Cement News tagged: Corporate
McInnis Cement inaugurates plant
Monday, 25 September saw the inauguration of the 2.3Mta McInnis Cement plant in Port-Daniel-Gascons, Canada. In the presence of more than 200 guests, primarily suppliers and subcontractors and McInnis employees, the chairman of the company’s board, Laurent Beaudoin, said: "We got there, factory, quarry, terminal. The cement plant that has been talked about for so long and that the Gaspésiens h...
S&P upgrades Cemex to BB
Cemex SAB de CV announced that S&P Global Ratings upgraded its corporate credit rating in its global scale to BB from BB-. According to S&P, the upgrade reflects the continued improvement of Cemex's financial performance and leverage metrics during 2017, fuelled by a faster-than-expected completion of the asset divestment plan, the early conversion of part of the optional convertible notes ...
Philippines: Eagle Cement receives tax incentive
Eagle Cement Corp reported that two of its cement projects with a total cost of nearly PHP19bn (US$373m) have been recently approved by the Board of Investments (BOI) under the prevailing Investment Priorities Plan (IPP), which provides such business activities with fiscal and nonfiscal incentives. The projects relate to the PHP6.5bn expansion of the company’s Bulacan plant and the PHP12.5b...
Ciments de Bizerte doubles loss in 1H17
Tunisia-based Ciments de Bizerte saw its revenues fall to TND31,673m (US$12,923m) in 1H17 from TND34,564m. Its gross margin fell by TND2235m YoY and its operating income fell to TND1-545m, according to African Manager. At the end of June the company reported a loss of TND-16,613m from TND-8806m in 1H16.
Cape Lime business to boost Afrimat's earnings
Aggregates and building materials supply company Afrimat, based in Durbanville, Western Cape, South Africa, expects to see higher profit contributions from its Cape Lime business going forward. Afrimat CEO, Andries Van Heerden, said: "We are hedged against economic volatility through wide diversification. The operational contribution is interesting to breakdown," Mr Van Heerden said. "In ...
Lafarge's Ravena cement plant upgrade is completed
The ribbon has been cut on the completion of a three-year, multi-million dollar modernisation project to imporve the Lafarge (LafargeHolcim group) Ravena Cement plant in New York, USA. The cement from the Ravena facility supplies more than 1Mta of locally-produced product for high-profile projects in the Northeast, including One World Trade Center, the World Trade Center Memorial and Giants...
Ciments du Maroc posts 20% rise in net profit
Ciments du Maroc reported consolidated sales of MAD2.029bn in 1H17, up 1.1 per cent YoY. Consolidated EBITDA remained stable at MAD929m. Net profit advanced by 19.8 per cent from MAD503m in 1H16 to MAD603m one year later, mainly due to a reduction in taxes. The company said sales reflected the annual slide in sales volumes during Ramadan which saw deliveries fall 6.9 per cent when compa...
Aalborg Portland opens new Rochefort terminal
Aalborg Portland has celebrated the opening of its new Rochefort terminal to improve its local presence for white cement customers in southwest France. "We are very pleased that with the new terminal in Rochefort we can expand the market area for white cement from production in Aalborg. This gives an increased level of activity on Danish grounds, that our production in Aalborg is competit...
CRH agrees US$3.5bn acquisition of Ash Grove Cement
CRH plc has reached an agreement to buy US-based Ash Grove Cement Co for US$3.5bn. The proposed transaction is subject to Ash Grove shareholder and regulatory approvals and will be financed through existing financial resources. The transaction is expected to close around year end 2017. Albert Manifold, Chief Executive of CRH, commented: “Ash Grove is an excellent addition to CRH’s portfolio ...
OCL India a step nearer to new plant in Rajgangpur
At a public hearing, OCL India Ltd has received local support in Rajgangpur, Sundargarh district, for a new 2.25Mta cement cement plant, plus 3Mta of additional clinker capacity, besides the existing integrated cement plant that the company operates in the area. The flagship associate company of Dalmia Cement Bharat Ltd, OCL India is now a step closer to achieve the final environmental clear...
Fauji Cement sees full-year profit halve to PRK2.61bn
Fauji Cement Co Ltd reported a 51 per cent drop in net profit after tax to PKR2.61bn (US$24.5m) in FY17 from PKR5.36bn in FY16. The Pakistani cement producer saw sales edge up to PKR 20.423bn from PKR 20.044bn in FY16. However, costs of sale also increased to PKR15.98bn from PKR10.87bn in previous fiscal year as a production halt in Line II led to the purchase of expensive clinker. The line...
PPC Zimbabwe's MD vows recent investments will come good
PPC Zimbabwe's Managing Director, Kelibone Masiyane, has spoken out on the long-term commitment to the local cement market and on its recent Harare and Colleen Bawn investments. PPC Zimbabwe has invested over US$120m in different projects in Zimbabwe since 2009 and is looking forward to do more, Mr Masiyane told NewsDay. "We have invested over US$120m [since 2009]. Recently, we just commi...
Cementir looks to withdraw from Italy
Cementir has provisionally agreed terms with HeidelbergCement for the sale of its Italian cement and ready-mixed concrete operations to Italcementi, subject to such a deal not being blocked by the competition authorities. Bearing in mind that Italcementi is the domestic market leader by a substantial margin approval may not be that easily obtained and may require some disposals to other parti...
DG Khan Cement's unconsolidated FY17 net profit falls 9% YoY
DG Khan Cement (DGKC) of Pakistan announced unconsolidated FY17 net profit after tax of PKR7.97bn, down nine per cent YoY basis. The company also declared final cash dividend of PKR7.50/share, complying with 40 per cent mandatory payouts. According to a bourse filing, the company also renewed a working capital loan of PKR1bn to Nishat Hotels and Properties, an associate concern. Comp...
Vissai Cement starts exclusive Vietnamese QuickFill® deal Billerud
Vissai Cement Corporation, part of Vissai Group, officially launched the QuickFill ® Clean (QFC) eco-friendly cement paper bags this week at the Vissai Ninh Bình cement plant. The QFC cement sacks are produced by leading Swedish packaging company BillerudKorsnäs. "Vissai has studied and tested many types of cement sacks produced in different countries for both the domestic and export mark...
PT Semen Indonesia appoint new President Director
In its Extraordinary General Meeting held Friday 15 September 2017, the shareholders of PT Semen Indonesia have approved the appointment of Hendi Prio Santoso as new President Director. The 50-year-old Mr Santoso was President Director of state-owned gas company PT Perusahaan Gas Negara (PGN) from 2008 until 2017. Previously, he held the positions of Finance Director at PGN (2007-08) and ...