Cement News tagged under: UAE

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Shree Cement acquires 98% stake in UCC

12 July 2018, Published under Cement News

Shree Cement has completed the acquisition of a 97.6 per cent stake in the UAE’s Union Cement Co (UCC). The deal was struck through the company’s wholly-owned subsidiary, Shree International Holdings, incorporated in the UAE. The acquisition was managed by Ras Al Khaimah’s Investment and Development Office (IDO) on behalf of the government, according to an official statement. "The acquisition of UCC manifests Shree’s strategy to expand overseas, taking the UAE as a launch pad for more inv...

Shree Cement budgets for United Cement acquisition

12 June 2018, Published under Cement News

Shree Cement plans a capital expenditure of INR35,000m (US$519.1m) in the current financial year including INR20,000m on the completion of the deal to acquire UAE-based United Cement Co PSC. The management of Shree Cement, led by managing director HM Bangur, has historically avoided taking over existing capacity because it is of the view that it can set up plants ground up at a much lower cost, reported Livemint. Shree will spend at least INR15,000m in the current financial year to acquire...

Gulf Cement sees 1Q loss

15 May 2018, Published under Cement News

Gulf Cement has incurred losses if AED2.9m (US$789,653) in the 1Q18, according to a bourse statement. In the equivalent period of 2017, the company reported a AED8.1m profit. The company has attributed the loss to a lower profit margin of 4.5 per cent when compared to 10.3 per cent in 1Q17. Gulf Cement also noted losses from investments at a value of AED7.3m in 1Q18. In the 1Q17 investments generated revenues totalling AED5.5m.

Cimerwa to resume full production in May

23 April 2018, Published under Cement News

Rwanda’s Cimerwa has resumed production after a two-month break for maintenance and upgrade works. This is expected to ease a cement deficit in both Rwanda and Uganda, while also stabilising prices that have recently increased, according to The East African. The company is currently completing post-maintenance tests and aims to begin full production at its 0.6Mta Bugarama facility in May. The upgrade will improve reliability and operational efficiency, according to Bheki Mthembu, CEO, Cim...

RAK White Cement to pay dividends worth AED25m

23 March 2018, Published under Cement News

UAE-based RAK White Cement has approved the Board’s recommendation to distribute five per cent of capital as cash dividends for the FY17. The company will pay five fils per share to the entitled shareholders, amounting to a total of AED25m (US$6.81m). RAK’s preliminary financial results for the FY17 show a 27.6 per cent YoY fall in profits to AED30.42m, compared to AED42m of FY16. The company’s capital currently stands at AED500.16m, according to Mubasher.

NCC announces 39% drop in profit for 2017

16 March 2018, Published under Cement News

Dubai-based National Cement Company (NCC) has announced a 38.7 per cent YoY decrease in profit during the full-year 2017 period, to AED53.58m (US$14.59m) from AED89.02m.  According to a company statement, the board has recommended the distribution of AED53.8m in cash dividends for 2017, with a per-share dividend of AED0.15, as a result. The projected dividends account for 15 per cent of its capital.   

Cemtech Middle East & Africa gets underway in UAE

19 February 2018, Published under Cement News

  Cemtech Middle East & Africa 2018   Cemtech Middle East & Africa 2018 conference and exhibition has opened at the JW Marriott Marquis in Dubai, UAE, with delegates from over 30 nations gathering for this annual meeting of cement professionals. Opening the meeting, Thomas Armstrong, managing editor of International Cement Review, observed how global overcapacity - which reached 2bnta in 2016 - is driving producers to become more competitive by smart investment in cost reduc...

Ras Al-Khaimah Cement records net profit increase

14 February 2018, Published under Cement News

Ras Al-Khaimah Cement has recorded a substantial increase in net profit for the full-year period of 2017, reaching AED21.3m (US$5.79m) from AED5.8m a year ago. However, the company also announced a fall in revenue to AED199.2m from AED229.5m of 2016, reports Reuters.

Sharjah Cement FY17 net profit up 2%

05 February 2018, Published under Cement News

Sharjah Cement saw net profit edge up 1.6 per cent to AED65m (US$17.7m) in 2017 from AED64m a year ago, according to Reuters. Revenues of the UAE cement producer rose 6.2 per cent from AED612m in 2016 to AED650m last year.

Shree breaks into its first international market

19 January 2018, Published under Cement News

This week, Shree Cement made a bold move to buy a 93 per cent stake in Union Cement Co PSC (UCC) for an enterprise value of US$305.24m. It is a major transaction for the Indian company and sets it on a course for expansion overseas, which will give the cement producer additional revenue streams and room to grow outside its Indian heartland. Initial analyist comments on the acquisition have been mixed. The Economic Times notes the deal will give Shree Cement a financial lift: "Besides seve...