Cement News tagged: Corporate
Qalaa Holdings to sell stake in ASEC Algeria Cement
Egypt-based Qalaa Holdings has signed a preliminary agreement to sell its entire 100 per cent stake in ASEC Algeria Cement for some US$60m, according to Reuters.
Egypt: mixed 9M16 results for Suez and Tourah
Suez Cement reported a net profit of EGP49.6m (US$5.59m) for the first nine months of 2016. For the third quarter the company saw losses of EGP-66.9m, an increase from EGP-63.3m the previous year. Tourah Cement improved its net loss by 50.4 per cent from EGP-107.203 in 9M15 to EGP-53.149m in Jan-Sep 2016, according to a bourse filing. In the third quarter the company reported a 43 per cent ...
China: Gansu Qilianshan Cement 9M16 net profit up 223%
Gansu Qilianshan Cement Group Co Ltd, a subsidiary of Sinoma, reported a net profit hike of 223.3 per cent YoY to CNY204m for the first nine months of 2016.
China Resources Jan-Sep net profit declines 35%
China Resources Cement reported a 35 per cent fall in net profit for the first nine months of 2016 as weaker revenues impacted profits of the Hong Kong-listed cement producer. Net profit in Jan-Sep declined to HKD838.3m (US$108m) from HKD1.28bn in 9M15. Revenues saw a 12 per cent drop to HKD17.48bn. For the three months ended September, the company posted a net profit of HKD580.8m, consider...
Indonesia: new Indocement plant commissioned
Indonesia’s Minister of Industry, Erlangga Hartarto has commissioned a new cement plant of PT Indocement Tunggal Prakarsa Tbk in Cileungsi, Bogor District, West Java. "The government appreciates the use of high technology in the new factory, with an annual production capacity of 4.4Mt,” the minister said. The unit represents an investment of IDR5.6tn, a reflection of the country’s attractiv...
HeidelbergCement appoints new Board of Directors for Italcementi
The HeidelbergCement 19 October shareholder meeting establisheda new Board of Directors for Italcementi. The new members are Luca Sabelli (chairman), Dominik von Achten (executive vice president), Lorenz Näger (executive vice president) and Roberto Callieri (CEO). HeidelbergCement purchased the remaining Italcementi shares that had not been tendered in the mandatory tender offer on 12 Octobe...
Saudi Arabia: Eastern Province and Tabuk Cement see fall in 3Q16 profits
Eastern Province Cement Co and Tabuk Cement are the latest Saudi cement producers to post a fall in third-quarter profits amid lower sales and higher production costs. Eastern Province Cement Co posted a 35.8 per cent YoY decrease in net profits from SAR67m in 3Q15 to SAR43m in 3Q16. In the first nine months of 2016 the cement producer reported net profits of SAR180m, representing a 26.2 pe...
Myanmar: June Cement project to continue despite local opposition
The management of June Cement has said that the firm has no plans to return land to local communities and will instead press on with its project to construct a new plant in Kyaikmayaw township in the southeast of the country, reports Burma News International. “We still need the land to construct the factory. We bought the land for the project at the beginning and received permission. So, to...
Argos Honduras to add capacity at San Lorenzo
Colombia’s Cementos Argos has announced plans to construct a new cement plant in San Lorenzo, Valle, southern Honduras. The project represents an investment of US$25m. “Argos will consolidate its presence in the country with this operation. The grinding capacity of San Lorenzo is 300,000tpa and we will manufacture grey cement, with major emphasis on general use,” said Harry Abuchaibe, Argos...
India: JSW Cement to go public by FY19
Parth Jindal, managing director of JSW Cement, has told the Deccan Herald newspaper that his company will issue its first public shares when it reaches 20Mta capacity. “We will go for IPO once we reach a capacity of 20Mt. Right now, we have a production capacity of 7Mt, and plan to reach 30m by 2020. “JSW Cement would like to achieve 17m capacity by opening up eight grinding units acros...
CIMAF to open third plant in Cote D’Ivoire
Ciments de L’Afrique (CIMAF) has announced it will establish a third cement plant in Côte d’Ivoire, raising its capacity in the West African country to 2.3Mta by 2017. The new grinding plant will have a capacity of 350,000tpa and will be located at Bouaké in the north of the country. The project, representing an investment of XOF12bn (US$20.1m), will allow the company to improve availabi...
Saudi Arabia: Northern Cement sees 43% profit fall in 3Q16
Northern Region Cement Co reported a 42.83 per cent decline in net profits to SAR30.09m (US$8m) in 3Q16 from SAR52.64m a year earlier. Profits also decreased 38.16 per cent QoQ, according to the company's statement to the Tadawul. The decrease in profits has been attributed to lower sales following a weaker domestic demand amid the Hadj season and summer holidays, complemented by a rise in...
Saudi Arabia: Yanbu, All Jouf and Saudi Cement see fall in 3Q16 profits
More Saudi cement producers have reported a fall in profits for the third quarter of 2016. The decline in profits were attributed to lower sales and a drop in average selling prices as competition intensified amid weaker demand. Higher oil prices have also been cited as a major factor in the decrease. Yanbu Cement company recorded a 35.9 per cent drop in profits during the period from SAR14...
Tunisia: Carthage Cement increases domestic market share
Carthage Cement's turnover for the first nine months ended 30 September 2016 grew 17 per cent, compared to the same period in 2015. It sold cement to the value of TND149m (US$66.2m) compared to TND125.5m (US$55.7m) in Jan-Sep 2015. Product orders increased by 16 per cent. Local market sales reached TND95.12m, compared with TND78.5m in 2015, an increase of 21 per cent. Carthage Cement now h...
Uganda: Kampala Cement’s investors revealed
Kampala Cement, Uganda’s newest cement company and the country’s third, is jointly-owned by two local investors, Charles Mbire and Rajinder Singh Baryan, according to an article in the New Vision newspaper. Baryan’s investment was known from the start as Kampala Cement and from the outset associated with his Multiple Industries Group. Mbire’s involvement was hitherto unknown, and the indust...
Barbados: Arawak Cement redundancies
Arawak Cement Co, St Lucy, Barbados, have formally offered its staff voluntary separation packages as part of a financial and operational restructuring programme that was first put into action October 2015. The company issued a statement last month explaining that the separation packages would be offered as the first phase of restructuring had not yielded the necessary results. The company ...