Cement News tagged: Corporate
Sagar Cement posts INR2.82 net profit
India-based reported a net profit of INR2.82bn in the quarter ended 30 September 2014, compared with a INR115m loss the previous year. The cement maker’s revenues rose by 23.6 per cent to INR1.25 in the July-September quarter. The other income of the cement company included INR3.49bn profit that was realised from the sale of its stake in tthe joint venture with Vicat group.
Cemex Lloseta completes environmental upgrade
Cemex’s 0.804Mta Lloseta plant in Mallorca, Spain, has concluded its US$16m environmental upgrade. The work included noise abatement systems, paving roads for heavy traffic as well as erecting covered raw material and coal storage silos. The plant also raised alternative fuel use from five to 35 per cent and installed more efficient burners, effectively reducing CO2 emissions by 3.8 per cent ...
Maruxa Suarez is new Lafarge Villaluenga plant director
Maruxa Suarez has been appointed as the new plant director of Lafarge’s Villaluenga de la Sagra works in Toledo, Spain. She replaces Mariano Garcia Hoyos, who was appointed industrial director of Lafarge Malaysia. With degrees in Chemistry from the University of Cordoba and in Biochemistry from the University of Sevilla, Ms Suarez holds a Master in Biotechnology. She has been employed by L...
Matteo Rozzanigo new FYM CEO
Matteo Rozzanigo has been appointed as CEO of FYM, Italcementi’s Spanish subsidiary. He is tasked with positioning the company in a cement market, which is expected to stabilise and recover slowly after a prolonged crisis period. He replaces Mario Domenico Bracci, who held the post for the past three years and will now assume responsibilities for Ciments Maroc. Mr Rozzanigo hold an Industr...
Holcim and Lafarge to identify non-core assets in India for divestment
Holcim and Lafarge have begun an internal process in India to identify assets which have to be divested to adhere to the requirements of the country’s Competition Commission. Two sources familiar with the matter told The Economic Times of India that: “Both the companies are running processes to understand which are the plants and operations which are not linked to their strategic global pla...
Siam Cement 3Q earnings’ outlook
Siam Cement is expected to post a weak net profit for the third quarter of 2014, down 29 per cent YoY and 18 per cent QoQ, according to analysts at SCB Securities. The YoY drop reflects: no extra gain from the revaluation of its investment of THBt1.7bn as in 3Q13, the absence of 3Q13's THB840m inventory gain from its chemical unit and a slight decline in contribution from cement and buildin...
UltraTech to bid for Lafarge Holcim assets?
UltraTech Cement is reportedly eyeing cement assets being put on the block by Holcim and Lafarge ahead of their planned merge Local press have speculated that the Aditya Birla group company is more interested in Holcim and Lafarge's assets in emerging countries, particularly in Latin America. Chairman Kumar Mangalam Birla is leading the bid preparations, a source familiar with the deal told...
Oman Cement nine-month net profit declines
Oman Cement Co (OCC) made a net profit of OMR11.4m in the first nine months of 2014, down 8.1 per cent from OMR12.4m in the same period last year, the producer said in a bourse statement on Tuesday. In third quarter alone, the company saw a decline in net profit compared to the same period of last year, according to Reuters calculations. OCC posted a profit after tax of OMR2.3m (US$6m) in the...
Yanbu Cement 3Q profit up 16.4%, Saudi Arabia
Saudi-based Yanbu Cement net earnings grew by 16.43 per cent YoY in the third quarter of 2014 to SAR163m, but declined by 32.37 per cent compared to 2Q14. The company said the third quarter annual increase was was due to the lower cost of sales due on the back of a boost in production and receipt of a clinker import subsidy. The company attributed the QoQ decline to lower sales due to the Ra...
Raysut posts 8.9% increase in 9M13
Oman-based Raysut Cement said in a bourse filing that it made a net profit after tax of OMR20.9m (US$54.3m) in the first nine months of 2014, up 8.9 per cent from OMR19.2m in the year-ago period. The company posted a 17.8 per cent increase in net profit for the third quarter of 2014 to OMR5.3m (US$13.8m), according to Reuters calculations. Raysut narrowly missed expectations as three anal...
Barclays raises target price for CRC, maintains rating
Barclays Research raised its target price for China Resources Cement to HK$5.91 (US$0.76) from HK$5.79 and maintained its "equal weight" rating. Despite the strong cement price in southern China so far this year, the research house noted concerns over CRC's long-term growth as volume growth expansion is limited and the company does not have any material consolidation plans so far. Barclay...
UltraTech Cement appoints two additional independent directors
UltraTech Cement Ltd, India's largest cement producer, on Monday said it has appointed Renuka Ramnath and Sukanya Kripalu as additional independent directors on its board. The appointments are effective as of 11 October 2014, the Adity Birla Group company said in a filing to the exchanges. Ramnath is the founder of Mutliples, a US$400m private equity fund, and is a former managing director a...
Paraguay: INC to halt kiln as it replaces refractory
Paraguay’s Industria Nacional de Cemento (INC) will halt its kiln at Vallemí to complete the replacement of its refractory. However, the maintenance will not affect output, which will remain at 45,000-50,000 bags per day, according to CEO Jorge Méndez. He said the company has sufficient clinker stock to maintain daily production rates for 45 days. Cement consumption has surpassed supply th...
Deutsche Bank upgrades Adelaide Brighton, Australia
Deutsche Bank has upgraded Australian building materials supplier Adelaide Brighton to hold from sell, citing recent share price underperformance. However, Deutsche continues to have concerns around the potential for more contract losses. The broker says Adelaide Brighton is trading on a multiple of 13.3 times earnings – broadly in line with its historical 12-month ratio of 12.9 times. "Upsi...
Hoang Mai Cement expects revenue at US$80m this year
Hoang Mai Cement JSC (HOM), an affiliate of Vietnam Cement Industry Corporation (Vicem), forecast its net revenue at VND1.7trn (US$80m) and pretax profit at VND45bn, thank to a rebound in demand of cement in the local market. The projection was made by Truong Quoc Huy, director of HOM in a report posted on a website under the Ministry of Construction. In 2014, the company’s total cement sale...
SA watchdog puts condition on merger approval
The Competition Commission of South Africa has consented to the merger of Holcim and Lafarge SA on condition that Holcim divests of the shareholding in Afrisam within three years of the approved merger. The watchdog said on its website that it had approved the intermediate merger on 1 October 2014, Holcim exited the South African market a few years ago, except for a stake it held in Afr...