Cement News tagged: Corporate
Raysut: Barwaaqo Cement makes steady progress
Raysut Cement’s cement plant project in Berbera, Somaliland, is progressing well, according to company sources. Barwaaqo Cement Co has completed soil investigation studies and is moving to select contractors. “The Engineering-Procurement-Construction (EPC) contractor shall be selected shortly. The project is expected to be complete within 12 months from the date of selecting the EPC contract...
India: Shree Cement Q2 net profit up 18%
Shree Cement reported an 18.3 per cent YoY rise in its standalone net profit for the quarter ended 30 September 2016. Standalone net profit stood at INR2.91bn (US$43.7m) in the quarter compared to INR2.46bn in the same period last year. Total standalone income was up 17.6 per cent to INR22.5bn in the quarter, compared to INR19.1bn last year. Total expenses registered higher at INR20.3bn aga...
India: My Home Industries to commission INR2.5bn plant
My Home Industries has announced that it will commission its 1.5Mta plant in Tuticorin, Tamil Nadu, in January 2017. The Tuticorin plant will represent a INR2.5bn (US$37.5m) investment and considerably increase the company’s access to both southern and eastern markets. Executive Director of the company, S Sambasiva Rao, told reporters that the new plant “will increase our cement production ...
India: Dalmia OCL merger
The boards of Dalmia Bharat Ltd and OCL India have decided to merge the two entities, creating the fourth-largest cement manufacturer in India with a total capacity of 25Mta and annual revenues of approximately INR100bn (US$1.5bn). OCL will merge with Dalmia Bharat and will issue fresh shares for public shareholders in lieu of their ownership in OCL. Public shareholding in OCL stands at a l...
Jamaica: Caribbean Cement new GM and quarterly results
Peter Donkersloot Ponce will replace Alejandro Vares Leal as Caribbean Cement Company’s (CCC) general manager, effective 7 November 2016. Mr Leal is leaving the company to accept the position of vice president of infrastructure and government sales at Cemex Mexico. Cemex is the top shareholder in CCC’s parent company, Trinidad Cement Ltd. Mr Ponce has over 10 years’ experience in the indust...
Ghana: Western Diamond Cement plant inaugurated
President John Mahama inaugurated the new 1Mta Western Diamond Cement plant at Bokro on 4 November. He said the decision of Western Diamond Cement to set up an ultra-modern cement factory in the western region will attract more investors into the country. Speaking at an inaugural ceremony of the factory in Bokro in the Ahanta west district, President Mahama said the US$50m plant is an ind...
LafargeHolcim 3Q16 net sales 3.1% lower
LafargeHolcim's 3Q16 net sales amounted to CHF7.03bn, 3.1 per cent lower on a like-for-like basis on 3Q15. For 9M16 net sales reached CHF20.3bn, down -1.8 per cent on a like-for-like basis on 9M15. Eric Olsen, CEO of LafargeHolcim, said: "With these results, we are demonstrating that our focus on pricing, synergies and cash flow is delivering results. Our earnings momentum is accelerating and...
Colombia: EcoCementos project will be located in free trade zone
Cementos Molins' joint venture with Colombia's Corona construction group, EcoCementos, will produce cement in one of the new free trade zones announced by the country's government. The new works, which is expected to have a clinker capacity of 3000tpd and a cement capacity of 1.35Mta, will be located in Sonsón, Antioquia, Colombia. It represents a joint investment of US$370m and is expect...
Vicat advances in the USA in spite of poor weather in California
Vicat's turnover for the first nine months of the year eased by 0.9 per cent to EUR1867m, which represents an underlying improvement of 3.4 per cent. Turnover in cement was 1.9 per cent lower at EUR1136m, which represented 53.1 per cent of the group total. Cement deliveries increased by 10 per cent to 16.64Mt. The aggregates and concrete turnover improved by 2.3 per cent to EUR698m, or 32.6 pe...
Ambuja Cement profits up 80% as Indian profits climb 40% overall
Ambuja Cement has released its Q3 earnings, which show that net profits for the company were up by 80 per cent YoY at INR2.77bn (US$41.5m). Revenues were down slightly, falling by 4.3 per cent to INR20bn, but dividend income from its shareholding in ACC and falling costs, particularly in terms of power and fuel (down 10 per cent) helped to improve the company’s bottom line. Ambuja report...
Caribbean Cement posts Q3 loss of US$0.63m
Jamaica-based Caribbean Cement Company has posted a third-quarter loss of JMD81m (US$0.63m), reports the Gleaner newspaper. In a statement, the firm said: "During the reporting quarter, the company embarked on a major kiln overhaul which lasted 45 days and impacted the income statement by US$7.5m (JMD970m). Along with the capital expenditure of JMD622m invested this quarter, this is expecte...
India: Dalmia Barat sees 20% volume growth in September
Dalmia Bharat managed 20 per cent volume growth in the July-September quarter compared with the industry's volume growth of two per cent. Due to higher demand, its market share in northeastern India improved to 22 per cent in the Jul-Sep quarter from 16 per cent in the previous year. In the south its market share improved by 100 basis points to eight per cent. Factors such as gain in the...
9M16 results see upturn in the US and Egypt
Several cement companies released their 9M16 results this week. While the US and Egypt provided a healthy boost to business results for companies such as Titan Cement Group, in Asia and the Middle East returns were less positive. Titan Cement Group released its 9M16 results this week and relied on its Egyptian and US operations to boost its turnover, which climbed to EUR1124m, up 9.2 per c...
Titan Group 9M16 results boosted by Egypt and US
Titan Group results recorded a significant improvement in the nine months of 2016, reflecting the growth of the US market and the improvement of results in Egypt. Consolidated turnover reached EUR1124.2m, posting a 9.2 per cent increase compared to the same period in 2015. EBITDA increased by 24.1 per cent reaching EUR205m. Net profit, after minority interests and the provision for taxes st...
Algeria: New integrated plant to produce oil well cement
Algeria's Minister of Industry and Mines, Abdessalem Bouchouareb, has stated that a planned 1.5Mta integrated plant being built by STG Engineering and Real Estate Development will be operational by 1Q17, Radio Algérienne reports. As originally announced, the plant had been scheduled to begin production in 2016, but construction on the project did not begin until February of this year. Bu...
Philippines: Republic Cement expands affordable housing initiative
Republic Cement has announced plans to partner with three microfinance organisations to provide housing and home-improvement loans, the Manila Times reports. “Republic Cement is dedicated to helping address the Philippine housing backlog through collaborations that create shared value for those at the bottom of the pyramid,” said Renato Sunico, president of Republic Cement and Building Mate...