Cement News tagged: Corporate
JSW Cement to launch IPO as it plans capacity expansion
On 16 August 2024, JSW Cement filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi). According to the DRHP, JSW Cement plans to increase grinding capacity to 40.85Mta from the current 20.6Mta and installed clinker capacity to 13.04Mta from current 6.44Mta. JSW Cement has a road map to double its cement capacity and also look for acquisitions, ac...
Carbon Limit appoints Gabriel Carrero as chief commercial officer
Carbon Limit, a US-based company supplying proprietary CO 2 -capturing technology to the concrete industry, has named Gabriel Carrero as its chief commercial officer (CCO). Mr Carrero will be scaling the commercialisation and strategic development of the company’s products. Mr Carrero holds over two decades of experience and leadership in the specialty construction materials and technology s...
Mangesh Verma appointed as CEO of Cimerwa
Cimerwa Plc, Rwanda’s largest cement producer, has announced the appointment of Mangesh Verma as its new CEO. Mr Verma is a former general manager of commercial and operations at Kenya-based milling company, United Millers Ltd. He will succeed James Oduor.
Thailand-based Ratanarak Group buys out Jardine Cycle and Carriage’s Siam City Cement stake for US$354m
The Ratanarak Group has increased its stake in Siam City Cement to 71.88 per cent by buying out Singapore-based Jardine Cycle and Carriage’s 25.54 per cent stake. The value of the transaction, carried out via Ratanarak’s subsidiary Sunrise Equity, is THB12.18bn (US$353.97m).
Sri Lanka's Tokyo Cement Group to raise its capacity to 4Mta
Sri Lanka-based Tokyo Cement ’s management hopes to complete the ongoing factory expansion project later this year, increasing overall cement production capacity from 3.1Mta to 4Mta. The new capacity will come online in the second half of this year. The project is expected to place Tokyo Cement in an advantageous position to capitalise on the industry revival as the economy rebounds. The ...
Lucky Cement to enter the gold and copper mining business
Lucky Cement Ltd is actively pursuing diversification through National Resource Ltd (NRL), which will pursue Pakistan’s copper and gold mining business. Top officials at Lucky Cement recently held a corporate briefing session to discuss the operational and financial performance for FY23-24. They stated that a pre-feasibility study is being conducted, and at least 2-3 years will be needed to ...
Bestway Cement posts 6% rise in FY23-24 sales
Chairman of Bestway Cement Ltd , Sir Mohammed Anwar Pervez, stated that despite all the challenges, Bestway increased its market share in Pakistan and achieved a growth of six per cent in sales volumes, outperforming the industry growth of 1.6 per cent. The main factor behind the development was attributed to the company's two new production lines at Hattar and Mianwali, which became operatio...
Yamama Saudi Cement posts 13% rise in 2Q revenue
Yamama Saudi Cement Co reported a 13 per cent increase in revenue to SAR243.7m (US$65m) in the second quarter of 2024. The company's net profit declined by 14 per cent YoY to SAR84.6m in the 2Q24 while the profit margin was rolled back to 35 per cent from 46 per cent in the equivalent period of the previous year as higher expenses affected profit. Earnings per share decreased from SAR0.4...
Grupo Argos reports weak results for 2Q24
Grupo Argos, the Colombia-based conglomerate which owns Cementos Argos , has reported a 40 per cent drop in its 2Q24 income, falling to COP189bn (US$47m) from COP315bn in the 2Q23. In a recent presentation, Argos attributed this drop in income to a 90 per cent fall in proceeds from concessions and a nearly 25 per cent decline in income from its cement business. The group’s revenues f...
UltraTech chairman outlines company's growth
UltraTech 's Chairman, Kumar Mangalam Birla, summarised the progress of the company and its plans for future growth and development, at the company's 24th AGM. In April 2024 UltraTech marked a historic milestone of 150Mta + production capacity. This capacity surpasses 150 per cent of the capacity in the USA and constitutes 80 per cent of Europe's capacity. “With the completion of t...
Votorantim shows strong regional performance in Europe, Asia and Africa
Votorantim Cimentos reports positive results in the 2Q24 for its operations particularly in Europe, Asia and Africa but also in North America. In Brazil Votorantim Cimentos’ net revenue in the 2Q24 was BRL3.2bn (US$583.1m), flat compared to the same period in 2023. Adjusted EBITDA reached BRL566m in 2Q24, stable compared to the 2Q23, due to a positive trend in new businesses and an improve...
Votorantim Cimentos reports net revenue of BRL7bn in the 2Q24
Votorantim Cimentos ended the 2Q24 with a higher net revenue from increased volumes, supported by geographic and product diversification. The company recorded global net revenue of BRL7bn (US$1.27bn) in the 2Q24, a one per cent increase compared to the same period last year, excluding the effect of exchange rate variation. This result is mainly due to the positive performance of operations i...
Southeast Cement sees 2Q net profit down 11%
Taiwan-based Southeast Cement Corp has posted a revenue of TWD604.62m in the second quarter of 2024, ended 30 June. This represents a 1.7 per cent decrease from TWD615.383m in the 2Q23, according to the Taiwan Stock Exchange. However, pretax profit was up 3.7 per cent to TWD82.59m in the 2Q24 from TWD79.67m in the 2Q23. Net profit declined by 11.4 per cent YoY to TWD59.306m from TWD66.944m...
Alpacem launches EUR50m Wietersdorf modernisation project
Alpacem has announced a EUR50m plant modernisation project at its Wietersdorf cement plant in Austria. The project includes a new grinding plant that could save up to 21,000tpa of CO 2 and reduce electricity consumption. The project is scheduled for completion by 2027. Alongside the modernisation, the company plans to construct a new cement silo plant in the Görtschitztal valley, which...
Yura to install Line 3 AF handling equipment
Cemento Yura SA , part of the Gloria Group , plans to install a new system for the reception, storage, dosage and transportation of alternative fuels for the third kiln line at its Arequipa plant. The PEN2,494,514 (US$665,980) project will see the installation of a 2000m 2 storage platform at floor level, a reception hopper with guillotine gate, a blower of 1200m 3 /h, 24m of steel pipi...
Qatar National Cement sees 16% drop in 1H revenue
Qatar National Cement Co (QNCC) posted revenues of QAR197.597m (US$54.3m) in the six months ended 30 June 2024, down 15.5 per cent from QAR233.779m in the 1H23. Gross profit came in at QAR64.286m, representing a decline of 22.5 per cent from QAR82.902m while profit for the period fell 18.6 per cent YoY to QAR82.473m from QAR101.273m.