Cement News tagged under: South Africa
InterCement completes sale of Africa businesses28 December 2023, Published under Cement NewsInterCement Participações SA has announced that the divestment of its businesses in South Africa and Mozambique – collectively known as the ‘Africa Business’ – to Huaxin Cement Co. Ltd (China), has been concluded upon receipt of the provisional price of USD231.6m. As provided for in the previously executed Stock Purchase Agreement, the provisional price will be adjusted in due course considering net debt, other customary adjustments and working capital levels of the Africa Business. |
South Africa regulator recalls Econo Cement product13 December 2023, Published under Cement NewsSouth African company Econo Cement has been accused of having a 'sub-standard' product by the National Regulator for Compulsory Specifications (NRCS). The regulator has asked consumers and hardware stores to participate in a nationwide recall of Econo Cement's CEM V/A S-V 32.5 N product after investigations found it failed to meet the minimum requirements of prescribed strength. CEO of the NRCS, Duncan Mutengwe, said the move was in the public interest to ensure the product does not pose... |
Saint-Gobain signs power agreement in South Africa12 December 2023, Published under Cement NewsSaint-Gobain has signed a renewable electricity supply agreement (power purchase agreement or PPA) with CVE, an independent French renewable energy producer, to secure about 140GWh of solar electricity in South Africa, over a 20-year period. This PPA is expected to cover around 40 per cent of the electrical needs of Saint-Gobain’s four major industrial sites in the country, producing gypsum and mortars. The sites are located in Brakpan, Alrode and Germiston in the Gauteng region, as wel... |
New PPC CEO confirmed29 November 2023, Published under Cement NewsFollowing the finalisation of his work permit, Matias Cardarelli has now been confirmed as the new chief executive officer of PPC Cement . He takes over from Roland van Wijnen, who will stay until the end of 2023 to facilitate a smooth handover. In September this year, the cement producer announced Mr Cardarelli's appointment, subject to the approval of his work permit. “The Board is pleased to announce that Matias’ work permit has been issued and that he will formally take over from Ro... |
Aggregate Industries appoints group strategy and commercial growth director23 November 2023, Published under Cement NewsAggregate Industries , part of Holcim , has appointed Kaziwe Kaulule as its new group strategy and commercial growth director. With a career spanning over 19 years with the Holcim Group, Mr Kaulule brings extensive experience to the role, including operations, digital transformation, business development, and mergers and acquisitions. His most recent role was as chief executive officer (CEO) at Lafarge Industries South Africa . He has also served as CEO at Lafarge Cement Zimbabwe and h... |
PPC reports 21% advance in revenue in 1HFY2421 November 2023, Published under Cement NewsPPC has posted revenue of ZAR6172m (US$335.2m) in the 1HFY24 (ended 30 September 2023), up 20.9 per cent YoY. EBITDA advanced from ZAR728m in the 1HFY23 to ZAR1069m in the same period a year later, while the EBITDA margin advanced three percentage points to 17.3 per cent. Capex over the six-month period came in at ZAR220m. Operating profit improved from ZAR273m to ZAR675m. In the 1HFY24, the South Africa and Botswana business contributed 57 per cent of group revenue (1HFY23: 68 per cent... |
Zimbabwe drives PPC's positive outlook14 November 2023, Published under Cement NewsSouth Africa’s PPC has said it expects positive earnings for the six months ended 30 September, 2023. According to news service Pindula, the company has forecast a growth rate of 25.5-26.5 per cent in its headline earnings per share, compared to a headline loss of ZAR0.06 (US$0.003) during the same period last year. Its earnings per share are also predicted to advance by 21-25 per cent from a loss of ZAR0.30 per share in the same period a year earlier. The positive outlook has been attr... |
Sephaku Holdings' profit eroded by rising costs14 November 2023, Published under Cement NewsSephaku Holdings (Sephold) reported revenue of ZAR626.6m (US$33.44m) in the six months ended 30 September 2023, marking a 19.7 per cent YoY improvement. However, net profit after tax over the same period declined from ZAR26.7m to ZAR19.7, while headline earnings per share fell from 11.26 cents to 7.54 cents, reports IOL. According to the company, although activity in the construction industry improved, particularly in the civil construction and non-residential sectors, the rising cost... |
Afrimat's acquisition of LSA gets Commission approval08 November 2023, Published under Cement NewsSouth Africa’s Competition Commission has approved Afrimat’s acquisition of Lafarge SA , subject to a number of conditions. The deal, which is worth nearly ZAR1bn (US$54.59m), was found to raise a number of competition issues, according to the Commission, and would result in the lessening of competition in the aggregates and ready-mixed concrete sectors, reports Business Day. As a result, the Competition Commission has recommended that the merged entity divests its interests in general aggr... |
PPC Zimbabwe managing director steps down19 October 2023, Published under Cement NewsPPC Zimbabwe Ltd has announced the resignation of its managing director, Kelibone Masiyane. Mr Masiyane joined the company in 1994 as a trainee electrical engineer at the Colleen Bawn plant, before becoming manager of both that and the Bulawayo plant in 2009. He was appointed managing director of PPC in 2016, reports Chronicle. “After 29 years of service at PPC Zimbabwe Limited, seven years of which were spent at the helm of the company, Mr Kelibone Masiyane informed the board of the... |