Cement News tagged under: coronavirus
Start-up of Fancesa project postponed to 1Q2110 June 2020, Published under Cement NewsThe coronavirus pandemic has seen a readjustment of the work schedule of the new plant being built in Sucre, Bolivia, by Fancesa as COVID-19 forced a 70-day quarantine upon the project. Start-up of the cement plant is now expected in the first quarter of 2021. While the project currently stands at 91 per cent completion, the remaining share of the work is the “most complicated”, according to Armin Cortez, chairman of the Board. "It should be remembered that we have had setbacks not only d... |
Looking to the West08 June 2020, Published under Cement NewsFollowing the outbreak of the coronavirus pandemic, Dr Weiping Ma, CEO of West China Cement, provides an update on the company’s operations and the virus’ impact on the Chinese cement industry. Ian Riley, CEO of the World Cement Association, of which the company is a member, also provides some essential context. Figure 1: the Chinese operations of West China Cement ICR: What is West China Cement’s corporate background and how had it been performing pre-coronavirus? Dr Weiping... |
BUA Cement posts 25.1% rise in revenue08 June 2020, Published under Cement NewsBUA Cement has announced a 25.1 per cent YoY increase in revenue to NGN54bn (US$139.3m) in its financial results for the 1Q20. Profit before tax increased by 15.7 per cent YoY from NGN17.4bn to NGN20.1bn in the 1Q20, while profit after tax reached NGN19.8bn – a 26.2 per cent YoY increase from NGN15.7bn. Discussing the results, Yusuf Binji, Managing Director/CEO of BUA Cement, said the excellent performance in the 1Q financial results amid the outbreak of the COVID-19 pandemic is yet anothe... |
Return to prosperity forecast for Pakistan's cement sector08 June 2020, Published under Cement NewsPakistan's cement industry is likely to prosper in the coming months, due to some positive developments at the local and international level, anticipated by three of Pakistan's leading research houses. BMA Capital Management forecasts that the cement sector is showing signs of revival, backed by initiation of the Naya Pakistan Housing Scheme and construction package announced by the government. Moreover, the easing of lockdowns has raised hopes for improved cement dispatches in the coming m... |
African cement escapes the pandemic; structural issues remain05 June 2020, Published under Cement NewsCemtech's latest webinar discussed Africa's cement sector and the impact of COVID-19 on the continent. Tony Hadley of consultancy THAA, and Erkam Kocakerim, CEO of Limak Afrika SA, covered several areas of concern from the impact of the COVID-19 pandemic on economies and cement demand to overcapacity and competition issues, while also providing a long-term outlook for the continent. Thomas Armstrong, Managing Editor of International Cement Review, opened the webinar with an overview of the ... |
UltraTech Cement reduces capex plans to INR10bn in FY20-2105 June 2020, Published under Cement NewsIndia’s UltraTech Cement has announced that it will be restricting its capital expenditure plans to INR10bn (US$132.42m) during the current fiscal year, following the disruptions caused by the COVID-19 pandemic. "The company's capital and financial resources remain entirely protected in spite of the adverse impact on its sales during the first two phases of the lockdown. The company's liquidity position remains adequately covered," said the company in a regulatory filing. "Conserving cash ... |
HeidelbergCement announces EUR0.60 dividend per share at AGM05 June 2020, Published under Cement NewsHeidelbergCement held its 131st Annual General Meeting (AGM) yesterday with around 1000 people following the live transmission on the Internet. Prior to the AGM shareholders submitted a record 120 questions (previous year: 36 questions). For the 2019 financial year, HeidelbergCement shareholders will receive a dividend of EUR0.60/share (2018: EUR2.10). The total distribution to shareholders thus amounts to around EUR119m. The dividend will be paid on 9 June 2020. In view of the scope and... |
Pakistan dispatches drop in May, slip in 11MFY19-2004 June 2020, Published under Cement NewsAll Pakistan Cement Manufacturers Association (APCMA) released local/overseas dispatches data for May and the 11MFY19-20. May 2020 Total cement dispatches (domestic + export volumes) were only 2.63Mt in May 2020 against 4.12Mt in May 2019 representing a 36.1 per cent drop. The decline in cement dispatches is mainly due to Ramzan, COVID-19 and Eid holidays, which slow the construction activity. Domestic cement consumption in the north was 2Mt in May 2020 against 3.05Mt in May 2019. Con... |
Caribbean Cement forecasts 10-20% sales decline in 202003 June 2020, Published under Cement NewsJamaica-based Caribbean Cement expects its annual sales to drop 10-20 per cent this year, due to the effects of the COVID-19 pandemic. "The forecast we are seeing is a 10 to 20 per cent decline in annual terms," said Yago Castro, general manager. "We are factoring the first quarter which was normal, but the second quarter we saw a drop by one-third, and the third quarter we are also expecting a decline when compared with last year," he said. Sales were down 35 per cent YoY in April and... |
Canadian Cement Association and producers call on President to up infrastructure spending02 June 2020, Published under Cement NewsCanada's cement companies and the Cement Association of Canada (CAC) have written to Prime Minister Justin Trudeau as well as federal ministers to plead for federal government to prioritise construction and strategic infrastructure spending. The letter signed by executives from St Marys Cement, Lafarge Canada, CRH Canada Group, Lehigh Hanson Materials Canada, McInnis Cement and CAC contains a seven point declaration, as follows: • put the construction sector at the core of the COVID-19 Ec... |