Cement News tagged: Corporate
UltraTech acquires 51% interest in Omani mining firm
UltraTech Cement Middle East Investments, a subsidiary of UltraTech Cement, has acquired a 51 per cent interest in Omani mining company Awam Minerals LLC. Awam Minerals possess a licence for mining substantial gypsum deposits in the south of Oman, which will serve as a captive mine for UltraTech Cement's network of plants. UltraTech Cement. India’s largest cement producer, also operates two ...
Dangote Cement to reduce capex next year
Dangote Cement expects to slow its capital spending next year to around US$700m, as it completes most of its African expansion projects, its chief executive told Reuters on Wednesday. Edwin Devakumar said Africa's biggest cement operation budgeted to spend around US$1.4bn this year, as it ramps up its cement works from Senegal to Zambia. "This year we may end up with a capex of close to US$1...
Gulf Cement Company nine-month profit surges
UAE-based Gulf Cement Company registered 62 per cent growth in its net profit to AED73.9m (US$ 20.1m) for the first nine months of 2014, the company said in a statement to Abu Dhabi Securities Exchange. The growth was attributed to a 178 per cent increase in operating income and a 181 per cent rise in gross profit which was enough to offset the sharp drop in investment income. Gross profit s...
HeidelbergCement shows strong growth in Great Britain
HeidelbergCement's turnover improved by 2.7 per cent to €10,127m in the first nine months of the 2014 and the EBITDA was 5.7 per cent ahead at €1794m. At the trading level, the profit increased by 10.9 per cent to €1241m and after a net interest charge 12.1 per cent higher at €463m, an associates contribution 14 per cent lower at €17m and a lower net exceptional items contribution, the pre-tax...
PPC increases stake in Habesha, Ethiopia
PPC has increased its shareholding in Ethiopian producer Habesha Cement Share Company to 51 per cent by acquiring the Industrial Development Corporation's (IDC) 20 per cent stake in the company for US$13m. In July 2012, PPC jointly acquired a 47 per cent stake in the Habesha Cement for US$21m, with PPC investing US$12m cash to obtain a 27 per cent stake in Habesha Cement and the IDC simultan...
Lafarge’s nine-month attributable profit falls 25.8 per cent
In the first nine months of the year, Lafarge's turnover, including its share of joint ventures, declined by 1.3 per cent to €11,332m while the EBITDA edged ahead by 0.5 per cent to €2320m. The trading profit improved by 2.8 per cent to €1589m, while excluding associates there was a 1.2 per cent reduction to €1431m. Net financial charges declined by 6.7 per cent to €701m and the pre-tax pr...
Vicat advances in all group markets except France and Italy
Vicat's turnover for the first nine months of the year improved by 6.1 per cent to EUR1847m, which represents an underlying advance of 9.7 per cent. The gearing level was little changed at 51.7 per cent at the end of September compared with 51.3 per cent a year ago and lower than the 52.7 per cent seen at the end of June. Turnover in cement was 10.1 per cent higher at EUR1129m, which represent...
Tasek Corp suffers 3Q decline
Malaysian cement producer Tasek Corp reported a 7.1 per cent drop in earnings to MYR21.5m (US$6.4m) in the third quarter of 2014 amid stiff competition, according to the company. Earnings declined despite a 3.3 per cent rise in revenue to MYR148.7m during the three month period. Tasek said it suffered lower margins from the cement segment due to intense price competition on the market. Lower ...
Hilal Cement Co net loss widens, Kuwait
Kuwait-based cement producer Hilal Cement Co widened its third-quarter net loss to KWD204,435 (US$704,706) from KWD17,250 during the same period of the year before. The loss was mainly attributed to higher sale and administrative costs and lower sales revenue and other income. The operating loss totalled KWD 233,790, compared to a year-earlier profit of KWD 12,777. Total operating revenue cl...
Semen Indonesia seeking IDR1-2trn banking loans
PT Semen Indonesia Tbk is seeking banking loans of IDR1-2trn (US$82.1-164.3m) to finance its 2015 capital expenditure of IDR5trn, said Corporate Secretary Agung Wiharto. (Source: Reuters)
Portugal Semapa profit up 15%
Portugal's conglomerate Semapa, owner of cement maker Secil, posted on Friday a 15 per cent rise in nine-month net profit, helped by lower taxes on some of its overseas operations and a small increase in sales. Net profit rose to EUR80m the company said in a statement. Still, EBITDA fell 4.5 per cent from a year ago to EUR98m. Total sales rose about by about one per cent to EUR1.48bn, with ce...
Dangote Cement nine-month pretax profit up 1.5%
Dangote Cement said on Monday its pretax profit for the nine months to September rose 1.5 per cent to NGN154.05bn (US$930.7m), compared with NGN151.72bn in the same period of last year. Revenue for the nine month period was NGN310.21bn versus NGN288.98bn in 9M13, the company said in a filing with the Nigerian Stock Exchange. Price cuts The company has recently slashed prices in the country...
Oyak Cement Group nine-month net profit surges
Oyak Cement Group said its net profit rose by 84 per cent YoY to TRL335.6m (US$150.1m) in the first nine months of 2014. The group, which includes listed companies Adana Cimento, Mardin Cimento, Bolu Cimento, Unye Cimento and Aslan Cimento, said in a statement on Friday that its operating profit increased 37 per cent to TRL338.5m through September and revenue rose 18 per cent to TRL1.1bn. ...
Philippines: Ang considers Lafarge Republic assets
Businessman Ramon S Ang, president of San Miguel Corp and chairman of Eagle Cement Corp, says he is "seriously" looking at the local cement assets Lafarge Republic Inc is planning to sell. “We are looking at it. We are seriously looking at it. It will be a big transaction if ever," Ang told local press. He did not specify whether Eagle Cement or San Miguel would be the one interested in ac...
Lafarge Africa appoints two directors
Lafarge Africa Plc has appointed Adepeju Adebajo and Anders Kristiansson to the board of the company, as disclosed in a statement issued by the company to the Nigerian bourse. Lafarge Africa said Mrs Adebajo is currently managing director of the WAPCO Operations, prior to which she served as CEO and MD at Mouka Ltd. ‘’She was already the CEO, UTC Nigeria Plc, where she successfully turned the...
Clinker sales boost Northern Region 3Q profit
Saudi Arabian cement maker Northern Region Cement Co reported on a 2.6 per cent YoY increase in its third-quarter net profit to SAR51.35m (US$ 13.69m), fuelled by higher clinker sales. Operating profit grew almost 20 per cent on a YoY basis to SAR 58.33m. Gross profit gained 16.9 per cent to SAR 69.48m. Net profit for the first nine months fell 4.8 per cent in annual terms to SAR 174.2m, ...