Cement News tagged: Corporate
Yanbu Cement sees 22 per cent rise in 3Q net profit, Saudi Arabia
Yanbu Cement’s net profit rose 22 per cent YoY in 3Q12 to SAR152m (US$40.5m) from SAR125m due to increased sales, according to a statement to the Saudi bourse. (Bloomberg)
Bestway Cement's full year profit increases, Pakistan
Pakistan-based cement producer Bestway Cement announced that its profit after tax increased to PKR3.06bn in the year ended 30 June 2012 (FY12) compared to PKR179.230m in the corresponding period in FY11, according to reports in the Business Standard. Earnings per share has increased to Rs 5.29 in the period under review against Re 0.57 in the same period last year. According to the financia...
EAPCC announces new strategy, Kenya
East African Portland Cement Company (EAPCC) of Kenya has announced the appointment of two management positions and revamp its strategy implementation and operations as it aims to increase efficiency. EAPCC has appointed two managers to head its production and human resources departments. Former Bamburi Cement and Athi River Mining employee Engineer Charles Charo is the new Head of Product...
Lafarge divests in US assets to Eagle, market improves
Last week, Lafarge announced the disposal of two cement works and a network of ready-mix concrete plants in Missouri and Oklahoma, USA, to Eagle Materials Inc, adding US$446m (EUR344m) to its coffers. With the deal, Eagle Materials acquires the 1Mta Kansas City (MO) and the 0.6Mta unit in Tulsa (OK) as well as related distribution terminals, two aggregate quarries, eight ready-mixed concrete b...
Texas Industries reduces quarterly net loss, USA
Texas Industries, Inc reported a net loss of US$2.7m for the quarter ended 31 August 2012, against a loss of US$7.4m in the same period of last year as shipments and pricing improve. "Though not back to pre-recession levels, our results reflect improvement in our markets," stated Mel Brekhus, Chief Executive Officer. "Shipments are up, pricing is improving and we are seeing the benefits of o...
Dalmia Bharat to buy Adhunik Cement for INR5.60bn
Dalmia Bharat Enterprises Ltd said Friday it has signed an agreement to acquire Adhunik Group's cement unit for about INR5.60bn (US$106.3m). Under the deal, Dalmia Cement Bharat Ltd. will acquire Adhunik Cement Ltd., the company said in a regulatory filing. Adhunik Cement sells cement under the Adhunik MSP brand and has a manufacturing facility with a capacity of 1.5Mta in the Jaintia Hil...
Jiangxi Wannianqing cement approved to issue corporate bonds
Jiangxi Wannianqing Cement Co Ltd, a manufacturer and distributor of Portland cement and cement clinker, said on September 27th that it won approval from China Securities Regulatory Commission to issue up to CNY1bn (US$159m) worth of corporate bonds. (Source: China Business Newswire)
China Resources Cement to issue US$400m credit enhanced senior bonds
China Resources Cement said it has priced the US$400m 2.125 per cent credit enhanced senior bonds due 2017 following a book-building exercise conducted by DBS as sole global coordinator and bookrunner. The bonds will be issued at an issue price of 99.75 per cent and will bear an interest rate of 2.125 per cent per annum payable semi-annually in arrears. CR Cement currently intends to use the...
Fecto Cement's profit after tax increases, Pakistan
The profit after tax of Pakistan cement producer Fecto Cement Ltd increased to PKR346.729m in the year ended June 30, 2012 (FY12) compared to PKR65.433m earned in the corresponding period in FY11. The board of directors declared that the company's earning per share has increased to PKR6.91 in the period under review against PKR1.30 in the same period last year. According to the financial resu...
Ashaka Cement sees profits rise 54 per cent
Nigeria-based Ashaka Cement plc has reported a YoY increase in profits of 54 per cent from NGN1.614bn (US$10.3m) to NGN2.489bn for 2Q2012 ended 30 June 2012. The company saw turnover rise to NGN12.261bn from NN10.22bn in 2Q2011. Commenting on the result, analysts at FBN Capital Ltd said the impressive performance may not be unconnected with efficient management of distribution and logistics...
Fauji Cement reports PKR377m in FY12 profit
Pakistan’s Fauji Cement Company Limited (FCCL) reported PKR377m (US$3.97m) profit after paying tax in FY12 compared with PKR359m in FY11. Though FCCL achieved a 3.7x YoY growth in gross profit, but 17.6x jump in financial charges and 2.6x higher preference dividend led to a modest profitability growth, according to the Daily Times. The company brought an extra 7200tpd of capacity online,...
Cemex launches Fortium ICF
Cemex announced the US launch Fortium ICF, a new construction material specifically engineered to reduce the time and material needed to build vertical concrete wall systems, such as Insulated Concrete Form (ICF) building envelopes, while providing substantial savings in long term maintenance and energy costs. Fortium ICF employs cutting-edge advancements in mineralogy and nanotechnology to...
Shriram EPC to raise INR4bn for cement works
India-based Construction and engineering company Shriram EPC Ltd expects overseas private equity investors to pick up a 30-35 per cent stake in Shree Satyajyothi Cements in the next three months, according to reports in Livemint. Shriram EPC holds a 70 per cent stake in the Andhra Pradesh-based Shree Satyajyothi Cements and plans to sell its stake to raise INR4bn for a captive power plant, ...
UCG changes staff at Semei and Bekabad
United Cement Group Holding (UCG) has announced changes to its staff at Semei Cement Plant LLP and Bekabadcement OJSC. Melnikov Sergei Nikolaevich was appointed for a position of the Managing Director of the Semei cement plant. Previously he worked as Technical Director of the Kant Cement works. Meanwhile Karabayeva Feruza Pulatovna was appointed as General Director of Bekabadcement OJSC...
HeidelbergCement invests US$250m in Togo
HeidelbergCement will invest US$250m in the building of a new clinker plant and a cement grinding unit in Togo. The new cement works, which will be located in Tabligbo, around 80km northeast of the Togo capital of Lome will have a capacity of 1.5Mta, while the new 0.2Mta grinding facilities will be constructed in Dapaong, 600km to the north. “The construction of the new clinker plant and t...
Dangote sets sights beyond Africa
Dangote Cement is expanding out of Africa. While its chairman Aliko Dangote remains firmly committed to the continent and its 40Mta production capacity owned by the company, he has set his sights beyond its borders – starting with Iraq and Myanmar, where plant construction could start as early as next year. When asked why he is investing specifically in those locations, he gives the example of...