Cement News tagged under: corporate

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EAPC restructuring enters final phase

03 September 2020, Published under Cement News

The restructuring of East African Portland Cement Co (EAPC)’s human resources in Kenya is entering its final phase with 270 employees seeing their permanent contracts converted to contract terms. Speaking during a consultative meeting with the permanent staff, the acting MD, Stephen Nthei, said the strategic objective is to reduce administrative costs as outlined in the turnaround strategy adopted by the board and to comply with regulations outlined by the State Corporations Advisory Commit...

Abdelaziz Assad named acting CEO Arkan Building Materials

02 September 2020, Published under Cement News

UAE-based Arkan Building Materials has appointed Abdelaziz Asad as acting CEO following the departure of Abdellatif Sfaxi to pursue other career opportunities. Under the new arrangement, Mr Sfaxi will continue to work closely with Mr Asad for the next three months to ensure a smooth transition. Arkan Chairman, Engineer Jamal Salem Al Dhaheri, said: "On behalf of Arkan’s board, I would like to thank Sfaxi for his 12 years of service to the company. During his tenure as CEO he has reinforced...

Simon Willis appointed new MPA chairman

02 September 2020, Published under Cement News

Hanson UK CEO, Simon Willis, has been named as the new MPA chairman for the next two years, succeeding Martin Riley, Tarmac’s vice president. “We are delighted that Simon has agreed to pick up the baton from Martin and become the 8th Chairman of MPA. His wide industry knowledge and experience will be invaluable to the association as we look to play our part in the economic recovery whilst continuing to operate safely and securely until a vaccine for Covid-19 is available and tackle other m...

Wagners reports steep drop in profits for 2020

31 August 2020, Published under Cement News

Wagners, the Australian construction materials business, reported a lower after-tax pro-forma profit of AUD3.92m (US$2.9m) for its 2020 annual results, down from the AUD13.7m in the prior year. Company CEO, Cameron Coleman, said the cement pricing dispute with competitor Boral, now resolved, and the loss of major infrastructure projects negatively impacted the company over the past 12 months. “The key message that I’m trying to communicate to investors is (the result was because of) redu...

FLSmidth appoints regional presidents for Australia and South America

31 August 2020, Published under Cement News

Tamer Eid has been named by FLSmidth as the company's new president for the Australia region, effective 14 September 2020. Over his career, Mr Eid has held various senior executive and technical roles in the mining and oil and gas sectors. He has also led international service businesses that directly supported the production assets of the world’s leading mining and oil and gas companies. Along with his MBA and Mechanical Engineering degree, he brings with him extensive experience within th...

FLSmidth's revenue guidance for 2020 is DKK15.5-17bn

28 August 2020, Published under Cement News

FLSmidth's revenue in 2020 is forecast to be DKK15.5bn-17bn (US$2.48bn-2.72bn), says the company. EBITA margin is expected to be 4.5-6 per cent, which takes into account around DKK210m of implementation costs related to business improvement activities. On 23 March FLSmidth's financial guidance for 2020 was suspended due to the global uncertainty caused by the COVID-19 pandemic. On 28 April the company announced that full-year results were expected to be below the initial guidance. Visibilit...

Bamburi Cement sees surge in profit before tax

28 August 2020, Published under Cement News

Kenya’s Bamburi Cement has announced a 15 per cent YoY decline in turnover to KES16.23bn (US$150m) for the first half of 2020, against KES18.66bn in the 1H19. However, the company saw a surge in profit before tax to KES213m from KES23m in January-June 2019.

Sinai Cement announces widening net loss in the 1H20

28 August 2020, Published under Cement News

Egypt’s Sinai Cement Co has seen its consolidated net loss widen to EGP247.6m (US$15.6m) in the first half of 2020, against EGP187.2m in the year-ago period. Its standalone net loss also expanded to EGP245.7m from EGP186.4m last year. The company attributed its losses in 2019 to the Egyptian pound devaluation on imported fuel, in addition to the higher prices of electricity and oil.

Loma Negra sells majority stake in Yguazú Cementos

27 August 2020, Published under Cement News

Argentina-based Loma Negra (Intercement) has sold its 51 per cent majority stake in Paraguay’s Yguazú Cementos. The value of the deal was not announced, but the company had been valued at US$80m. The buyer was a local shareholder company ConcretMix (owned by Grupo Bogarín), according to a note sent to Argentina’s National Securities Commission. Loma Negra is expected to use the funds from the transaction to pay its debt with local banks. In 2000 Intercement founded Yguazú Cementos in partn...

Carthage Cement posts TND3.3m net profit at end July

27 August 2020, Published under Cement News

Carthage Cement posted a net profit of TND3.3m (US$1.2m) as of 31 July 2020, despite at two-month shutdown due to the COVID-19 pandemic. The stoppage led the company to lose nearly TND28.6m, according to company CEO, Brahim Sanaa. Mr Sanaa said that the company targets a net result of TND19.6m by the end of the year, reversing the TND51.3m loss posted in 2019. Carthage Cement  carried out a capital increase from TND172,134,413 to TND343,624,940, reducing the company’s bank indebtness by ...