Cement News tagged: Corporate
Carbon Re appoints new CEO
Carbon Re has appointed experienced entrepreneur Josh Vernon as its new CEO. Carbon Re is an industrial AI company that is focussed on decarbonising energy intensive industries such as cement, steel and glass. Josh Vernon has relocated from Sydney, Australia, to join Carbon Re in London. His most recent role was with Humanforce, Australia’s leading provider of HR/HCM tools to frontline work...
ASTM International welcomes Andrew G Kireta Jr as President
ASTM International has appointed Andrew G Kireta Jr as the organisation’s new president, effective 1 May 2024. Kireta’s background in standards development and familiarity with the organisation uniquely positions him to lead ASTM International into future growth and innovation. He will succeed Katharine Morgan, who served in the role since 2017 and will retire after a distinguished 40-year car...
Brimstone secures US$189m to decarbonise cement industry
Brimstone , the California-based building materials company that specialises in low-carbon cement production, has been awarded an investment of US$189m by the US Department of Energy (DOE) Office of Clean Energy Demonstrations (OCED). The funding is to be used to finance the construction of a commercial-scale cement plant which incorporates Brimstone’s advanced decarbonisation technology. ...
CEMEX sets the pace in 2023
CEMEX has released its Integrated Report, entitled 'Setting the Pace', which outlines the company’s strategic vision, operational performance, and value creation in 2023. Last year saw CEMEX achieve record growth in EBITDA and make significant progress in its decarbonisation efforts, reducing Scope 1 and 2 CO 2 emissions by 13 and 12 per cent, respectively, since 2020. This comes as the com...
Pioneer Cement coal mix strategy impacting positively
Pioneer Cement Ltd (PIOC), which had a market capitalisation of US$110m on 8 March, will see healthy growth in profit and dividend yields, according to AKD Research. This is based on the company's past performance and steps taken to improve margin. The research house believes that improved fuel mix results may increase profitability. PIOC has exceeded market expectations, with a drop in c...
Al Jouf Cement records 20% revenue advance
Al Jouf Cement has reported revenue of SAR301.49m (US$80.4m) in 2023, up 19.7 per cent on the previous year. According to the company, the increase is due to improved sales volumes and average selling prices. The cement producer has also reported lower production costs backed by continued operating efficiency efforts. Operating income in 2023 came in at SAR115.83m, marking a YoY advance of 5...
Northern Region Cement reports 50% drop in net profit in 2023
Saudi Arabia-based Northern Region Cement Co saw a 11.6 per cent increase in revenue to SAR689.55m in 2023 from SAR617.95m in 2022. However, net profits were down by 49.9 per cent YoY to SAR556.39 in 2023 from SAR112.45m. In the nine-month period ended on 30 September 2023, the net profits after zakat and tax reached SAR64.7m, down 14.6 per cent YoY from SAR75.72m.
Lucky Cement is reaping the benefits of expansion
According to AKD Research, Lucky Cement has demonstrated prowess in seizing opportunities, particularly through efficient coal inventory procurement, per management guidance. This strategy has resulted in the company achieving the highest gross margins among its peers, standing at 36.4 per cent in 1HFY23-24, with unconsolidated earnings doubling over the previous year. Similarly, consolidate...
UltraTech Commissions Roorkee brownfield project
UltraTech Cement has commissioned 1Mta of brownfield cement capacity at Roorkee , Uttarakhand taking the Unit’s capacity to 2.1Mta. This forms part of the 22.6Mta capacity expansion announced in June 2022. With this commissioning, the company’s total grey cement manufacturing capacity in Indianow stands augmented to 138.39Mta.
Votorantim Cimentos announces a 123% increase in net profit in 2023
Votorantim Cimentos has reported a 123 per cent growth in net profit in 2023 to BRL2.6bn (US$522.7m), from BRL1.2bn in 2022. The company’s consolidated global net revenue was BRL27.7bn, increasing three per cent YoY from BRL30bn in 2022. This growth in revenue was due to advantageous market dynamics in North America, Europe, Asia and Africa. In Brazil, where the company is based, total sales...
CEMEX reveals strategy for EBITDA growth
CEMEX has outlined its strategy to achieve high single-digit EBITDA growth in the medium term. According to the company, since 2020 it has focussed on rebalancing its portfolio towards the US, increasing its percentage of EBITDA contribution from 24 to 29 per cent. CEMEX now intends to increase this to 40 per cent by expanding its growth capex and investing divestment proceeds to the region....
Lucky Cement diversifies mining business
The Competition Commission of Pakistan (CCP) has recently approved two mergers (cement and fertiliser firms) in the mining of copper and minerals in the Balochistan province of Pakistan. CCP approved the acquisition of a cumulative 66.66 per cent shareholding in National Resources (Private) Ltd by two publicly-listed companies: Lucky Cement Ltd and Fatima Fertilizer Co Ltd. National Resources...
Kuwait Cement reports a 59% fall in quarterly profit
Kuwait Cement Co KSC has reported a 59.3 per cent drop in quarterly net profit from KWD2.7m (US$8.8m) to KWD1.1m between January 1 to 31 March 2024. The company's quarterly operating revenue fell 10.6 per cent to KWD18.5m, compared to KWD20.7m in the same quarter of 2023.
Arabian Cement awarded three EPDs
Arabian Cement Co has been awarded the Environmental Product Declaration (EPD) certificate for three of its key products – clinker OPC, CEM II/A-P 42.5N, and CEM I/42.5N. “This certification positions us as one of the industry pioneers in our commitment to the latest sustainability approaches. The EPD signifies our dedication to environmental responsibility throughout our product lifecycl...
Syrian Hama plant restores Plant No 3 to working order
General Company for Cement and Building Materials in Hama province, Syria, has restored Plant No 3 to operational status, after the completion of comprehensive maintenance of its machines and equipment by the efforts of engineering and technical cadres working in it. Maintenance work began at the Hama Cement plant last January, and the work was carried out with the expertise and nationa...
Anhui Conch sees profit decline in 2023
Anhui Conch Cement has reported turnover of CNY140,999m (US$19,588m) in 2023. This compares to CNY132,021m in the previous year. Gross profit declined from CNY27,190m in 2022 to CNY22,364m in 2023, while profit before tax contracted from CNY20,232m to CNY13,869m over the same period. According to the company, profit for the year came in at CNY11,018m in 2023, down from CNY16,357m in 20...