Cement News tagged: Corporate
SIG sees revenue fall 2% in 1H22
In the first half of 2022, Semen Indonesia Group (SIG) has reported revenue of IDR15,876bn (US$1064m), down 2.1 per cent on the same period last year. The decline was mainly driven by lower sales volumes with domestic sales volumes down 2.6 per cent YoY to 13.9Mt on the back of the Lebaran holidays following a two-year gap during the pandemic, along with a shift in people’s spending prioriti...
Ghana raises cement prices
Cement prices in Ghana have risen to GHS73/50kg bag (US$7.30/50kg bag) as producers are forced to hike up prices due to the depreciation of the cedi. The resulting increase in raw material costs has caused a sudden rise in production costs, particularly from July this year, leading to the price increase, reports Pulse. According to Joy News, Ghacem ’s Extra brand is now selling at GHS72.9/...
Morgan Stanley invests in ACC
Morgan Stanley has bought a stake in Indian cement producer ACC Ltd. According to Mint, Morgan Stanley Asia (Singapore) has purchased 941,557 ACC shares at INR2290 each, marking an investment of INR2156m (US$26.9m). The deal was made through an open market transaction on 2 September 2022.
Cruz Azul will see power supply restored
Cruz Azul and Mexico’s Federal Electricity Commission have reached an agreement and the state power supplier must reconnect power to the cement plant in Tula, Hidalgo state, by 12.45h on Wednesday, 7 September, according to Federco Sarabia Pozo, president of Cruz Azul. The plant’s power supply was suspended 20 days ago as the cement companies had more than MXN300m in economic losses. Before ...
Luks Group (Vietnam Holdings) reports 4% YoY drop in revenue
Luks Group (Vietnam Holdings) Company Ltd has announced revenue of HKD266.3m (US$33.9m) in the first half of 2022, down 4.1 per cent from HKD277.7m in the same period a year earlier. Profit over the same period declined from HKD42.1m to HKD23.5m, while earnings per share contracted from HK8.5c to HK5.1c. Over the six months, the cement and clinker sales of the group’s cement plant was ap...
Maple Leaf Cement reports 18.9% growth in profit during FY2022
Maple Leaf Cement Factory Ltd (MLCF) has informed Pakistan Stock Exchange (PSX) that the company declared its financial results for FY21-22 (July 2021-June 2022), whereby earnings arrived at PKR4.55bn (US$20.5m) against PKR3.82bn last year, up by 19 per cent. Whereas during 4QFY21-22 (April-June 2022), the company posted a profit after tax of PKR232m compared to PKR980m in the same ...
CEMEX closes the sale of its Costa Rican operations
Through certain subsidiaries, CEMEX has successfully closed the previously informed sale of its operations in Costa Rica and El Salvador to Cementos Progreso Holdings SL , for an approximate amount of US$329m, as per the terms of the transactional documents. The transaction, which was closed in line with the terms that had been disclosed on 29 December 2021, is an important step in meeti...
Adani Enterprises replaces Shree Cement in Nifty50 on NSE
Adani Enterprises is to be included in the headline index Nifty50 on the National Stock Exchange of India (NSE) from 30 September 2022, replacing Shree Cement . According to The Economic Times, shares in Adani Enterprises have rallied over 88 per cent so far this year, taking its market capitalisation to INR3680bn (US$46,127m). After Adani Ports, this is the second stock from Gautam Adan...
Huaxin Cement sees revenue fall 2% in 1H22
China’s Huaxin Cement Co Ltd has reported revenue of CNY14,389m (US$2087m) in the first half of 2022, down 2.41 per cent YoY. The fall is being blamed on lower cement sales volumes and higher fuel costs. Over the same period, net profit attributable to equity shareholders contracted by 34.9 per cent to CNY1587m. Due to the country’s extreme macro-economic environment, sales volumes of cement a...
Breedon extends rail infrastructure
A joint initiative between Breedon Group , Network Rail and the Welsh government has brought a disused freight yard back to life, resulting in lower CO 2 emissions, less road traffic and reduced operating costs. The Llandudno Junction freight yard, located near the main Penrhyn Quarry of Breedon subsidiary Welsh Slate, is expected to handle up to 260,000t of materials each year with typic...
BUA Cement looks to finance 6Mta expansion project
BUA Cement is in talks with US-based International Finance Corporation (IFC) to raise funds through a loan to expand its cement facility, the company said in a statement to the Nigerian stock exchange. The funding aims to expand the capacity of the company’s integrated cement plant in Kalambaina, Sokoto , to 8Mta from 2Mta and develop other ancillary utilities. In a recent statement...
UltraTech commissions 1.3Mta Dalla expansion
UltraTech Cement Ltd announced the commissioning of the 1.3Mta expansion to its Dalla Cement Works in Uttar Pradesh, India. As a result, the plant’s cement capacity is now 1.8Mta and the company’s total capacity in India is 115.85Mta.
East African Portland Cement sells land plots to squatters
East African Portland Cement (EAPCC) has started a process of selling land parcels to squatters who have been living on its Athi River property. The cement maker has made an offer to the squatters to pay KES100,000 (US$832.6) for a beacon certificate and another KES500,000 within a year to purchase a plot of land measuring 40ft by 80ft (12 x 24m). The cash-strapped firm has commenced the ...
Grasim Industries announces US$392m capex
India’s Grasim Industries, part of the Aditya Birla Group , is planning capex of INR31,170m (US$391.9m) in its existing lines of business this fiscal year, primarily for the creation of new capacity and modernisation of existing plants. This compares to INR19,580m in the previous fiscal. According to Kumar Mangalam Birla, chairman of Grasim Industries, the investment does not include the g...
Cherat Cement Co’s net profit rises 39% YoY
Cherat Cement Co Ltd (CHCC) announced its annual financial results for the year ended 30 June 2022 (FY21-22), on 25 August 2022, by declaring of net profit of PKR4.45bn (US$20.3m), which was increased by 39 per cent YoY, as compared to PKR 3.2bn in the same period last year. Net sales during the reporting period advanced by 27.3 per cent to PKR 32.08bn in FY21-22 from PKR 25.20bn durin...
Ciment du Maroc reports 5% rise in turnover
HeidelbergCement Group -owned Ciments du Maroc posted a five per cent increase in turnover to MAD1.8bn (US$170.7m) in the 2Q22 from MAD1.7bn in the 2Q21. In addition, the company increased its investments by 195 per cent YoY to MAD160m as a result of the construction of its 0.7Mta Nador plant in northern Morocco. The facility is expected to come on-stream in the 3Q22.