Cement News tagged: Corporate
South Valley Cement Co 1Q profit drops
Egypt-based South Valley Cement Co on Sunday posted a 53 per cent YoY drop in profits for the first quarter of 2017, according to a bourse statement. The company achieved profits of EGP20.1m (US$1.12m) in the three months ended March, compared to EGP42.85m in the corresponding period of 2016. Cement sales increased to EGP261.55m in the quarter under review from EGP254.80m a year earlier,...
Penden Cement gear box failure sees output falter
Cement production at Penden Cement Authority Ltd (PCAL) in Gomtu, Samtse, Bhutan, was affected last month as a gearbox in one of the two coal mills broke down. The gearbox failed on 21 April. While in-house repairs were carried out, enabling the plant to resume operations after four days, further issues occurred on 16 May and to date PCAL has been unable to repair the gearbox. The plant’s m...
Shengli and Kaifa resign from Anhui Conch
Qi Shengli, supervisor and chairman of the supervisory committee of Anhui Conch, has tendered his resignation from the company, according to a statement released on 30 June. His resignation will become effective upon the appointment of a new supervisor, the Chinese cement producer noted. In addition, Yang Kaifa has resigned as company secretary of Anhui Conch, effective 28 June 2017. Chiu P...
Moody's assigns first-time Ba3 and Aaa.ng ratings to Dangote Cement
Moody’s has assigned a first-time Ba3 Local Currency Corporate Family Rating (CFR), Ba3-PD Probability of Default Rating and Aaa.ng National Scale Rating (NSR) to Dangote Cement Plc (DCP). The outlook on the ratings is stable. "Dangote Cement Plc’s Ba3 local currency corporate family rating, one-notch above the Government of Nigeria’s own rating, reflects the company’s strong standalone cred...
Ashaka Cement confirms delisting from NSE
Ashaka Cement Plc has formally notified its shareholders and the general public of its delisting from the Nigerian Stock Exchange (NSE). In a statement issued on Tuesday signed by company secretary, Zainab Silas-Umaru, the firm said the delisting takes effect immediately. According to the statement “Application for the voluntary delisting of Ashaka Cement was approved on May 25, 2017 by ...
Sika names new regional manager for EMEA
Ivo Schädler will assume responsibility for the Europe, Middle East and Africa (EMEA) region and will join Sika's Group Management. He succeeds Paul Schuler, who was appointed Chief Executive Officer in May. Both commenced their new roles on 1 July 2017. Mr Schädler (51) began his career at Sika in 1997. He held various management positions at the Swiss national subsidiary before becoming G...
Fiji's Pacific Cement plant back online
Fiji-based Pacific Cement Ltd's cement plant is back online, according to Sowani Tuidrola, the company’s CEO. The facility was shut down in late April due to a major breakdown, resulting in cement shortage in the country. "Due to pending replacement of a major component, the mill is operating at a lower capacity at 60 per cent until end of July 2017," Mr Tuidrola said in a statement yesterd...
BOAD grants CIMAF Burkina Faso finance
The West African Development Bank (BOAD) has granted XOF6bn (US$10.3m) to Morocco’s Cimenteries de l'Afrique Burkina Faso (CIMAF) for the partial financing of the import of raw materials for cement production. Following the commissioning of a plant in Ouagadougo in 2015, CIMAF is building a 0.7Mta grinding plant in Bobo-Dioulasso, reflecting an investment of XOF20bn. The first cement is ex...
Sinoma anticipates substantial rise in interim net profit
China National Materials Company (Sinoma) said it expects the net profit attributable to the shareholders of the parent company for the six months ended 30 June 2017 to record a substantial increase as compared to the same period of last year. Such expected growth is mainly attributable to the increase in the prices and sales volume of cement. Its interim results announcement is expected to b...
Cemex finalises Pacific Northwest Materials divestment
Cemex SAB de CV has completed the divestment of its Pacific Northwest Materials Business through one of its US subsidiaries to Cadman Materials Inc, part of HeidelbergCement-owned Lehigh Hanson Inc. Pacific Northwest Materials Business includes seven aggregate quarries, five ready-mix concrete plants and three asphalt operations in Oregan adn Washington, USA. The company generated about US$...
Cementa and Vattenfall focus on zero emissions
Cementa and Vattenfall of Sweden are conducting a pilot study on electrified cement production to achieve zero CO2 emissions by 2030, representing a five per cent reduction in Sweden’s total emissions. Cement production that is electrified and supplied by a climate smart Swedish energy system is the future vision in the CemZero collaborative project. "Electrification within the indus...
Fancesa sees rise in net profit and reinvestment
Fancesa of Bolivia reported a net profit of BOB255m in 2016, a rise of BOB6.2m when compared with 2015. Some 60 per cent of net profit will be distributed between the three co-owners while 40 per cent will be reinvested in the cement company to pay for its new production line. The previous year, some 20 per cent of BOB248.8m generated net profits were reinvested. "In this management has...
Votorantim Cimentos to inaugurate Sivas plant
Votorantim Cimentos is to inaugurate its cement works in Sivas, Turkey, as part of its drive for geographic diversification. International operations account for 40 per cent of its revenues, a share that is expected to grow next year as the expansion of the Charlevoix (MI), USA, works comes online. ‘Geographic diversification works as a "hedge," which compensates for the situation we're...
Eagle Cement reports 30% 1Q earnings rise
Earnings of the newly-listed Eagle Cement Corp in the Philippines increased by 30 per cent in the first quarter of 2017, driven by a rise in sales volume during the first three months of the year. Net income reached PHP1.03bn (US$20.3m) for January to March, following an increase of 19 per cent in net sales to PHP3.77bn. "The retail business remains strong and with the government's pro...
Jaiprakash receives director approval to divest assets to UltraTech
Jaiprakash Associates said it received approval from its committee of directors to close the transaction for selling part of its cement business to UltraTech Cement for INR161.89bn. The deal will see the cement plants in Uttar Pradesh, Madhya Pradesh, Himachal Pradesh, Uttarakhand and Andhra Pradesh move to UltraTech. An addition unit, currently under construction in Uttar Pradesh, will be...
Cinven completes Chryso acquisition
Cinven, an international private equity company, has acquired Chryso, supplier of additives and cement and concrete improvers. The acquisition was finalised on 28 June 2017. France-based Chryso has upgraded its geographical footprint in recent years and has built new facilities in the UK, Algeria as well as a third plant in Adana, Turkey. Growth for the company has also come by way of acquis...