Cement News tagged: Corporate
Cemex to return to profitability in 2013?
Mexican cement producer Cemex is seen on track to return to profitability as soon as 2013, according to analysts quoted by Reuters. The company recently refinanced US$6.7bn in debt, negotiating much-need room to push back looming payments for up to four years. Measures included a commitment to pay down US$1bn in March of next year, revised financial covenants and a debt swap, all of which h...
Yanbu Cement records 25.5% YoY rise in quarterly net profit
In the quarter ended 30 September 2012, Yanbu Cement saw total revenues fall 21.4% to SAR339.6m (US$90.5m) and net profits slipped from SAR215.6m to SAR156.7m when compared to the previous quarter. However, on a YoY basis, the company recorded a 149.7% sales revenue increase from SAR272.5m. In terms of net profit, the Saudi Arabian cement producer reported a 25.5% advance from SAR124.9m.
National Cement to open new 1.65Mta Nairobi works
National Cement announced plans to open a new 1.65Mta cement works in the outskirts of Nairobi, Kenya. The company said it received an undisclosed loan from KCB Group, raw materials on credit and a cash injection from its parent company Devki Group of Companies to finance the new KES11.9bn. The new capacity is expected to intensify to battle for control of the regional cement market. Th...
IL&FS Trust Co ups stake in India’s Deccan Cement
Deccan Cement reported that IL&FS Trust Company increased its stake in the Indian cement producer by 2.01% to 19.82%. The transaction, understood to have taken place between February and November, added 1.4 lakh shares to the 1,247,000 shares already owned by IL&FS Trust Company.
Zimbabwe’s PHL agrees ownership deal with government
PPC-owned cement producer Portland Holdings Ltd (PHL) has agreed an ownership deal with the Zimbabwean government and plans to invest US$200m to expand its operations in the country. PPC said the deal followed a series of engagements between PHL and the Economic Empowerment Ministry which culminated with the approval of an empowerment plan that complied with the indigenisation legislation. ...
Bosowa starts construction on US$130m clinker unit
PT Semen Bosowa Maros officially started construction on a new clinker plant in South Sulawesi as part of its expansion programme. Located in Maros, Kiln Plant Line 2 will increase production capacity to from 2.5Mta to 5.2Mta. Construction of the US$130m works is scheduled to be completed by the end of 2014. The new unit is expected to help the company increase its cement production to m...
Maple Leaf Cement expects to record highest net profit in six years
Pakistani cement producer Maple Leaf Cement Factory Ltd (MLCF) is expected to be on track to record its highest net profit in six years on improved price realisation and lower interest rates reducing loan payments. Rising prices are helping local cement makers to deal with sluggish sales. In the four months ended 31 October, national sales were 1.5% down to 13.4Mt, according to the All Paki...
Sibirsky Cement sales up 6% in 10M2012
Russia’s Sibirsky Cement increased its sales by 6% to 3.561Mt in the first 10 months of 2012, the company said in a press release. The company’s production rose by 5.5% to 3.543Mt in Jan-Oct 2012. Based in the Kemorovo Region, Sibirsky Cement operates three works and commands an annual production capacity of around 5.3Mta.
Lafarge and Anglo American sell UK assets to Mittal
Lafarge and Anglo American agreed to sell UK assets for up to GBP285m, clearing the way for their building materials joint venture, according to Reuters. The sale, to Indian steel tycoon Lakshmi Mittal, was a condition set by Britain's Competition Commission to allow the two companies to combine their building materials activities in the country. The divestments, which are conditional upon...
India: Lanco Industries to set up mini cement plant
Lanco Industries Ltd's borad of directors have approved a project to erect a 300,000tpa mini cement plant with a rotary kiln at an estimated cost of US$22.7m (INR125Crore) in place of existing vertical shaft kiln. The decision was made at a company meeting held on 10 November 2012. The Lanco Industries Ltd stock was trading at INR27.25, up by INR0.70 or 2.64%.
CRH hopes US storm repair work will help its sales
CRH expects to benefit next year from the devastation wreaked by Hurricane Sandy on the east coast of the US as reconstruction work gets underway. But the storm has also severely hampered its materials operations in the region. CRH said that disruption, coupled with ongoing weakness in some European markets, will result in earnings before interest, tax, depreciation and amortisation (EBITDA...
Ireland: Judge steps aside over CRH share dealings
A high court judge has stepped aside from a long-running dispute involving cement giant CRH, after a rival firm raised concerns about the judge's ownership of the company's shares. Mr Justice John Cooke, who returned to Ireland in 2008 after serving for 12 years as a judge in the European Court of First Instance, has been managing the bitter competition law case between Goode Concrete and CRH...
Expansion: FCC profit falls 77% YoY in 9 months
Spanish construction and services group FCC received a net profit of €40.1m for January-September 2012, falling 77.5% on the year. Analysts polled by Reuters expected a €80m profit for the same period. The weaker results came amid the contracted infrastructure business of FCC and lower cement demand in Spain. The group's sales abroad grew by 6.6% on the year to €4.689bn in the nine months to ...
Vulcan's cement losses drastically reduced
Vulcan Materials' turnover for the first nine months recovered by 0.5 per cent to US$1958.9m, while the EBITDA declined by 15.7 per cent to US$286.8m. The trading profit before capital restructuring costs increased by 5.2 per cent to US$72.6m. After a net interest charge three per cent lower at US$159.0m the pre-tax loss for the period increased by 29.1 per cent to US$125.5m and the net lo...
Raysut sees 62 per cent jump in pretax profit, Oman
Oman’s leading cement producer Raysut Cement, reported a 62 per cent rise in pretax profit for the first nine months of 2012 due to higher sales and better price realisations. The company said profit before tax for the nine months to September reached OMR19.11m (US$49.7m) from OMR11.83m for the same period last year. Revenue stood at OMR70.35m, a YoY increase of 12 per cent against OMR62.6...
FCC to provide loan to Cementos Portland by year-end, Spain
Spanish builder FCC is expected to extend a EUR100m (US$127.3m) loan to its cement subsidiary Cementos Portland by end-December, according to reports in local paper Expansion. The credit is in line with the terms of the EUR1.274bn debt refinancing deal signed between Cementos Portland and its creditor banks in July. FCC decided to grant the loan after Cementos Portland said it would suspen...