Cement News tagged under: corporate
Eastern Province net profits inch up in 2Q, Saudi Arabia19 July 2010, Published under Cement NewsEastern Province Cement Company announced its 2Q-2010 results. Net profits inched up by 1.2%YoY in 2Q-2010 to SR104.3mn. The company managed to increase its sales volumes by 29.6%YoY to 1.08Mt in 2Q-2010. The increase was helped by local deliveries of 268,000t of clinker in 2Q-2010 which were non-existent in the same period last year. However, the increase in sales revenue by 12.1%YoY to SR231.6m in 2Q-2010 came at the expense of declining margins. Gross margins declined to 45.9% in ... |
Multinationals look for Indian acquisitions19 July 2010, Published under Cement NewsThe Indian cement industry, which has seen some recent acquisitions by global players despite oversupply fears, could see the momentum continue in the coming months. This is thanks largely to the enterprise value (per tonne) these companies command coupled with the prospects of higher spend by the Centre on infrastructure-related projects. French cement company Vicat SA in April bought 51 per cent in Bharathi Cement promoted by Andhra Pradesh Member of Parliament Mr Y.S. Jagan Mohan Reddy,... |
Al Jouf Cement seeks US$173m in share offer, Saudi Arabia19 July 2010, Published under Cement NewsAl Jouf Cement Co plans to raise SAR650m (US$173.3m) by selling new and existing shares to the Saudi public, with over half of the proceeds going to the founders of the firm which started operations in May. Over the July 19-25 period, Al Jouf will offer Saudi investors 27.9 million new shares and 37.1 million existing shares at 10 riyals each to raise the total number of its shares to 130 million, the listing prospectus showed. About 55.5 per cent of the IPO’s proceeds will go to founding ... |
Gulf Cement sees half-year profits almost halve, UAE19 July 2010, Published under Cement NewsGulf Cement Company has seen its profits slashed by almost a half in a six-month comparison to 2009 and by more than three-quarters for Q2 against the same period last year, the company has revealed. Net profits tumbled 47% from AED70.3m to AED37.56m. Pre-tax revenue for six months compared to January- to-June in 2009 declined from AED392.77m to AED302.4m, down 23%, with a fall of 13.2% when comparing the second quarter 2010 to the same period in 2009. |
Southern Province profits fall 13% as rivals gain17 July 2010, Published under Cement NewsEastern Province Cement and Southern Province Cement experienced very different second quarters as the two suppliers posted a 1% gain and a 13% fall in net profits compared to last year. The two companies notified the Saudi stock exchange at the beginning of this week. Damman-based Eastern Province saw profits rise to SR104 million, whereas Southern Province, the biggest manufacturer in the Kingdom, saw net gains fall to SR185m from SR212m between April and June 2009. |
Lafarge raises US$186m from Malaysian unit stake sale16 July 2010, Published under Cement NewsLafarge has executed the sale of a minority interest of 11.2% in Lafarge Malayan Cement Berhad (LMCB) by way of a placement done on Bursa Malaysia Securities Berhad. Lafarge keeps the management control of the Malayan activities and remains the majority shareholder with a 51% controlling shareholding in LMCB via its subsidiaries, Lafarge Cement UK PLC and Associated International Cement Ltd. The net proceeds of €141m will contribute to Lafarge’s divestment program for the year 2010 that... |
Cimpor executive committee member resigns16 July 2010, Published under Cement NewsAlvaro Luis Veloso has resigned from his post in the executive committee of Portuguese cement producer Cimpor However, Veloso will remain member of the board of directors of Cimpor, the company said in a filing with Portugal’s bourse regulator CMVM yesterday. As a result, now the executive committee of the firm is comprised of Francisco Jose Queiroz de Barros de Lacerda, Luis Filipe Sequeira Martins, Antonio Carlos Custodio de Morais Varela, Luis Miguel da Silveira Ribeiro Vaz. |
UBS cut its target price on Portland Cement15 July 2010, Published under Cement NewsAnalysts at UBS maintain their neutral recommendation for the Spanish Cementos Portland but cut its target price to EUR14 from 17 earlier. This review is motivated by the austerity plan in the public infrastructure sector announced by the Government. The estimate of EBITDA for the years 2010-12 has also been reduced by 11%, predicting a drop in cement consumption. And the broker, although expecting a recovery in international activity thanks to the dollar’s appreciation, is aware that the S... |
PACRA assigns rating to Maple Leaf, Pakistan15 July 2010, Published under Cement NewsThe Pakistan Credit Rating Agency (PACRA) has assigned Maple Leaf Cement Factory Limited (MLCFL) the long-term and short-term entity ratings of “BB” (Double BB) and “B” (B) respectively here on Wednesday. Meanwhile, the Sukuk issue of PKR8,000m has been assigned a rating of “BB+” (BB Plus). These ratings denote that there is a possibility of credit risk developing, particularly as a result of adverse economic change over time. MLCFL’s ratings reflect high business risk of the company emana... |
Vietnam HT1 Completes Acquisition of HT215 July 2010, Published under Cement NewsHa Tien 1 Cement JSC (HT1), listed on the Hochiminh Stock Exchange, announced it took over Ha Tien 2 Cement JSC (HT2). After the acquisition, HT1 has a registered capital of VND1.98 trillion (US$103.66m), becoming one among 50 biggest stocks in the local stock market. The firm expects the acquisition will help HT1 increase its cement production and raise competition in the local market. The merger is part of a larger restructuring plan being implemented by the state-run Vietnam Cement ... |