Cement News tagged under: corporate
Cemex appoints new UK President02 May 2011, Published under Cement NewsCemex has appointed Jesus Gonzalez as the new UK president with immediate effect. Mr Gonzalez comes to the UK from Panama, where he was President for Cemex in Central America, covering operations in Costa Rica, Guatemala, Nicaragua, El Salvador and Panama. |
Al-Rajhi Cement issues local debt finance02 May 2011, Published under Cement NewsThe issuance by Al-Rajhi Cement Jordan of its debut Sukuk (a local denominated bond) in late April 2011 opens up yet another new market for sukuk origination in the Middle East and North Africa. The domestic JD85m (about US$119m) corporate sukuk offering, while symbolically important and widely welcomed by the market, however betrays a dogged refusal by successive Jordanian governments of issuing debut sovereign debt. The Al-Rajhi Cement sukuk, which was managed by Capital Investments, the ... |
Cement majors benefit from milder European winter02 May 2011, Published under Cement NewsQ1 2011 results have benefitted from the milder weather in Europe, particularly in Central and Eastern Europe. Conversely, margins have been under downward pressure, due to higher energy costs, with offsetting price increases typically not being implemented until April. Analysts at Jeffries note that Q1 11 EBITDA forecast for Holcim is nine per cent below consensus, reflecting the negative impact of the stronger Swiss Franc and the decline in the Indian contribution. The major European he... |
Indocement reports strong first quarter profit02 May 2011, Published under Cement NewsPT Indocement Tunggal Prakarsa said its first-quarter net profit rose to IDR868bn (US$101 million) from IDR787bn a year earlier on higher sales. The company’s revenue rose 15% to IDR2.94trn at the end of March, from IDR2.55trn a year earlier. |
Holcim increases stake in Ambuja; delisting possible02 May 2011, Published under Cement NewsHolcim Ltd (Switzerland) has increased its stake in Ambuja Cements to 50.0% by buying depository receipts representing 3.56% stake in the company from the open market, according to a notification on the Bombay Stock Exchange. The transaction was carried out on April 29 by Holpac Ltd, acting in concert for Holcim Ltd, Holdring Investments Ltd, Holcim Particiapations (Mauritius) Ltd, Ambuja Cement India Pvt Ltd, Holcim (India) Pvt Ltd and Holderfin B.V. Holcim now holds 45.44% in Ambuja Cemen... |
Semen Gresik 1Q11 profits rise 9% YoY02 May 2011, Published under Cement NewsIndonesian cement producer Semen Gresik said its first quarter net profit rose 9% to IDR884bn ($103m) from IDR811bn a year earlier on higher sales. Revenue was IDR3.55trn, up from IDR3.25trn a year earlier. Its operating income stood at IDR1.06trn from IDR1.01trn a year earlier, the company said in an exchange announcement. |
Indonesia: Nomura bullish on cement02 May 2011, Published under Cement NewsNomura has initiated its coverage of the Indonesian cement sector with Buy ratings on Semen Gresik and Holcim Indonesia, and a Neutral on Indocement. Analysts at the bank see the cement sector as a key beneficiary of Indonesia’s infrastructure development, which will drive volume growth, while near-term selling prices are set to increase. Over the next three years, Nomura expects the three listed cement companies to increase their capacity by a combined 23% from the current capacity of 46M... |
HeidelbergCement India net profit falls 35%02 May 2011, Published under Cement NewsHeidelbergCement India has announced the financial results for the quarter ended March 31, 2011. The company’s net profit for the quarter declined by 35% to INR25.99 crore against INR40.25 crore over the same period a year earlier. The company reported net sales / income from operations of INR271.80 crore for the against INR267.85 crore for the quarter ended March 31, 2010. |
Cemex sales increase highlights market improvement02 May 2011, Published under Cement NewsCemex has reported mixed first quarter results. Sales beat expectations but the net income amounted to a loss of US$276m for the quarter, versus a loss of US$342m in the same period a year earlier, and free cash flow was negative on higher financial expenses. Cemex’ first quarter turnover advanced by 11.2%, or an underlying 9%, to US$3,384.1m and the EBITDA edged ahead by 0.7% to US$518.2m. The trading profit, however, recovered by 16.1% to US$172.3m after the 50.3% drop a year ago. After n... |
Texas Industries: new appointments29 April 2011, Published under Cement NewsTexas Industries Inc said it appointed Jamie Rogers as Vice President and Chief Operating Officer and he would report to Mel Brekhus, President and Chief Executive Officer. Rogers previously served as Vice President - Consumer Products for the company, and has been with TXI since 1996. In conjunction with this reorganization, Rogers would lead a team of executives who are responsible for each of the company’s operational units. The team includes Lynn Davis, who would continue as Vice Presid... |