a 4.8 per cent YoY rise in net profit to SAR109m (US$29m) in 1Q13 compared to SAR104m in the same period of last year. The increase is attributed to the improved results of an associated company and increases in other incomes. Compared to the previous quarter, net profit rose 2.8 per cent from SAR106m in 4Q12 attributed to increases sales and a decr...
BBMG expects to post first-quarter loss
China-based cement producer BBMG Corp said it expects to record a loss attributable to shareholders of about CNY60m (US$9.7m) for the first quarter of 2013 compared to CNY294m profit in the same period of last year. The loss is attributed to lower selling prices in the areas in which BBMG’s subsidiaries operate due to lower demand. (Source: ET Net News Agency).
DG Khan reports strong rise in 9MFY12 net profit
DG Khan Cement Company (DGKC) registered a net profit of PKR4.2bn (US$42m) compared to PKR2.1bn in the first nine months of the fiscal year, an increase of 105 per cent. Revenues increased by nine per cent YoY during the period due to higher price realisations while the cost of sales stayed relatively controlled mainly due to lower coal prices, and were up only one per cent YoY. This enabled...
Votorantim Cimentos files for US$5.4bn IPO
Brazil’s leading cement producer, Votorantim Cimentos SA, filed on Wednesday with the Securities and Exchange Commission (SEC) to raise up to US$5.4bn in an initial public offering of its units. Votorantim will list shares in Brazil and American depositary receipts on the New York Stock Exchange, according to a US regulatory filing yesterday, pushing the total amount of pending IPOs in Brazil...
Argos share offering open for 15 days, Colombia
Colombia's largest cement maker, Cementos Argos, has opened for offers 250m preferred shares, a bookbuilding process to end on 8 May 2013 to raise between (US$1.05bn-US$1.27bn). Argos has set a range of between COP7700 and 9300 Colombian pesos ($4.20 to $5.07) per share for the offering, the company said in a statement published in local media. Argos said it will issue the shares in two...
Attock Cement quarterly profit higher on increased prices, Pakistan
Pakistan-based producer Attock Cement reported a 40 per cent rise in profit during the January-March 2013 quarter, driven by higher prices. Profit rose to PKR520m (US$5.3m) during the period compared to PKR371m in the corresponding period of 2012. With cement demand subdued during the winter period, the advance was attributed to increased prices. Cement prices averaged PKR438/bag (US$4.45) a...
Cementos Argos to issue shares to finance expansion, Colombia
Colombia’s largest cement producer Cementos Argos plans to issue up to 250m preferred shares to finance an expansion plan, the company said on Tuesday. Argos has set a range of between COP7700-9300 (US$4.20 to US$5.07) per share for the offering, the company said in a statement to Colombia's financial regulator. Argos is expected to give more details later this week, according to market sour...
Ciments Francais names Jean-Paul Meric chairman, France
French cement producer Ciments Francais has promoted deputy director general Jean-Paul Meric to chairman, replacing Yves-Rene Nanot. Mr Nanot has been nominated honorary chairman of the company and will continue as a director, taking part in the work of the board. "The close collaboration established with Yves René Nanot shortly after the acquisition of Ciments Français by Italcementi ...
Pakistan FDI increases substantially
Pakistan's cement industry received US$6.3m in foreign direct investment (FDI) between the July 2012-March 2013 period, the country's Central Bank reported on 16 April. The amount is 294 per cent more than the corresponding period of the previous year (July 2011-March 2012), when FDI was US$1.6m.
Tangshan Jidong Cement net profit drops 88.19%, China
Tangshan Jidong Cement net profit drops 88.19 per cent, China Co Ltd net profit slumped 88.19 per cent, the company said in a statement. Operating revenue slid 7.09 per cent YoY to CNY14.61bn (US$2.36bn), with basic earnings per share of CNY0.13. The company plans to pay a cash dividend of CNY1 (including tax) for every ten shares held. Jidong Cement plans to produce 72Mt of cement in 2013, ...
CRH names five representatives to Cementos Lemona board, Spain
CRH has named five representatives to the board of directors of Spanish cement producer Cementos Lemona. In February, CRH acquired Cementos Lemona in exchange for its 26.4 per cent stake in Cementos Portland Valderrivas. The five new members joined the board after a recent extraordinary shareholders meeting. Minority shareholders will not have representatives on the board. Cementos Lemona...
Saudi Cement net profit rises on improved efficiency
Saudi Cement Company said net profit in the first quarter of 2013 rose 4.5 per cent YoY, attributed to an increase in output thanks to improved operating efficiency. Net profit for the three months ending 31 March 2013 reached SAR340.3m (US$90.6m), compared to SAR325.6m posted in the same period of last year. The increase was also a 22.5 per cent rise on the SR277.7m recorded in the prev...
Fitch affirms Siam City Cement rating, outlook Stable
Fitch Ratings (Thailand) Limited has affirmed Siam City Cement Public Company Limited's (SCCC) National Long-Term rating at 'A(tha)', its National Short-term rating at 'F1(tha)' and its senior unsecured debentures at 'A(tha)'. The Outlook is Stable. The ratings reflect SCCC's leading market position as the second-largest cement and ready mixed concrete producer in Thailand. This has helped ...
Vinaconex plans to sell stake in Cam Pha Cement, Vietnam
Vietnam Construction and Import-Export JSC (Vinaconex), plans to sell a 70 per cent stake in Cam Pha Cement JSC as it continues with its plan to divest in non-core operations. Vinaconex is seeking shareholders approval to sell the shares to foreign partners at below the par value of VND10,000 each, but not lower than Cam Pha’s book value. According to local press reports, two companies h...
Improved outlook for Asia Cement Corp in 2013
Taiwanese producer Asia Cement Corp is expected to return to a path of growth this year driven in part by earnings growth from its operations on mainland China, a recent report by HSBC has said. Last year, Asia Cement’s net profit plunged 38 per cent to TWD6.24bn (US$208.3m), which was 16 per cent lower than HSBC’s forecast. However, the Taipei Times reports that HSBC analyst Elaine Lam ret...