Cement News tagged under: financial business results
Profit of Cherat Cement shrinks by 1% in FY22-2307 September 2023, Published under Cement NewsCherat Cement Co Ltd ( Ghulam Faruque Group ) has announced its financial results for the year ended 30 June 2023 by declaring a net profit of PKR4.40bn (US$14.3m) as compared to PKR4.45bn in the same period last year. This translates into a profit shrinkage of 1.2 per cent in FY22-23 due to high finance, distribution, administration and taxation. The decline is majorly attributable to increased financial charges and higher taxation by AKD Research. The financing rose 41 per cent to PKR... |
Southern Province Cement posts net profit of SAR68m in 2Q2304 September 2023, Published under Cement NewsIn the January-June 2023 period, Southern Province Cement logged net profits after zakat and tax valued at SAR68m (US$18.1m) down 54.6 per cent YoY from SAR150m. Revenues declined by 6.74per cent to SAR526m in the 1H23 from SAR564m in the 1H22, while the earnings per share (EPS) plummeted to SAR0.49 from SAR1.07. During the 2Q23, the company posted 68.9 per cent lower net profits after zakat and tax at SAR19m, compared to SAR61m a year earlier. The revenues decreased by 3.42 per cent... |
DG Khan Cement incurs losses on taxes01 September 2023, Published under Cement NewsDG Khan Cement Co (DGKC) has reported a loss of PKR3.63bn (US$11.8bn) for the year ended 30 June 2023, compared to a profit of PKR2.97bn in the year-ago period, despite a rise in revenue. The company has attributed the loss to higher taxation and increased financial charges. The company says its net sales increased by 12 per cent to PKR64.98bn from PKR58.04bn during the 12-month period. It incurred a distribution cost of PKR1.81bn against PKR1.74bn and administrative expenses of ... |
Fauji Cement Co sees profit expand YoY in FY2330 August 2023, Published under Cement NewsFauji Cement Co Ltd (FCCL) has earned profit after tax of PKR7.4bn (US$24.34m) in FY23, compared to PKR7.1bn in FY22. The result comes despite the retrospective increase in the Super Tax rate from four per cent to 10 per cent having an impact of PKR1.98bn and taking the effective rate to 39 per cent. The gross finance cost also advanced from PKR1.2bn to PKR3.64bn to during this period. According to the company, it has continued to focus on implementing cost optimisation initiatives, i... |
Adani group posts EBITDA growth of 42% in 1Q25 August 2023, Published under Cement NewsAdani Group delivered EBITDA growth of 42 per cent YoY to INR235,320m (US$2852m) in 1QFY24 with businesses across segments ranging from airports and sea ports registered good growth, the company said. Airports, green hydrogen and other businesses under the flagship incubator saw their profits almost double YoY. With EBITDA of INR17,180m, these businesses contributed seven per cent to the portfolio EBITDA. The core infrastructure and utility platform, which generates stable and assure... |
Hail Cement's posts net profits of SAR24.5m24 August 2023, Published under Cement NewsIn the 1H23 Hail Cement recovered net profits after zakat and tax valued at SAR24.48m (US$6.53m), compared to net losses of SAR13.72m during the same period a year earlier. Revenues plummeted by 26.3 per cent YoY to SAR121.63m in the 1H23 from SAR164.93m in the 1H22. During the first three months of 2023, the company also turned profitable at SAR5.97m, versus net losses after zakat and tax worth SAR6.82m in the year-ago period. The revenues reached SAR59.78m during April-June 2023, l... |
Anhui Conch in 2Q23 totals CNY6.8bn23 August 2023, Published under Cement NewsAnhui Conch Cement ’s first-half net profit of CNY6.8bn (US$932m) is lower than expected, falling 32 per cent YoY. The decline is due to lower average selling prices and weak cement demand. Conch still outperformed the industry given that some of its peers delivered a sharper drop in earnings. Morgan Star has lower its 2023-25 earnings forecasts by 18-19 per cent. While Morgan Star still expects a recovery for the sector, it forecast that this would be gradual, given China’s slu... |
Fletcher Building posts EBIT growth of 6% in FY2317 August 2023, Published under Cement NewsFletcher Building’s FY23 financial result continued to build on the progress made in both EBIT levels and EBIT margins over the last several years. “Despite softer residential markets in New Zealand and Australia, and the major New Zealand weather events in the second half, group EBIT before significant items grew by six per cent in FY23 to NZD798m [US$475.7m]," said Fletcher Building Chief Executive Ross Taylor. "Group EBIT margin of 9.4 per cent in FY23 lifted from 8.9 per cent in FY22,... |
Bestway Cement sees 16% YoY decline in cement dispatches17 August 2023, Published under Cement NewsBestway Cement Ltd has reported a 16 per cent YoY decline in total cement disptaches in the fiscal year 2023 (ended 30 June 2023) due to reduced local and export sales volumes. The company attributes the decline to fierce competition. However, Bestway retained its position as the largest cement producer and the market leader in the country on the back of its superior quality and wide product range, according to the company. The company recorded a gross turnover of PKR120bn (US$405m) in ... |
Sinai Cement cuts consolidated loss by 22% YoY in 1H2316 August 2023, Published under Cement NewsSinai Cement Co posted a 22.12 per cent YoY drop in consolidated net loss attributable to the holding company for the 1H23, according to the consolidated financial income statement filed to the Egyptian Exchange (EGX) on 15 August. The company incurred a consolidated net loss excluding minority interest of EGP79.719m (US$2.58m) in 1H23, down from a net loss of EGP102.359m in 1H22. Net sales stood at EGP2.363bn in the period from 1 January until 30 June of this year, up from EGP1.025bn i... |