Cement News tagged under: MI Cement Factory

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MI Cement Factory postpones expansion plan

12 October 2020, Published under Cement News

The MI Cement Factory Ld (MICFL) in Bangladesh informed the Dhaka Stock Exchange (DSE) on 11 October that the Board of Directors of the company, have approved the postponement of setting up the sixth cement unit in central Bangladesh. They cited as reason the severe negative impact of COVID-19 on the Bangladeshi cement industry. Earlier in January 2019, the company announced its plan to expand its daily production capacity by 76 per cent to 19,400t with the introduction of the sixth m...

Booming Bangladesh

13 December 2019, Published under Cement News

This week, CemNet reported that MI Cement Factory in Bangladesh expects the domestic cement sector to grow by 10 per cent in 2019 and should also reach double-digit growth in 2020. The country is embarking on some major infrastructure projects, especially around Dhaka and Chittagong, which will drive up consumption in the medium term. With the country's urbanisation at 37 per cent and per capita consumption only around 164kg – only just more than neighbouring Myanmar (141kg) but lower...

MI Cement announces formation of the three subsidiary companies

13 November 2019, Published under Cement News

MI Cement Factory Ltd, manufacturer of cement in Bangladesh has informed that the Board of Directors of the company has approved formation of the three subsidiary companies fully owned by MI Cement Factory Ltd namely, Ocean Voyager Shipping Lines Ltd, Ocean Victory Shipping Lines Ltd and Ocean Vision Shipping Lines Ltd.   According to a notification of MI Cement Factory Ltd to the Dhaka Stock Exchange, the Board of Directors of thecompany has also approved transfer of the three motor vessel...

MI Cement to raise debt for Bangladeshi grinding unit

19 April 2019, Published under Cement News

MI Cement Factory Ltd is expected to raise foreign currency loans from HSBC and Standard Chartered Bank to finance its sixth line at its West Mukterpur, Munshiganj district of Bangladesh, according to the company’s Senior General Manager, Mozharul Islam. The US$70m project will add 8400tpd of grinding capacity to the site’s current capacity of 19,400tpd. Commercial production at the new unit is scheduled to start in January 2021.

Crown Cement becomes export leader

01 April 2019, Published under Cement News

MI Cement Factory Ltd has stated that it has become Bangladesh's cement export leader. The company achieved national export trophy three times for its outstanding performance in cement export. Demand for its Crown Cement brand is gradually increasing at home and abroad. In addition, Crown Cement is contributing to the country's development through foreign currency earning. Bangladesh imported cement before 1995, but gradually the country's cement production base increased its output to re...

MI Cement to set up new 8400tpd line

21 January 2019, Published under Cement News

Bangladesh’s MI Cement Factory Ltd has announced that it will set up its sixth cement unit in Muktagachha, Munshiganj, at a cost of BDT6bn (US$71.54m). The new line is expected to have a capacity of 8400tpd and enter commercial operation by 2021. Upon completion, the company’s total capacity will rise 76 per cent to 19,400tpd from 11,000tpd. The decision to expand was taken after the company’s board of directors was encouraged by a growing demand for its cement, according to a company offic...

Bangladesh cement industry to expand despite rise in raw material costs

21 January 2019, Published under Cement News

The Bangladeshi cement industry is expanding its capacity despite increases in raw material costs. In 2017 the effective capacity of active plants stood at about 50.20Mta, which is estimated to reach about 65Mta by 2019, according to the annual report of MI Cement Factory Ltd.   Cement consumption stood at about 27.1Mt in Bangladesh last year. But despite the huge growth of the industry, Bangladesh is still one of the lowest consumers of cement products in the world. The demand is expected ...

Bangladesh: finding ways to make profits

04 January 2019, Published under Cement News

ICR's January 2019 issue starts the year with a market report on the Bangladeshi cement market. The country has just recorded its highest cement sales in 2018 at 33Mt, while cement demand grew by an impressive 12 per cent YoY, according to MD Shahidullah, vice president of the Bangladesh Cement Manufacturers Association. However, with 43.5Mta of capacity available from more than 32 cement producers in 2017, the industry is still burdened with low utilisation rates and growing overcapaci...

MI Cement sees 33% revenue rise in FY17-18

17 December 2018, Published under Cement News

Bangladesh's MI Cement Factory reported a 33 per cent rise in revenue in FY17-18, compared to the previous financial year, supported by new capacity and market expansion. The company's total revenue reached BDT12.56bn (US$150m) in FY17-18, up from BDT9.44bn in the previous financial year. However, MI Cement's net profit fell by more than 52 per cent YoY to BDT315.6m on the back of rising administrative costs of selling and distribution. "The cost of goods sold (COGS) has increased by 39....

MI Cement signs MoUs with Housing and Building Research Institute

09 May 2017, Published under Cement News

MI Cement Factory or Crown Cement and GPH Ispat have signed two separate memoranda of understanding with the Housing and Building Research Institute to develop environment-friendly construction materials. The two agreements were signed by Crown Cement Executive Director, Md Habibur Rahman Mollah, GPH Ispat Director, Md Ashrafuzzaman, and Housing and Building Research Institute Director Engineer, Mohammad Abu Sadeque on Sunday, local media report. The Housing and Building Research Insti...