Cement News tagged: Corporate
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...
Venezuela production reaches 8.2Mt in 12 months
For the 12 months between August 2011 and 2012, cement production in Venezuela stood at 8.3Mt, according to the vice president for Productive Economic Area, Ricardo Menendez on Thursday. "The first half was the highest in the history of cement production in the country, and the monthly average has remained above 700,000t during the year," Menendez said in a press conference. The industr...
Gansu Qilianshan to build joint venture in Tibet, China
Gansu Qilianshan Cement Group Co., Ltd. September 18 announced that the company plans to join forces with a partner to set up a cement 1.2Mta dry-process cement line in Tibet. The company will invest CNY168m, taking 60 per cent interest.
Higher sales boost Qassim Cement 1H12 net profit, Saudi Arabia
Saudi cement producer Qassim Cement Co (QCC) posted a 5.3 per cent rise in net profit to SAR307.4m (US$82m) for the first half of 2012, up from SAR291.8m a year ago, which the company attributed to an increased rise in sales. Earnings per share (EPS) stood at SAR 3.42, compared with SAR 3.24. QCC registered an operating profit of SAR 315.5m for the six months to June 2012, up from SAR297.2m ...
China Resources to meet with investors ahead of planned bond issue
China Resources Cement Holdings Ltd (CRC) is to meet fixed-income investors in Asia and Europe from Monday-Wednesday next week, ahead of a planned five-year dollar bond offering, according to reports by Dow Jones Newswires Friday. CRC will hold meetings in Hong Kong Monday, Singapore Tuesday and London Wednesday, a source disclosed to Dow Jones. The bonds will be supported by a standby lette...
Huaxin Cement’s largest shareholder buys 18.61m B-shares
China-based cement producer Huaxin Cement said that its largest shareholder bought a combined 18.61m B-shares (or a 1.98 per cent stake in the company) between December 23rd, 2011 and 17 September 2012. After the purchases, its largest shareholder indirectly holds 391 million shares (201 million A-shares and 190m B-shares), or a 41.87 per cent stake in Huaxin Cement. (Source: China Business N...
Algeria government in negotiations for ASEC Cement Algeria stake
The Algerian government is negotiating with Egypt's ASEC Cement to acquire a minority stake in its Algeria-based operations, the firm's main stakeholder told the stock exchange on Wednesday. Algeria aims to acquire 49 per cent of ASEC Cement Algeria by increasing the company's paid up capital, which currently sits at US$60m. Cairo-based private equity firm, Citadel Capital, has a 48.5 pe...
JPMorgan Raises Holcim To Overweight
JPMorgan Cazenove raises Holcim to overweight from neutral and lifts its price target to CHF70 from CHF56.50 on the notion that the 2Q uptick in emerging market margins could be the start of a longer run for cement sales in those markets. "Its emerging markets business is seeing margins on the turn driven by rising prices, less new capacity and relatively stable energy costs," says analyst Mic...
Euro construction falls in July
Euro-area construction output fell for a second month in July, led by declines from Spain to The Netherlands. Construction in the 17-nation euro area fell 0.3 per cent from June, when it dropped a revised 0.6 per cent, the European Union’s statistics office in Luxembourg said. From a year earlier, construction output declined 4.7 per cent. In Italy and Spain, the euro region’s third- and fou...
Further Spanish cuts ahead
The Spanish cement sector is facing more job cuts and possible further restructuring measures as local cement consumption continues to tumble. Management of Cementos Lemona presented yesterday a job-cutting plan, which will affect 34 employees at the company's plant in the Basque country, according to trade union ELA. Local newspaper Expansion reported that the measure is part of the...
Govt to appeal court order Assiut Cement renationalisation, Egypt
The Egyptian government plans to file an appeal against a Thursday court ruling renationalising Assiut Cement, Industry and Foreign Trade Minister Hatem Saleh told Ahram Online on Tuesday. Since its privatisation in 1999, Assiut Cement has been 95.8 per cent owned by Cemex. On the sidelines of Tuesday's Egyptian National Competitiveness Conference, Saleh said the government would grant ...