Cement News tagged under: corporate

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UltraTech Cement reduces capex plans to INR10bn in FY20-21

05 June 2020, Published under Cement News

India’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 AGM

05 June 2020, Published under Cement News

HeidelbergCement 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...

Eagle Materials posts record revenue in FY19-20

04 June 2020, Published under Cement News

US-based Eagle Materials has reported a record revenue of US$1.45bn in the FY19-20, up four per cent from US$1.39bn in the previous fiscal year. Net earnings climbed three per cent YoY to US$70.89m from US$68.86m, while adjusted EBITDA edged up one per cent to US$471.5m. The company posted record revenue of US$315.4m in the final quarter of FY19-20, up 11 per cent from US$284.7m in the 4QFY19-20. Adjusted EBITDA increased 14 per cent YoY to US$103.4m. "Having achieved record results in fis...

Boral wins Wagners supply case

04 June 2020, Published under Cement News

Wagners will make less money from selling cement to Boral, its biggest customer, in future after a court ruled the Queensland construction group must match lower prices of rivals. Justice Bond at the Queensland Supreme Court found that the notice sent by Boral to Wagners that it could buy cement cheaper from Cement Australia was "a valid and effcitive notice." After Boral bought the Queensland group's construction materials business in 2011, it signed a "take or pay" that required it to k...

Cemex announces plans for US$1bn bond issue

03 June 2020, Published under Cement News

Cemex has announced plans to issue US$1bn worth of bonds, with a 7.375 per cent coupon and a maturity date of June 2027. The issue is expected to be used to support ongoing business activities, including debt repayment. The bonds will be issued with an option to repurchase them four years prior to maturing and the offering period will close on 5 June.  Elsewhere, Mexico's energy regulator approved new rates that electricity providers must pay the national power utility for transmission...

Caribbean Cement forecasts 10-20% sales decline in 2020

03 June 2020, Published under Cement News

Jamaica-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...

Sagar Cements sees 17% fall in revenue

03 June 2020, Published under Cement News

India’s Sagar Cements has reported a 94 per cent decline in consolidated net profit to INR11.8m (US$156,598) in the final quarter of FY19-20, compared to INR187.5m in the corresponding period of the previous fiscal. Revenue from operations fell 17 per cent to INR3.04bn from INR3.66bn in the 4QFY18-19. The results have been attributed to the impacts of the COVID-19 pandemic, which also affected logistics and labour movement, according to the company.  

Flying Cement reports 96% fall in sales

02 June 2020, Published under Cement News

Pakistan’s Flying Cement Co saw a 95.9 per cent fall in sales to PKR35.62m (US$217,705) in the January-March period of 2020, compared to PKR858.47m in the year-ago period. The company also reported a net loss of PKR110.7m against a net profit of PKR64m in the corresponding period of the previous fiscal. In the first nine months of FY19-20, sales declined 63.6 per cent YoY to PKR964.6m from PKR2.65bn. The company’s net loss also widened to PKR14.87m from PKR48.68m in the FY18-19.

CIMERWA to list on stock market

02 June 2020, Published under Cement News

CIMERWA has said that it is currently in the process of listing its shares on the Rwanda Stock Exchange (RSE). Mr Sigei, CEO, said that the transaction is currently in the hands of the relevant regulators and will be announced in due course. The listing of the company will also depend on its market performance, which has been affected by the coronavirus pandemic despite a significantly financial book last year, reports KT Press. If listed, CIMERWA will be come the ninth company on the RS...

Ras Al Khaimah slips into the red in 1Q

01 June 2020, Published under Cement News

In its unaudited first-quarter results, Ras Al Khaimah Cement Co reported a 26 per cent drop in sales to AED36.838m (US$10.031m) in the first quarter of 2020 ended 31 March when compared with the equivalent period of the previous year, when sales reached AED49.774m. The company posted a gross loss of AED3.808m, against a gross profit of AED4.241m in the 1Q19 while net loss reached AED8.01m. In the 1Q19 Ras Al Khaimah Cement achieved a net profit of AED2.162m.