Cement News tagged under: Kenya

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Bamburi Cement forecasts profit drop of 25% in 2018

11 December 2018, Published under Cement News

Bamburi Cement (LafargeHolcim group) has given a profit warning of earnings likely to drop by 25 per cent in 2018 following difficult market conditions and escalating international energy prices in Kenya and Uganda. "The company wishes to inform the shareholders and potential investors that, based on the preliminary assessment of the unaudited consolidated management accounts, the 2018 full-year earnings of the Group are expected to decrease by more than 25 per cent, compared with the year ...

Bamburi Cement issues profit warning for 2018

07 December 2018, Published under Cement News

Kenya’s Bamburi Cement has issued a profit warning for the financial year ended December 2018, with investors expecting the company's lowest earnings in 10 years, according to Business Daily. "The Board of Directors (the "Board") of the Company wishes to inform the shareholders of the Company and potential investors that, based on the preliminary assessment on the unaudited consolidated management accounts, the 2018 full year earnings of the Group are expected to decrease by more than 25 ...

Kenya sees 2% MoM drop in demand

26 November 2018, Published under Cement News

Consumption of cement in Kenya fell 2.2 per cent from 466,909t in August to 456,473t in September 2018, according to a recent report by Kenya National Statistics Bureau. Output followed a similar trend, decreasing by 2.8 per cent from 473,861t to 460,546t over the same period. In the first quarter of FY2018-19, ended 30 September 2018, demand fell 3.7 per cent YoY to 1.3Mt, down from 1.4Mt in July-September 2017. The trend indicates a slowdown in the construction industry, which is bel...

EAPCC receives backing to sell land assets

21 November 2018, Published under Cement News

Kenya’s East African Portland Cement Co (EAPCC) has received Trade Ministry backing to sell off idle land, which will help the company recoup some of the KES15bn (U$146.3m) it says it needs to avoid a complete shutdown of operations. Betty Maina of the Trade Ministry has said that a Cabinet memorandum is ready for submission to grant the company approval to sell off its assets. Ms Maina also noted that EAPCC, which has assets worth KES100bn, does not require a government bail-out for a tur...

Aliko Dangote has targeted Kenyan producer believed to be ARM

09 November 2018, Published under Cement News

Dangote Cement is understood to be in talks to buy the troubled Kenyan cement maker ARM. This follows an interview of Aliko Dangote by Bloomberg News in which he said: "There is a company which... has operations in Tanzania, Kenya and Rwanda and we are talking to the company to see if we can take it over," said Mr Dangote. ARM was not named in the discussion, but it is the only cement producer operating in the three markets that were mentioned. ARM has integrated cement plants in Kalol...

Bamburi Cement appoints Grace Oluoch as new FCO

22 October 2018, Published under Cement News

Kenya-based Bamburi Cement has appointed Grace Oluoch as the company’s new finance director. She succeeds Eric Kironde, who has been Bamburi’s FCO since 2011. “The company is pleased to announce the appointment of Grace Oluoch as finance director,” the Nairobi Securities Exchange-listed company said in a regulatory notice Friday. Ms Oluoch has had a long career with consumer goods giant Unilever holding different roles in South Africa, Ghana, Nigeria and Kenya.

LafargeHolcim

02 October 2018, Published under Cement News

LafargeHolci­m’s Kenyan subsidiary Bamburi Cement has announced a first-half turnover of KES18,556m (EUR151.08m), an easing of 0.2 per cent, while the trading profit fell by 56.2 per cent to KES1200m (EUR10.21m) and the pretax profit dropped by 72.2 per cent to KES700m (EUR1.16m). Capital expenditure in the period amounted to KES1800m (EUR15.2m), the majority of which was spent on capacity expansion. In Kenya the market was some eight per cent lower than a year earlier, while in Uganda the r...

LafargeHolcim

03 September 2018, Published under Cement News

LafargeHolcim has acquired Metro Mix LLC, a ready-mixed concrete producer in Denver, Colorado, which last year produced a turnover of some US$30m from two batching plants, employing in excess of 50 people. LafargeHolcim’s Kenyan subsidiary Bamburi Cement, active in Kenya and in Uganda has announced a first-half turnover 0.2 per cent lower than a year earlier at KES17,556m (EUR157.8m), with the trading profit falling by 56.2 per cent to 1164m (EUR9.9m) and the pretax profit falling by 72.9...

East African Portland Cement pleads for more time

03 September 2018, Published under Cement News

Simon Peter Ole Nkeri, managing director of East African Portland Cement (EAPC), has urged the courts and creditors to give the company time, while it trims staff levels and sells 14,000 acres of land to the newly-established Special Economy Zones Authority (SPEZA). "All we are saying to the court is we need time to sort issues out and sell some assets. Creditors are also knocking on our doors, but we have a plan," said Mr Nkeri. EAPC needs to take urgent measures to return to pr...

Bamburi Cement records 78% net profit decline in 1H18

31 August 2018, Published under Cement News

Kenya’s Bamburi Cement has posted a 78.2 per cent YoY drop in net profit for the half-year period ended 30 June, falling to KES399m (US$3.96m) from KES1.83bn. Revenue remained flat at KES18.55m, compared to KES18.58bn of the previous year. The company noted the effects of a contracting market in Kenya on its performance. Meanwhile, in Uganda, a combination of lower sales due to production challenges, competitive pressure on prices and a slowdown in government expenditure negatively impact...