Cement News tagged: Corporate
South Valley Cement sees revenue fall in 9M23
South Valley Cement Co has reported revenue of EGP592.5m (US$19.15m) in the first nine months of 2023, down from EGP614.09m in the same period a year earlier. Net losses after tax fell from EGP83.81m in the 9M22 to EGP63.10m in the 9M23, reports Zawya. The loss per share came in at EGP0.13 in the opening nine months of 2023, a YoY decrease from EGP0.17. Revenue in the third quarter of 2...
CEMEX Ventures invests in digital solution
CEMEX Ventures, CEMEX's corporate venture capital (CVC) and open innovation unit, has announced its investment in Vizcab, a French start-up whose digital platform enables different developers and architecture, engineering and construction (AEC) stakeholders to assess and work towards reducing CO 2 emissions across the construction value chain. Assessing and working towards lower embo...
Aggregate Industries appoints group strategy and commercial growth director
Aggregate Industries , part of Holcim , has appointed Kaziwe Kaulule as its new group strategy and commercial growth director. With a career spanning over 19 years with the Holcim Group, Mr Kaulule brings extensive experience to the role, including operations, digital transformation, business development, and mergers and acquisitions. His most recent role was as chief executive officer (C...
Breedon posts 8% growth YoY in 10M23
Breedon Group has reported eight per cent growth in revenue YoY in the first 10 months of 2023, driven by robust pricing and operational excellence, that more than offset the effect of moderating volumes. According to the company, changes to building regulations in the UK that came in in June, impacted ready-mixed concrete (RMC) volumes, while aggregate and asphalt volumes have continued to ...
CRH reaches agreement on Martin Marietta acquisition
CRH has reached an agreement to acquire a portfolio of cement and ready-mixed concrete (RMC) assets in Texas, USA, from Martin Marietta Materials for a total consideration of US$2.1bn. According to CRH, the combined portfolio of assets is expected to generate pro-forma 2023 EBITDA of approximately US$170m. The assets include the 2.1Mta Hunter cement plant located between San Antonio and...
Oman Cement’s profits swell
In the first nine months of 2023, Oman Cement Co (SAOG) ( Hauxin Cement Group ) earned profit after tax of OMR7.355m (US$19.1m), compared to OMR4.638m in the corresponding period of the previous year, marking growth of 59 per cent YoY. According to the company, it has continued its efforts to overcome the adverse impact of the rise in prices of some major cost elements, and extensive efforts...
CEMEX Espana to consider next step after EUR456 tax fine
CEMEX has announced that its subsidiary, CEMEX España, will pay approximately EUR456m in fines as a result of a tax audit in Spain that commenced in July 2011 and covered the years 2006-09. According to a company press release, the tax authorities questioned some of the tax losses that Cemex España reported during those years. These losses were not used by Cemex España and have not been sh...
Suitors line up for Vadraj Cement
JSW Cement , the Adani Group , and the ArcelorMittal Group are among the entities expressing an interest in acquiring India’s Vadraj Cement , according to Construction World. Vadraj Cement, which is owned by the ABG Shipyard group, is being sold under the Insolvency and Bankruptcy Code (IBC) process. After the cement company was sued by trade creditor Beumer Technology India in August 2...
RHI Magnesita opens new office in Mexico
RHI Magnesita has opened a new customer service hub in Monterrey, Mexico. The new offices are located in San Pedro Garza Garcia, Nuevo León. “We are proud to be expanding into Monterrey and showcasing our brand in this new area. We’re confident that the addition of the team in this office will support our focus on providing our customers with the best experience,” said Craig Powell, Nor...
CRH reports 8% sales growth in 9M23
CRH has posted sales of US$26.3bn for the first nine months of 2023, up eight per cent on the same period a year earlier. EBITDA in the 9M23 has come in at US$4.8bn, marking a 14 per cent YoY advance, while the EBITDA margin has expanded by 100bps to 18.1 per cent. According to the company, the positive momentum seen in the first half of the year continued into the third quarter, underpinned...
Maple Leaf Cement to move into hospital sector
Pakistan’s Maple Leaf Cement (MLCF) is investing PKR800-900m (US$2.77-3.12m) in a new solar power plant. The plant is expected to have a production capacity of 7.5MW. The company has also announced plans to diversify into the health business with the construction of a hospital. According to the company, the margins would be better than those seen in the cement business. The hospital project ...
PPC reports 21% advance in revenue in 1HFY24
PPC has posted revenue of ZAR6172m (US$335.2m) in the 1HFY24 (ended 30 September 2023), up 20.9 per cent YoY. EBITDA advanced from ZAR728m in the 1HFY23 to ZAR1069m in the same period a year later, while the EBITDA margin advanced three percentage points to 17.3 per cent. Capex over the six-month period came in at ZAR220m. Operating profit improved from ZAR273m to ZAR675m. In the 1HFY24, ...
Shortlist of candidates for CIMA sale
Seven companies have been identified as potential purchasers of Cement Industries of Malaysia Bhd (CIMA), part of the UEM Group Bhd. According to The Edge Malaysia, of the seven shortlisted candidates, at least three are believed to be foreign - one from Germany, another from the Philippines and one from China. One source reportedly confirmed that none of the candidates are CIMA competit...
EBRD and A³&Co support Arabian Cement on net zero journey
The European Bank for Reconstruction and Development (EBRD) and consulting firm A³&Co ® have joined forces to support Egypt’s Arabian Cement Co in its transition to net zero. According to Zawya, the collaboration aims to develop a decarbonisation roadmap for the cement producer that not only reduces carbon emissions but also lowers costs by accelerating the production of low carbon cement, ...
Aramit Cement reports ongoing losses
Bangladesh-based Aramit Cement Plc has announced its financial results for the 1QFY23-24 (July -September 2023) and FY23 (July 2022 –June 2023). The company reported an extending net loss after tax of BDT136.07m (US$1.23m) between July and September 2023 against a loss of BDT89.59m during the same period last year. The noticeable loss in the 1QFY23-24 was due to the contract in sales growth ...
PPC sells Cimwera to National Cement Holding Ltd for US$42.5m
PPC Ltd has completed the sale of its 51 per cent stake in Rwandan cement producer Cimerwa to National Cement Holding Ltd for a cash consideration of US$42.5m. The deal is a significant step in PPC's strategic shift to focus on its southern African operations and improve its financial leverage. The share transfer is set to take place seven business days after the necessary conditions are ...