Cement News tagged under: corporate
Cemex announces senior level changes12 April 2011, Published under Cement NewsCemex announced today changes to its senior level organisation, effective April 12, 2011 that includes the departure of Chief Financial Officer Rodrigo Trevino, whose responsibilities will be assumed by Fernando Gonzalez. Cemex’s operations, now organised in six regions will be led by the following executives, all of whom have served previously in various senior level operating positions within the company: • Juan Romero, President of Cemex Mexico, who will also oversee Global Technolo... |
Mixed results for Yanbu and Yamama, Saudi Arabia11 April 2011, Published under Cement NewsTwo leading Saudi Arabian cement producers, Yanbu Cement and Yamama Cement, have posted mixed first-quarter 2011 results. Yanbu Cement reported that its 1Q11 profit declined to SAR101m (US$27m), down 17.9 per cent YoY. Gross profit fell 13.3 per cent to SAR111m and operating profit decreased 14.8% YoY to SAR104m. Analysts at Global Investment House (GIH) note that Yanbu’s performance continues to be held back by old, inefficient lines as cement dispatches declined by 2.2% YoY to 607,000t ... |
Nomura keeps "reduce" rating on Buzzi Unicem11 April 2011, Published under Cement NewsAnalysts at Nomura have confirmed their "reduce" recommendation on the stock of Italian cement producer Buzzi Unicem considering the developments in the cement sector still difficult in 2011, worsened by the rise in energy costs. The broker keeps a price target of EUR7.00. Credit rating agency Standard & Poor’s lowered on Thursday Buzzi Unicem’s outlook to "negative" from "stable", saying the cement maker’s credit measures were considered weak and hardly probable to recover to levels commen... |
Jiangxi Cement expects marked rise in 1Q net profit08 April 2011, Published under Cement NewsChina-based Jiangxi Wannianqing Cement Co Ltd said yesterday that it expected its net profit for the first quarter of this year to surge to between CNY80m-90m (US$12m-13.7m) . The company said in a statement that the figure was 20.64 times to 23.32 times more than the CNY3.7m in the same period of 2010. The cement producer attributed to robust growth in net profit to a share increase in cement price and an expanded production capacity. Jiangxi Wannianqing Cement said earlier that its net p... |
Conch to issue CNY9.5bn in bonds in 201108 April 2011, Published under Cement NewsAnhui Conch Cement Co Ltd, the biggest cement producer in Asia by output, plans to issue CNY9.5bn (US$1.5bn) in corporate bonds in mainland China this year, sources reported, citing Executive Director Guo Jingbin as saying. The exact timetable for the bond offering will depend on market condition, said Guo. Currently, the company’s liability ratio is 41%, which is lower than the industry average of 60%, Guo noted, adding that the company has options to raise more money for its business exp... |
Conch’ upside likely capped despite profit guidance, China07 April 2011, Published under Cement NewsAnhui Conch Cement’s upside is likely to be limited despite its upbeat profit guidance; the company expects its 1Q11 net profit to rise "over 150%" YoY, implying at least CNY1.98bn given 1Q10 net profit of CNY792.3m, which represents 23% of full-year earnings forecast of CNY8.54bn now pegged by Thomson Reuters, suggesting that a strong earnings growth is expected already. In addition, the sector has had a tremendous rally in the past one month, and is likely more or less priced in the stro... |
Shui On plans cement phase-out – may sell to Lafarge07 April 2011, Published under Cement NewsShui On Construction and Materials Ltd plans to phase out cement production, possibly by selling its stake in an underperformed China joint venture to partner Lafarge, as it shifts focus to real estate, its chief executive said. Established in 2005, the joint venture, Lafarge Shui On Cement Ltd, posted an 80 per cent fall in net profit for 2010 despite a strong recovery in China’s cement industry that fuelled earnings at rivals such as Anhui Conch Cement Co Ltd . "We are extremely disapp... |
S&P confirms Buzzi and Dyckerhoff rating, negative outlook07 April 2011, Published under Cement NewsBuzzi Unicem informs that today Standard & Poor’s confirmed the long-term corporate rating (BBB minus) on Buzzi Unicem and its German subsidiary Dyckerhoff AG and the short-term rating (A-3) on both groups. The outlook was revised from stable to negative. |
Dangote announces dividend payment, Nigeria06 April 2011, Published under Cement NewsNigeria’s Dangote Cement has informed the Nigeria Stock Exchange that it is offering NGN2.25 dividend per share to its shareholders. The total dividend payout is NGN34.861bn (US$226m). |
Bestway invests further in Mustehkam Cement, Pakistan06 April 2011, Published under Cement NewsPakistan cement producer Bestway Cement has invested PKR1.25bn (US$14,680) into the company’s subsidiary, Mustehkam Cement Limited, through purchase of right shares, according to a release published by the Karachi Stock Exchange on Tuesday. An extraordinary general meeting of Bestway Cement approved the move to subscribe to the shares at a price of PKR15/share, compared with a six-month average price of PKR13.07 /share. After the latest capital injection, Bestway Group’s stake in Mustehkam ... |