Cement News tagged: Corporate
Nalanda Capital cuts stake in Shree Cement, India
Nalanda Capital has sold around half of its holding (3.25%) in Shree Cement. The fund sold around 1.61 per cent or 561316 shares for INR3800.84 per share, aggregating around INR213.33 crore through bulk deal on the Bombay Stock Exchange. Nalanda Capital made around 2x returns from this share sale. It invested in the company between June and September 2011 when the prices were hovering be...
Southern Province Cement 3Q12 up 11.7 per cent, Saudi Arabia
Saudi Southern Province Cement Company said on Sunday its third-quarter net profit rose by 11.7 percent over last year's figure due to higher local demand. The company said net earnings were SAR201m (US$56m) in the three months to Septebmber 30, compared to SAR180m in the third quarter of last year. The results were 23-percent below that of the second quarter, a decline the company attrib...
Cyprus Cement to examine restructuring plan
The Board of Directors of Cyprus Cement Company Public Ltd announces that it will meet on Wednesday, October 17, 2012 to examine the restructuring plan of the existing corporate structure of the Group to create a more flexible group, reflecting the sectors in which it is actively involved.
Construction held by challenging macroeconomic environment
A recent research note by analysts at CM-CIC Securities sees four main themes for the global construction sector in light of a prevailing harsh macroeconomic environment. While diverse trends are being witnessed in the US and Europe and emerging markets are expected to see a slowdown in growth, a turning point could be reached in 2012-13 in terms of margins. Taking a historical look, the Fr...
Caribbean Cement looks to Venezuela contract to revive sales
Caribbean Cement Company Ltd (CCCL) is hoping a new supply agreement with Venezuela will revive sales but fears elections will impede the deal, according to reports in the Jamaican Gleaner. The cement supply deal is being negotiated under the crude for commodities component of the PetroCaribe agreement between Jamaica and Venezuela, which allows for part-payment of oil with goods. In June, Ca...
Cemex sees 9% increase in 3Q12 operating EBITDA
Cemex said on Thursday it expects to report a nine per cent rise in operating cash flow in the third quarter of 2012, compared with the year-earlier period, although sales in dollar terms are expected to be down about two per cent. This is Cemex’s first results guidance in more than three years. The Mexican cement major said that adjusted for currency swings, sales in the third quarter were ...
Siam Cement partial tender offer for Siam Global
Siam Cement PCLsaid it will launch a tender offer to purchase around a third of building materials distributor Siam Global House PCL from 5 October to 9 November, according to a filing to the Stock Exchange of Thailand Thursday. Siam Cement, Thailand's largest industrial conglomerate by sales, announced in late August a plan to acquire up to 33.40 per cent in Siam Global House through its wh...
Pakistan cement sector profitability improves in FY12
Pakistan’s cement sector closed FY12 with profitability growing eight per cent with improvements being seen for both larger and smaller producers. Total industry sales were 32.5Mt, up three per cent YoY. Capacity utilisation, however, dipped to 74 per cent compared to 76 per cent in the previous year due an additional 3Mta of new capacity coming on-stream during the year in the form of Fauji ...
Indian producers seen posting higher 2QFY13 figures
Indian cement manufacturing companies are expected to put up a robust performance this quarter owing to higher dispatches and lower raw material costs. The Economic Times of India reports that cement demand was higher this quarter on account of the monsoon being slightly weaker than normal. In addition, lower coal prices may lead to improved realisations. As a result, ACC Ambuja Cements and Gr...
Saudi Cement's 1H12 sales surge 45%
Saudi Cement Company (SCC) said that its net profit for the six months through June 2012 rose 45 per cent YoY to SAR615.8m (US$164.2m) from SAR424.6m a year earlier. The company attributed the increase to rising local demand. Operating profit increased to SAR623.4m for the first half of 2012 from SAR440.5m a year ago. Earnings per share (EPS) stood at SAR4.02, up from SAR 2.78.
Eastern Province Cement 1H12 net profit rises 12.5 per cent, Saudi Arabia
Eastern Province Cement Company (EPC) recorded a SAR207m (US$55.2m) net profit for the first half of 2012, up from SAR184m a year ago, an increase of 12.5% YoY. The company attributed the increase to a rise in sales as a result of rising local demand, along with higher investment income and lower sales and distribution costs. Earnings per share (EPS) stood at SAR2.41, compared with SAR2.13. ...
FLSmidth acquires market-leading technology for unmanned operation
FLSmidth has acquired the market-leading technologies and products related to unmanned operation and process optimisation of stackers/reclaimers and train loading systems from the German company iSAM AG. The technologies and products acquired will enable FLSmidth to offer and supply complete, unmanned integrated bulk handling solutions to mining, stockyard and port facility customers in line...
TRIS assigns TPIPL at BBB+/Stable, Thailand
TRIS Rating Co Ltd has assigned the company rating of TPI Polene PLC (TPIPL) at BBB+ with stable outlook. The rating reflects a strong position of TPIPL in domestic cement market as the third largest cement producer, its leading status in LDPE Homopolymer (LDPE) and LDPE Copolymer (EVA), product diversification, expected benefits from cost saving initiatives, and currently low financial lever...
Nigeria eliminates need for imports in first nine months
The Cement Manufacturers Association of Nigeria (CMAN) has stated that Nigeria has not imported cement since the beginning of the year, thus helping the Federal Government’s aim of making the country self-sufficient in cement. Speaking at a forum in Calabar, Cross River State, at the weekend, president of CMAN, Joseph Makoju, lauded the Federal Government for policies that have prevented the...
PPC clears second phase of BEE deal, South Africa
South Africa-based Pretoria Portland Cement (PPC) said on Friday that all conditions set for the ZAR1.1bn (US$131.7m) second phase of its broad-based black economic empowerment (BEE) transaction had been fulfilled. The deal, which was announced in July, will give the cement and lime producer an effective 26 per cent black ownership, as required by the mining charter, enabling it to convert it...
Novacem enters liquidation, UK
Novacem, the carbon negative cement company, announced today that it was suspending operations and entering a Creditors’ Voluntary Liquidation. Novacem co-founder and former Chairman Stuart Evans said “Novacem has been tackling an enormous opportunity but unfortunately we have not been able to raise the necessary capital to continue developing the technology. We had built a terrific team tha...