Cement News tagged: Corporate
Kohat Cement full-year profit rises 58.55%, Pakistan
Northern Pakistan-cement based cement producer Kohat Cement Co reported a 58.55 per cent YoY rise in FY13 net profit. For the July 2012-June 2013 fiscal, the company reported a profit after tax of PKR2.632bn (US$25.55m) against PKR1.66bn during the year before. Net sales increased to PKR11.297bn from PKR9.316bn in FY12. It incurred selling and distribution expenses of PKR58.4m and administra...
Kohat Cement sees 59% rise in full-year profit, Pakistan
Pakistan-based Producer Kohat Cement reported a 59 per cent surge in net profit for FY12-13 mainly due to favourable cement and coal pricing trends as well as lower financial costs. For the 12 months ending 30 June 2013, the company posted a profit after tax of PKR2.64bn compared to PKR1.66bn in the previous fiscal. Kohat Cement CEO and All Pakistan Cement Manufacturers Association chair...
Executive management changes at Dyckerhoff, Germany
Following the 100 per cent buy-out of all minority shareholders by Buzzi Unicem SpA and the delisting of shares from the Frankfurt Stock Exchange, Dyckerhoff’s Supervisory Board has now approved to initiate the transformation of the company’s legal form from the present corporation (Aktiengesellschaft, AG) to a future limited liability company (Gesellschaft mit beschränkter Haftung, GmbH). The...
Ulrich Spiesshofer takes over as ABB’s new CEO
Ulrich Spiesshofer has succeeded Joe Hogan as chief executive officer of ABB, a leading power and automation technology group, following the three-month orderly transition period announced earlier this year. Hogan will continue as advisor to the Board until the end of March 2014. In a welcoming statement, Hubertus von Grünberg, Chairman of ABB’s Board of Directors, said: "Ulrich Spiesshofer...
CRH announces US management changes
CRH plc announces that Doug Black, chief operating officer of Oldcastle, Inc (the holding company for CRH's interests in the Americas) is leaving the group to pursue other interests. As a result of this, Randy Lake, chief executive of Oldcastle Materials, Keith Haas, chief executive of Oldcastle Building Products, Bob Feury, chief executive of Oldcastle Distribution and Joe Myers, president o...
Lucky Cement full-year profit rises 47%
Pakistan-based producer Lucky Cement reported a 47 per cent increase in full-year profit and is optimistic on the outlook for domestic consumption but cautions that challenges remain. Net income rose to a record PKR10bn (US$95m) in the 12 months ended 30 June from PKR6.78bn a year earlier. Gross sales rose 63 per cent to PKR63.9bn. The rise in profit is being attributed to an 11 per cent in...
Gansu Qilianshan Cement expands into Gansu province, China
Gansu Qilianshan Cement Group Co Ltd plans to invest CNY265.59m (US$43.4m) to acquire a 100 per cent in Longran Runji Cement Co to expand into the Gansu province market. Runji Cement currently operates a 2500tpd dry-process line.
Steppe Cement 1H13 profit rises to US$3.8m
Steppe Cement Ltd posted an increased pretax profit during the first six months of the year of US$3.8m compared with US$391,000 a year earlier. Revenue rose to US$54.3m versus US$52.2m while operating income was up to US$6.2m versus US$3.2m. Net profit attributable to shareholders swung to a profit of US$2.2m versus a loss US$109,000 in the same period a year earlier. Sales volumes, however...
Refratechnik Group acquires Burton GmbH, Germany
The Refratechnik Group, a leading manufacturer of ceramic refractory products has acquired the facilities of Burton GmbH & Co. KG in Melle, near Osnabrück, Germany. As a result of this strategic takeover, Refratechnik Ceramics will become a market leader and global supplier of refractory products for industrial furnaces in the ceramics industry. The product ranges in this field encompass wa...
Paraguay’s government evaluates INC capitalisation options
The Paraguayan government is currently analysing the different alternatives to inject capital in the state-owned Industria Nacional del Cemento (INC). One option include a private-public partnership, according to Jorge Méndez, INC president. Apart from the need of new capital, the cement producer also needs new information systems to improve its invoicing and management. Mr Méndez said ...
Credit Suisse upgrades TCC’s earnings outlook
Credit Suisse has revised up its 2013 earnings by 48 per cent for Taiwan Cement Corp International (TCC) to reflect the upside risk in cement price and sales volume from Guangdong/Guangxi market (51 per cent of sales). Credit Suisse cited its sources suggesting that recent construction demand pick-up has been better in eastern/southern region versus potentially disappointing demand in other ...
Fitch Ratings affirms and withdraws Central Asia Cement’s rating
Fitch Ratings has affirmed and simultaneously withdrawn Central Asia Cement's (CAC) National Long-Term Rating at 'BB-(kaz)' with Positive Outlook and senior unsecured bond rating at 'B(kaz)'. Fitch says it will no longer have sufficient information to maintain the ratings, as CAC has chosen to stop participating in the rating process. "Accordingly, Fitch will no longer provide ratings or a...
PPC chief acquires further stocks in producer, South Africa
CEO of PPC, Ketso Gordhan, has acquired another ZAR3m worth of the company’s shares on the open market between 4-5 September 2013. This takes Mr Gordhan’s accumulated shares to 330,000, worth nearly ZAR10m at prices from ZAR29.30 to ZAR30.65 in the last month. It makes him one of the top 25 shareholders in the South Africa-based cement producers. (Source: Business Day).
A TEC announces new managing director
The A TEC Group has announced Ghassan Broummana will take over the responsibility as the company’s managing director, effective 1 October 2013. Mr Broummana will be primarily responsible for sales and marketing within the A TEC and A TEC Greco group, the company said in a statement. Mr. Broummana started his career in early 1987 designing and starting up cement manufacturing plants. In 1...
UltraTech acquires Jaiprakash's Gujarat assets
Jaiprakash Associates Ltd has confirmed it will sell its cement assets in Gujarat to UltraTech Cement Ltd for around INR38bn (US$598m) including debt. UltraTech, the country's largest cement maker by production capacity, will issue shares worth up to INR1.5bn to Jaiprakash and assume debts of about INR36.50bn, the companies said on Wednesday. Jaiprakash Associates has been trying to sell th...
UltraTech on verge of signing Jaiprakash Associates deal
UltraTech Cement is reportedly on the verge of signing a deal with Jaiprakash Associates to acquire the latter’s cement assets in the Indian state of Gujarat. Following months of negotiations, the agreement is expected to be signed today, according to local press speculation. Both Jaypee and UltraTech are expected to make the announcement simultaneously in Delhi and Mumbai, respectively. The...