Cement News tagged: Corporate
Cemex to co-process Manuelita agro-industrial wastes
Regenera, Cemex's business for waste valorisation, has entered an agreement with Colombia-based Manuelita to transform sugar industry waste into alternative raw materials in the production of building materials. Under the initiative, Manuelita will supply industrial vinasse, a by-product from sugar or ethanol production, to Regenera. According to Alejandro Ramirez, president of Cemex for Col...
Mevocrete project moves to production
Material Evolution (UK) have worked with academic and industrial partners to develop and optimise low carbon geo polymer cement technology for production in the Mevocrete project. The Mevocrete project, backed by a GBP7.6m grant (US$10m) from Innovate UK through their Transforming Foundation Industries (TFI) Challenge programme, began in September 2022 and is now coming to an end. The waste...
Kyrgyzstan to build greenfield 1.5Mta cement plant
President Sadyr Japarov of Kyrgyzstan has launched the Terek Tash clinker factory in Kemin district. The new 1.5Mta cement plant is an investment agreement between the government and the consortium of Terek Tash LLC and Zenit LLC. The plant will cost US$150m. Cabinet ministers endorsed the investment agreement on implementation of the project on 24 August. The agreement envisioned constructi...
Dragon Cement plant to layoff more workers
Dragon Cement in Thomaston , Maine, USA, is planning six more layoffs, following 65 layoffs in the last year. The manufacturing operations are being closed and the plant will shift to a distributional model, said Thomaston Town Manager, Kara George. The plant currently employs 26 people. Giant Cemen t, which has owned Dragon Cement since 2006, cited growing operating and logistics costs,...
Savannah Clinker Ltd outbids Amsons Group to acquire Bamburi Cement
Savannah Clinker Ltd (SCL), a Kenya-based construction materials company, has outbid Amsons Group to acquire full ownership of Bamburi Cement . On 28 August SCL announced that it had bid TZS25.4bn (US$9.36m) for up to 100 per cent of the issued ordinary shares in the cement producer. Prior to this offer, Tanzanian conglomerate Amsons Group had led the bidding with an offer of TZS23bn. I...
Cimsa to acquire Mannok for EUR330m
Cimsa , part of Sabanci Holdings , has reached agreement to acquire 94.7 per cent of Ireland-based cement producer Mannok for an overall enterprise value of EUR330m. The local Mannok leadership team will retain a 5.3 per cent interest. Under the agreement, which is subject to customary approvals, the Mannok brand will be retained as a growth hub for Cimsa and Sabanci in Ireland and th...
Cahya Mata Sarawak Bhd sees 27% growth in 2Q net profit
Cahya Mata Sarawak Bhd , a Malaysia-based cement manufacturer has released its 2Q24 earnings, for the period ended 30 June 2024. The group’s revenue fell four per cent YoY to MYR277.99m (US$64.3m), primarily due to lower sales from from its cement and property development divisions of MYR15.51m. The group’s net profit rose 27 per cent YoY, from MYR26.3m to MYR33.4m, with earnings per...
Malayan Cement boosts YTL Corp's FY24 results
YTL Cop Bhd posted a net profit slipped to MYR534.48m in the fourth quarter ended 30 June 2024 (4Q24) compared with MYR548.03m in the previous corresponding period, while revenue in 4Q24 dipped to MYR8.27bn from MYR9.21bn a year earlier. In a statement, executive chairman Tan Sri Francis Yeoh Sock Ping said the strong set of results was contributed by all business segments across the board, a...
Fauji Cement Co earns its highest-ever profit in FY24
Fauji Cement Co Ltd posted its financial results for 4QFY24 and FY24 on the Pakistan Stock Exchange’s website on 27 August 2024. The company earned a profit after tax of PKR8.2bn (US$29.44m) (FY23 - PKR7.4bn), the highest ever in its history. Top officials attribute that this is despite an additional charge of deferred tax amounting to PKR1.8bn on account of the latest amendment made in tax ...
Titan's credit rating improves
Titan Cement International announces the upgrade of its long-term issuer credit rating by S&P Global Ratings by one notch from BB positive outlook to BB+ stable outlook, reflecting the solid operating performance in the last two years and during the 1H. Credit rating upgrade confirms Titan’s ongoing capability to finance its 2026 Green Growth Strategy. Following this upgrade, Titan Cemen...
Adani Group holding company sells US$500m stake in Ambuja Cements Ltd
Holderind Investments, an Adani Group -owned company, is selling US$500m worth of shares in Ambuja Cements Ltd , according to a Reuters report released on 22 August 2024. Holderind is selling the 2.84 per cent stake in the Indian cement giant on 23 August, at a floor price of INR600 (US$7.14) per share. As of 30 June 2024, Adani Group held a 70.33 per cent stake in Ambuja, according...
Cherat Cement reported an increase in profit by 25% in FY23-24
Cherat Cement Co Ltd of Pakistan has announced its financial results for the year ended 30 June 2024. It reported an increase in profit after tax to PKR5.49bn (US$) from PKR4.40bn earned in the corresponding period last year. This reflects a growth of 24.9 per cent YoY, which was possible during this period due to higher sales, according to financial results posted on the Pakistan Stock Exch...
Thatta Cement's profit ballooned by 502% in FY23-24
Thatta Cement Co Ltd of Pakistan announced its financial results for FY23-24 ended 30 June 2024, at the Pakistan Stock Exchange (PSX) on 20 August 2024. It reported an increase in profit after tax to PKR1.50bn (US$5.37m) in FY23-24 from PKR249m earned in the corresponding period last year. This reflects a profit balloon of 502 per cent during this period. The growth in the profit could be at...
Asia Cement (China) sees 1H revenue down 35%
In its unaudited results for the first half of 2024, Asia Cement (China) Holdings Corp reported a revenue of CNY2689.4m (US$377.1m), down 34.5 per cent from CNY4105.1m in the 1H23. Gross profit fell 79.4 per cent to CNY133m in the 1H24 from CNY646m in the 1H23. The company’s gross profit margin declined from 16 per cent to five per cent over the same period. The company posted a loss befor...
Semen Indonesia International clinker exports to Taiwan up 80%
PT Semen Indonesia International (SII) reported a significant increase in clinker exports to Taiwan in the first half of 2024. Clinker exports to Taiwan reached 0.564Mt, up 80 per cent YoY from 0.314Mt in the 1H23. The increase reflects the growing demand from Taiwan’s construction industry, which is increasingly reliant on Indonesian clinker. SII's President Director, Ridwansyah, stated ...
Attock Cement sells additional stake in Iraq cement firm for US$5.85m
Attock Cement Pakistan Ltd, a Pakistan-based cement producer which manufactures ordinary Portland cement, sulphate-resistant cement, Falcon rock cement and Falcon block cement, has announced its sale of an additional stake in Saqr Al Keetan of Cement Production Co Ltd (SAKCPCL). SAKCPCL operates a 0.54Mta grinding facility in the Basra region of Iraq. Attock’s stake (4,500,000 shares) in t...