Cement News tagged: Corporate
City Cement profit fall 57% in 2017
Saudi-Arabia-based City Cement reported a 56.9 per cent YoY drop in net profits for 2017 to SAR93.3m (US$24.9m). In 2016 net profits reached SAR216.3m, but a 48 per cent fall in net profits in 4Q17 put pressure on last year’s results. Net profits during the last quarter of 2017 decreased to SAR23.9m from SAR45.9m a year earlier. The cement producer attributed the decline in profits to a...
Breedon in talks to acquire Lagan Group
UK-based construction materials company, Breedon Aggregates, is reportedly looking to acquire all or parts of Lagan Group, a leading building materials company based in Ireland. The Lagan Group currently includes Lagan Cement, which has a production capacity of 700,000tpa, two bitumen terminals in Dublin and Belfast, road marking, quarry and concrete businesses. It is also involved in the man...
Cemex to increase its shareholding in Lehigh White Cement
Cemex Inc has agreed to acquire an additional 12.25 per cent stake in Lehigh White Cement Company, a manufacturer of white cement, from Lehigh Cement Company LLC for US$34m. Lehigh White's enterprise value of the transaction is about US$140m. It operates two plants in Waco, Texas, and York, Pennsylvania, with a combined white cement production capacity of approximately 255,000tpa. Fol...
UltraTech and Dalmia Bharat highest bidders in Binani Cement deal
UltraTech Cement and Dalmia Bharat-Bain Piramal Resurgence Fund consortium are leading the bids for Binani Cement, according to Indiainfoline. Both partieshave submitted bids of approximately INR60,000m (US$927.9m). For the final decision to be made by the creditors, both the bidders are asked to furnish additional details pertaining to their bids. In addition, UltraTech is required to provid...
Pulau Baai packaging plant will increase PT Semen Padang's cement sales
A new packaging plant in the port of Pulau Baai, due to come on-stream later this year, has led PT Semen Padang to target cement sales of 442,100t in 2018. The new packing plant in the provincial city of Bengkulu "will guarantee good quality and availability of supply throughout the year of 2018," said Nur Anita Rahmawati, public relation head of PT Semen Padang. "In 2017, Semen Padang d...
Dangote London IPO and Eurobond would need Board approval
According to Bloomberg, Dangote Cement Plc is potentially reviving plans for an Initial Public Offering sale in London that could raise about US$1bn. The Nigerian company is said to have approached investment bankers to discuss a potential UK listing and issuing a debut Eurobond. ICR spoke to a Dangote spokesperson who said, "Such corporate actions as Bloomberg reports would require Board app...
Arkan posts AED30.2m net profit following Emirates Cement closure
UAE cement producer Arkan Building Materials Co posted a net profit of AED30.2m in 2017 compared to a loss of AED82.3m in 2016. The company attributed the increase in profits to an AED158m asset write-off relating to the closure of the Emirates Cement Factory. “Net profit was also impacted by the increase in gas and electricity prices enforced last year by AED78m and the completion of th...
Maple Leaf Cement profit falls in 6MFY17-18
Maple Leaf Cement Factory Ltd (MLCF) announced its half-year financial result for the period ended 31 December 2017 today. It reported earnings o f a profit after tax of PKR2.24bn (US$20.2m) compared to PKR2.62bn (US$23.6m) earned in corresponding period last year showing a fall of 14.50 per cent on YoY basis. According to financial result sent to Pakistan Stock Exchange (PSX), the company ...
Eurocement to modernise two Leningrad works
Eurocement Group will invest RUB2.2bn (US$37.7m) in the modernisation of two cement plants in the Leningrad region, Russia. Pikalyovskiy Cement will see investment of RUB1bn as it receives new milling equipment and one of the two grinding lines will be converted to a closed-circuit set-up. This will enable the works to increase the output of premium cement, lower production costs and reduce...
Tokyo Cement Co (Lanka) incorporates ready-mix subsidiary
The Colombo Stock Exchange has been informed that Tokyo Cement Company (Lanka) PLC is incorporating Tokyo Supermix (Pvt) Ltd, a fully-owned subsidiary. The Primary objective for setting up the company is for operate manufacturing and distribution of ready-mixed concrete and value added cement products under a separate entity. Tokyo Cement Company (Lanka) PLC proposes to transfer all the asse...
Caribbean Cement plans 2-year maintenance programme
Following a challenging 2017, Jamaican cement producer Caribbean Cement expects to roll out a two-year maintenance programme that includes a programme of reinvestment in the Rockfort plant near Kingston. "After defining 2017 as a year of transition, the board of directors is now focused on consolidation of ongoing initiatives in health and safety, and roll-out of a two-year maintenance plan ...
Al Jouf Cement renews export licence for a year
Saudi Arabia’s Al Jouf Cement has renewed its export licence for a year with the new authorisation ending February 2019. The Saudi cement producer received the licence on 15 February 2018, according to a statement to the Saudi Stock Exchange (Tadawul).
Najran Cement announces financial impact of line closure
Saudi Arabia’s Najran Cement has halted production at a 6500tpd clinker line and resumed production at its 3000tpd second line. The second line was temporarily shut down to reduce excess capacity within the market. The company announced that the financial impact of these developments is estimated to reach SAR11.3m (US$3.01m) on FY18.
PPC makes three new appointments
PPC has appointed its current interim Chief Executive, Johan Claassen as CEO and an executive director of the group with immediate effect. "Since his appointment as interim CEO Johan has overseen a number of important milestones including the successful stabilisation of the business, an improvement in efficiencies following the completion of key projects and the strengthening of PPC's finan...
HeidelbergCement to sell to stake in Lehigh White Cement Co
HeidelbergCement announces that its subsidiary Lehigh Cement Company LLC has signed an agreement to sell its 51 per cent position in Lehigh White Cement Company to the minority shareholders Aalborg Cement Company Inc and Cemex Inc. The enterprise value of the transaction amounts to about US$140m. Closing of the transaction is subject to customary conditions and is expected during the first qua...
Cementir boosted by full-year results from Belgium
Cementir Holding's turnover in 2017 increased by 25.3 per cent to EUR1287.5m and EBITDA was ahead by 11.5 per cent to 220.5m. As regards the continuing business, the turnover advanced by10.9 per cent to EUR1140.0m and EBITDA emerged 13.3 per cent ahead at EUR224.2m, while the trading profit showed a 50 per cent advance to EUR142m. Net debt at the end of 2017 was 4.6 per cent lower at EUR536...