Cement News tagged: Corporate
Yanbu Cement full-year net profit rises 36% YoY
Saudi cement producer Yanbu Cement Co (YCC) reported a surge in full-year net profit thanks to increased demand and a new production line as top capacity players benefit from the country's boom period. The company's net profit rose 36 per cent YoY in 2012 to SAR720.5m (US$192.1m). Earnings per share (EPS) stood at SAR 6.86, up from SAR 5.04. Local cement producers have been riding high on ...
China Tianrui to issue unsecured bills, China
China Tianrui Group Cement Co is to issue CNY2bn (US$321m) in unsecured bills with a maturity of 365 days on the interbank market on 31 January. The company, which is a leading clinker and cement producer in Henan and Liaoning provinces, said that the bills will be issued at face value, and the coupon rate determined in the process of book-building. Both value and payment due date is set on ...
Penna Cement plans packaging unit, India
Penna Cement Industries is planning a 1Mta cement packaging unit at Panvel, district of Raigad, Maharashtra, India. Land acquisition is currently underway and the project is planned for completion in 18 months. Penna Cement has a total installed cement capacity of 7Mta spread across four facilities: Talaricheruvu, Anantapur (1.8Mta); Boyireddypalli, Andhra Pradesh (2Mta); Ganeshpahad villag...
Xinjian Tianshan Cement expects 75 per cent net profit drop, China
Xinjiang Tianshan Cement Co Ltd, a Shenzhen-listed cement producer, estimated 25 January that net profit for 2012 to be about CNY305m (US$49m), a a YoY decline of 75 per cent.
Dyckerhoff to take impairment charge on Russian project
German cement major said it is to take an impairment charge of approximately EUR26m on fixed assets due to a cement project in Russia that was halted in 2009. Due to the impact of the global financial crisis, Dyckerhoff stopped construction of the new plant and construction has not resumed to-date. Following an extensive analysis conducted by the company, Dyckerhoff has said that constructi...
Taiheiyo Cement lowers gearing, Japan
Taiheiyo Cement’s net debt-to-equity ratio is likely to drop to 2.4 by the end of the current fiscal, an improvement on the 2.6 from a year earlier and under 2.5 for the first time in five years. According to a Nikkei Report, in the financial year ending 31 March, Japan's leading cement producer's cash flow has improved thanks to growth in cement sales which have been bolstered by earthquak...
Huaxin to acquire stakes in two Hubei-based companies, China
Huaxin Cement is continuing its acquisitions policy by announcing it plans to acquire stakes in two companies based in Hubei province. The Chinese producer is set to buy a 70 per cent share in two separate companies for a combined price of CNY519m (US$83.4m). Huaxin Cement said that the acquisition will increase its competitiveness in the local cement market. Huaxin Cement is 41.6 per ce...
Boral lifts 1HFY13 net profit guidance, Australia
Boral Ltd today announced that following stronger-than-expected performance in the December 2012 quarter, it expects net profit after tax (before significant items) for the first half of FY13 to be approximately AUD52m, subject to finalisation of the audit review. At its 2012 Annual General Meeting on 1 November, the company had said that it expected Boral’s first half FY13 net profit after t...
Sabanci Holdings on the cement acquisition trail, Turkey
Turkish industrial group Sabanci Holdings is reportedly on the acquisition trail both at home and abroad as it seeks to double its capacity in five years. The group is currently active in the Turkish market through Akcansa (which is a joint venture with HeidelbergCement) and Cimsa with a combined domestic cement capacity of 13Mta. Speaking to Bloomberg, Mehmet Gocmen, head of Sabanci’s c...
Oman Cement net profit rises 37% in 2012
Oman Cement Company announced a 37 per cent rise in net profit in 2012 following a rise in revenue. Net profit for the 12 months to December 2012 climbed to OMR17.5m (US$45.5m) from OMR12.8m from the year before. Revenue rose to OMR59.3m in 2012 from OMR50.7m the year before. Total expenses stood at OMR39.6m, up from OMR36.2m. Oman’s cement sector, which had previously been experiencing ...
Dr Ahmed Zugail returns to Yanbu Cement, Saudi Arabia
Saudi-Arabia based Yanbu Cement Company (YCC) has announced that Dr Ahmed A Zugail has taken up his position as new Director General/CEO, effective 1 September 2012. Dr Zugail succeeds Dr Saud Islam following his recent retirement. Dr Zugail, a Mining Engineer with a doctorate in Mineral Economics from the Colorado School of Mines, USA, joins YCC with a rich experience in the cement industr...
Shree Cement sees jump in third-quarter net profit, India
India-based producer Shree Cement reported a 267 per cent rise in net profit to INR2174.4m (US$40.4m) for the third quarter of FY12-13 compared to INR591.9m in the same period of last year. Total income increased by 20.46 per cent to INR14.60bn for the quarter ended 31 December 2012 from INR12.12bn for the same period the year before. Net sales increased by 19.5 per cent INR14.28bn for 3QF...
Nomura cuts China Resources Cement to "reduce"
Investment bank Nomura has downgraded China Resources Cement (CRC) from "buy" to "reduce" and cut its target price to HK$4 from HK$8.30. The research house sees a further downside to average selling prices (ASP) in CRC's key areas including Guangdong, Shanxi and Yunnan provinces. It also noted excessive new adds in capacity in Guangdong and Shanxi provinces for 2013. Nomura expects South Chi...
Taiwan Cement Corp secures syndicated loan, Taiwan
Taiwan Cement Corp (TCC) has secured a five-year oversubscribed syndicated loan of TWD14bn (US$48.29m) from 12 banks, including two Chinese lenders, the company said in a press release. TCC had planned to raise TWD12.5bn to meet its debts, long-term equity investments and operational costs, the company said in a statement issued after the signing ceremony. The six main lenders are Mega I...
Moody's withdraws Tianrui Cement's rating, China
Moody's has withdrawn its rating for Tianrui Cement’s, the largest cement producer in China's Henan and Liaoning provinces, for its own business reasons. China Tianrui Cement Group Cement Company Ltd, which listed on the Hong Kong Stock Exchange had a clinker and cement production capacity of 22.25Mta and 39.23Mta, respectively, as of 30 June 2012. The company is 39.6 per cent owned by i...
UltraTech 3Q hurt by subdued demand, higher freight costs
India’s largest cement manufacturer UltraTech Cement reported a 2.6 per cent fall in net profit for the third quarter of the current fiscal as a slowdown in construction activity continued and the company was hit by higher freight costs. For the October-December period of FY12-13, UltraTech reported a net profit of INR6.01bn (US$111.7m), down from INR6.17bn a year ago. The company said dome...