Cement News tagged: Corporate
Power Cement has 22% of new 7700tpd line erected
Power Cement Ltd (PCL) reported its progress on its ambitious expansion plan to install a new 7700tpd line at its existing site in Sindh province of Pakistan. According to Tahir Iqbal, company secretary, during early 2017, equipment supply and supervision contracts were signed with FLSmidth and letters of credit were established. Construction and erection contract had also been finalised wit...
LafargeHolcim completes Indonesia asset sale
LafargeHolcim has completed the divestment of its 80.6 per cent share in Holcim Indonesia to Semen Indonesia, which had an enterprise value of US$1.75bn. The proceeds from the asset sale will improve LafargeHolcim’s net debt to recurring EBITDA ratio by 0.2, with the target of two times or less expected to be achieved before end-2019, according to the company.
Ciments du Maroc Board appoints new MD
The Board of Ciments du Maroc, owned by HeidelbergCement via the Italcementi group, has appointed Matteo Rozzanigo as new managing director, effective 1 February 2019. He replaces Hakan Gurdal who remains as Board Director East Africa and Mediterranean Basin. A graduate of the Polytechnic University of Milan, Italy, he has held several posts in Italcementi since 2007, including MD of FYM, th...
RHI Magnesita former CEO dies
RHI Magnesita announced the passing of former CEO Franz Struzl. Mr Struzl, who passed away on 28 January at the age of 76, and led the company from September 2011 to June 2016. "It was an honour for me to work with Franz. He will always be remembered for his strategic views and his modern approaches. He was driving RHI AG forward and participated as a key stakeholder in the merger of RHI and...
SCG records 6% rise in revenue for 2018
Thailand’s Siam Cement Group (SCG) announced a six per cent YoY rise in sales revenue to THB478.4bn (US$15.3bn) for 2018. However, profit for the year decreased 19 per cent from the year-ago period to THB44.74bn due to global economic uncertainties, according to the company. In the company’s Cement-Building Materials segment, revenue increased four per cent YoY to THB182.9bn in the FY18. Pro...
Solid Cement Corp has BOI approval as a new manufacturer
Cemex Holdings Philippines has secured board of investment approval for its Solid Cement Corp subsidiary to become a new cement producing company. Solid Cement had 'pioneer status' for its Antipolo City production line, but with non-pioneer incentives. The non-pioneer incentive meant that Solid Cement was exempt from paying income tax for four years from the start of commencing commercial o...
Eagle Materials posts a 7% fall in revenue for 3QFY19
US-based Eagle Materials has reported a seven per cent YoY fall in revenue to US$333.3m in the third quarter of FY19, ended 31 December. Net earnings fell 43 per cent to US$57.7m from US$101.4m of the 3QFY18. The company's prior-year financial results included two non-recurring items affecting comparability, including a tax benefit of around US$61m and a litigation settlement charge of US$39...
Unacem reports 6% rise in sales but 48% drop in net profit
Peru-based Unacem has reported 4Q18 sales of PEN507.8m, up 5.6 per cent when compared with sales of PEN481m in the equivalent period of the previous year. Operating profit increased by 16 per cent to PEN121.6m in the 4Q18 from PEN104.8m in the 4Q17. However, after financial expenses of PEN-101.3m, financial income of PEN3m, net exchange differences of PEN-32.7m and income tax expenses of PEN68...
Ramco Cements records 15% revenue increase
India’s Ramco Cements Ltd has announced an 18 per cent fall in net profit to INR1.01bn (US$14.18m) for the quarter ending 31 December 2018, compared with INR1.23bn recorded in the year-ago period. Meanwhile, the company’s revenue increased 15 per cent to INR12.17bn on the back of higher cement sales in the domestic market, which rose 19.9 per cent YoY to 2.689Mt. In the 9MFY18-19, net profi...
Cementos Bio Bio announces new plant in Peru
Chile's Cementos Bio Bio has announced that it will invest approximately US$20m in the construction of a new grinding plant at the Port of Matarani in southern Peru. The plant's cement capacity is initially expected to reach 200,000tpa, however this could be doubled in a second stage of development. The project has already received the required permits and therefore, the company expects to...
Hima Cement looks at expansion in Rwanda
Hima Cement (LafargeHolcim) of Uganda is considering expanding its presence in Rwanda with a sister plant, says Jumoke Adegunle, the company's general manager. The company currently has offices in the Nyacyonga-Jabana sector, Gasabo district, where it also has a warehouse and a ready-mix plant. "Hima cement has been in Rwanda for about 20 years now supplying cement and in the last two years...
KJS Cement’s expansion aims for June 2019 completion
India-based KJS Cement is implementing an expansion of its clinker and cement capacity located at Amilia Lakhwar village, Satna district, Madhya Pradesh. The plant’s clinker capacity will be lifted from 1.5Mta to 2.2Mta while cement capacity will increase from 2.25Mta to 3.55Mta. The cement plant produces ordinary and pozzolana Portland cements via dry-process technology and the capacity inc...
Qassim Cement reports 52% decline in net profit
Saudi Arabia’s Qassim Cement Co has reported a 52 per cent fall in net profit to SAR120.8m (US$32.21m) in 2018, compared to SAR251.8m of the previous year. Sales for the year also declined 32 per cent YoY to SAR425.7m from SAR625.9m. The net profit results have been attributed to a decrease in sales volume and value, driven by a lower demand of cement and intense competition, according to Reu...
LafargeHolcim could seek up to US$2.5bn for its Philippines business
Shares of Holcim Philippines have been rising steeply as LafargeHolcim is believed to be considering the sale of its Philippines business unit to further reduce group debt. LafargeHolcim is undergoing a strategic review of its southeast Asian operations following the sale of its Indonesian business. The company could seek a value of US$2.5bn for the assets it holds in the Philippines, accordi...
Akmenes Cementas records 18.9% surge in revenue
Lithuania’s Akmenes Cementas saw an 18.9 per cent rise in revenue to EUR67.3m in 2018, compared to EUR56.6m in the previous year. The volume of cement sales also increased 12 per cent YoY to 1.167Mt from 1.041Mt. "The rise in revenue came from the volumes of cement sold. Of course, the prices grew, and our costs also increased. We have a number of challenges, including energy, fuel, and als...
Cherat Cement Company completes third line
Cherat Cement Company Ltd (CCCL) informed Pakistan Stock exchange (PSX) earlier this week that it has successfully installed and commissioned the third production line, which has a cement capacity of 6700tpd of clinker, along with a waste heat recovery plant at its existing location in Nowshera, Khyber Pakhtunkhwa Province. During the period, the company also installed Wärtsilä dual-...