Cement News tagged: Corporate
Qassim Cement first-half net profit rises, Saudi Arabia
Qassim Cement posted a SAR334.6m (US$89.2m) net profit for the first half of 2013, up from SAR307.4m a year ago. The company attributed the increase to a rise in sales coupled with lower expenses, but did not provide any exact figures. Earnings per share (EPS) stood at SAR 3.72, compared with SAR 3.42.
ARM's 1H13 pretax profit rises 28%, Kenya
An increase in sales has helped ARM Cement, Kenya's second-largest cement producer, to achieve a double-digit rise in pretax profit. Pretax profit for the six months ended June jumped to KES1bn (US$11.51m), a rise of 28 per cent YoY, the company said in a statement. Cement sales rose by 28 per cent YoY in the reporting period. The company, which operates a 0.75Mta clinker plant at Kaloe...
Steppe Cement 1H turnover boosted by higher prices
In the first half of the year, Kazakhstan-based cement producer Steppe Cement reported an eight per cent decline in volumes YoY but turnover rose by six per cent thanks to higher prices. During the January-June 2013 period, the company sold 564,440t of cement compared with 615,838t in the first half of 2012. Overall sales in Kazakhstan rose by 11 per cent during the period an the share of ...
TCC International expects profits to double in 1H13
TCC International expects to double net profit attributable to shareholders in the first half of this year compared to the same period of 2012. The increase is mainly attributed to the group’s improved operations in southwest China and a corresponding rise in its profit contribution during the period, ET Net News reports. The advanced profits are due to a increase sales and a significant imp...
Buzzi Unicem launches bonds, Italy
Italy’s second-largest cement producer Buzzi Unicem launched on Tuesday the placement of equity-linked bonds worth EUR200m maturing in July 2019. The bonds may be converted into ordinary shares of the company, subject to approval of an extraordinary general meeting, according to a statement by Buzzi. They will be issued at par and be offered with a yearly coupon between 1.275 per cent and 2.1...
Vicem sales rise 17.3% in first half 2013
Vietnam Cement Industry Corporation (Vicem) sold 11.69Mt of cement and clinker in the first six months of 2013, representing a YoY increase of 17.3 per cent and fulfilling 51.9 per cent of its whole-year target. The corporation, which is the largest cement producer in the Southeast Asian country, produced 8.3Mt of cement and 8.2Mt of clinker in the six month period, a rise of 11.8 and 14.6 p...
Huaxin subsidiary to buy 20% of Shide Golden Eagle Cement, China
Huaxin Cement announced that its wholly-owned subsidiary Huaxin (Hong Kong) International Holdings, has signed an agreement with Starry Cosmos Group Ltd to acquire a 20 per cent equity in the latter’s Shide Golden Eagle Cement (Hong Kong) Co. Shide Golden Eagle Cement (Hong Kong) owns 99.8 per cent equity in Enping Shide Golden Eagle Building Material Co. Enping Shide is constructing a 4000tp...
India: power advantage for Madras Cements
Analysts predict that Madras Cements Ltd should record 9-10 per cent volume growth through FY14 and FY15 on the back of power generation projects, additional capacity and a gradual improvement in the cement market. Given that power comprises a significant portion of cement production costs and given Madras Cements’ presence in the power-starved southern states of Tamil Nadu and Andhra Prade...
Huaxin Cement subsidiary buys stake in Success Eagle Cement
Huaxin Cement Ltd's wholly-owned Hong Kong subsidiary recently signed an equity transfer agreement with Starry Cosmos Group Ltd to acquire a 20 per cent stake in Success Eagle Cement (Hong Kong) Ltd for HKD75m (US$9.7m), the company announced on 3 July After the deal, Huaxin Cement's Hong Kong subsidiary will hold a 65 per cent stake in Success Eagle Cement.
Dudman sells UK cement trading business
The privately-owned Dudman is withdrawing from cement trading and has sold its four English cement terminals, in Sussex, Suffolk, Yorkshire and Merseyside and its one terminal at Montrose in Scotland to CRH. This will take the number of Irish multinational's British marine terminals to seven, all of which will be supplied from either Ireland or from the Cementos Lemona works in Spain. ...
CCI approves sale of Lafarge India stake
The Competition Commission of India (CCI) has cleared the proposed 14 per cent sale of Lafarge India Pvt Ltd to Baring Private Equity Asia. "The combination is not likely to have appreciable adverse effect on competition in India and therefore, the Commission hereby approves the combination under... the (Competition) Act," CCI said in its order dated June 26. In May Baring Private Equity...
Holcim to restructure Indian operations?
Holcim is reportedly planning to restructure its Indian operations which could see the merger of its two local subsidiaries, ACC and Ambuja Cements. Citing various sources familiar with the situation, the Economic Times of India reported that the Swiss cement major has called on a global investment bank to evaluate various options on how the two operations could be combined. Holcim owns a 5...
HSBC sees robust recovery in ROI at Holcim
HSBC lifts Holcim to overweight from neutral, saying it sees a buying opportunity in cement stocks after a recent falling of share prices. The bank also sees a robust recovery in return on invested capital at Holcim. It reduces target to CHF77 from CHF80.
CRH: acquisition and investment update, Ireland
Irish building materials major CRH plc announced it has undertaken 17 acquisition and investment initiatives during the first half of 2013. These transactions, together with the acquisition of Cementos Lemona in Spain (acquired as part of the Uniland asset swap announced in February) and net deferred consideration payments, bring development spend for the first half of 2013 to approximately €4...
Cementos Bío Bío appoints new CEO, Chile
Chilean cement firm Cementos Bío Bío has appointed Iñaki Otegui as CEO effective 1 August 2013, the company said in a filing to local securities and insurance regulator. Otegui replaces Jorge Matus, who resigned after 39 years with the cement producer. Cementos Bío Bío is Chile's largest cement producer with four integrated plants at Curicó, Antofagasta, Talcahuano and San Antonio and a tota...
CRH plc announces non-executive board member, Ireland
The Board of CRH plc announced the co-option to the Board, with effect from 1 July 2013, of Mr Donald A McGovern, Jr as a non-executive director. Mr McGovern (62), a United States citizen, is currently Vice Chairman, Global Assurance at PricewaterhouseCoopers (PwC), a position he has held since July 2008. Mr McGovern will retire from PwC on 30 June 2013, following a 39 year career with the ...