Cement News tagged: Corporate
Twiga Cement to expand production capacity
Tanzania Portland Cement (Twiga Cement) has announced its intention to invest US$15m in an expansion and rehabilitation programme in 2021, according to the Tanzania Daily News. For the past 10 years, the factory has been producing 1.2Mta of cement, but it has currently increased capacity to about 2Mta. "Twiga Cement is doing well and we are happy for that, they have also thanked the gove...
Brazilian Companhia Nacional de Cimento completes the purchase of CRH Brasil assets
The Brazilian antitrust authority, CADE, in accordance to the agreement disclosed on 26 October 2020, has confirmed Brazilian Companhia Nacional de Cimento’s (CNC) purchase of all the businesses of the CRH group operating in Brazil (CRH Brasil and its subsidiaries). CNC is a wholly-owned subsidiary of BCPAR, holding company in which Buzzi Unicem owns 50 per cent of the share capital in a join...
Shareholders approved Fancesa restructuring
Bolivia-based Fancesa’s shareholders have unanimously approved the restructuring proposed by the company’s Board of Directors, said Armin Cortez, chairman of the Board of Shareholders. Mr Cortez explained that the project includes a restructuring in the administration and “in the management of human resources”, in addition to other elements such as the internal business relationship between ...
Malayan Cement Bhd to repay borrowings with share placement
Malayan Cement Bhd is expected to raise MYR226.95m (US$55m) mainly to repay bank borrowings via a proposed placement of up to 85m shares, representing 10 per cent of the company's issued shares as of 14 April 2021. The total fund is based on the illustrative issue price of MYR2.67 per placement share, said Malayan Cement. Malayan Cement said MYR53.93m out of the total proceeds would be u...
S&P Global raise HeidelbergCement's credit rating
S&P Global Ratings raised HeidelbergCement’s long- and short-term issuer credit ratings to BBB/A-2 from BBB-/A-3 and the issue ratings on its debt to BBB from BBB-, while giving a stable outlook. As rationale behind the rating upgrade, S&P highlighted HeidelbergCement’s ability to significantly reduce its debt in 2020, despite the COVID-19 pandemic, thanks to extensive cost saving mea...
HeidelbergCement updates markets on preliminary 1Q21 expectations
HeidelbergCement AG's preliminary 1Q21 financial figures deviate significantly from current capital market expectations. Preliminary revenue amounts to EUR3958m (previous year: EUR3930m) in 1Q21. The capital market expects EUR3873m for this key figure. The preliminary result from current operations before depreciation and amortisation (operating EBITDA) amounts to EUR538m (previous year:...
Twiga Cement saw profits rise 25% in 2020
Tanzania Portland Cement (Twiga Cement) saw its pretax profit rise 25 per cent YoY to TZS107.42bn (US$46.3m) in 2020, against TZS85.87bn in the previous year. The company’s turnover and sales volumes also increased 13 and six per cent, respectively, during the year. "The operating performance of the plant and availability of the machinery was good, ensuring clinker production reached record l...
Oman Cement Co reports 16% decline in revenue
Oman Cement Co has reported a 15.8 per cent decline in total revenue to OMR11.76m (US$30.6m) in the first quarter of 2021, compared to OMR13.9m in the 1Q20. Net profit also fell 33 per cent YoY to OMR756,290 from OMR1.13m in the year-ago period.
ACC Ltd outlines its new capacity projects
ACC Ltd (LafargeHolcim) plans to increase its clinker and cement capacities which will see an integrated greenfield project of 2.7Mta clinker capacity with 1Mta grinding unit at Ametha in Kymore, Madhya Pradesh. Expansion of the existing Tikaria grinding unit with 1.6Mta cement capacity and a grinding unit in Shonebhadra district, Uttar Pradesh, with 2.2Mta of capacity is progressing, said ...
Grey cement production resumes at Siguaney
Following its temporary shutdown due to technical issues at the end of last year, the Siguaney cement plant in Sancti Spíritus, Cuba, has restarted the production of grey cement. The company targets the supply of 65,000t of grey cement this year with output destined for prioritised projects and sale to the public. Despite the halting of grey cement production, the factory continued to prod...
Former Blue Circle director passes away
Anthony J Jackson, a former director of UK-based cement multinational Blue Circle Industries PLC, sadly passed away on 29 March at the age of 87. Mr Jackson was previously the CEO of Blue Circle’s Nigerian operations, following earlier responsibilities in the UK and Australia. He was later also responsible for the Far East segment and involved in operations in Malaysia, Singapore and Indonesia...
Tribunal issues decision in favour of Colacem for new plant
Canada’s Ontario Local Planning Appeal Tribunal (LPAT) has issued a decision in favour of Colacem for a new cement plant near L’Orignal. A hearing had taken place in November and December last year, which resulted from two appeals made by opposing parties in response to planning decisions involving the plant in 2017. The tribunal found Colacem presented persuasive evidence relating to th...
Sharcem set to acquire plant from Kazakhcement
Singapore-based International Cement Group (ICG) has incorporated a new subsidiary in Kazakhstan. Sharcem will be 60 per cent owned by the group’s direct subsidiary, International Cement Shar Pte, and 40 per cent owned by Nurzhan Shakirov. Sharcem has subsequently entered into a sale and purchase agreement (SPA) with Kazakhcement and the Development Bank of Kazakhstan for the sale of a cement...
Raysut Cement announces 5% rise in revenue
Oman’s Raysut Cement Co has reported a five per cent increase in total revenue to OMR26.9m (US$69.95m) in the first quarter of 2021, compared to OMR25.6m in the year-ago period. The company also returned to a profit after tax of OMR102,814 against a loss of OMR4m in the 1Q20.
Eagle Cement reports 30% fall in net sales
Philippine-based Eagle Cement Corp has reported a net income of PHP3.4bn (US$70.02m) in 2020, down 44 per cent YoY as a result of lockdown measures imposed in mid-March. "The halting of our operations due to pandemic-related restrictions took a hit on our results in the first half of 2020, but the remaining half proved that we are well-positioned to bounce back," said John Paul L Ang, CEO. ...
Kohat Cement returns to profit in 3Q
Pakistan’s Kohat Cement has posted a net profit of PKR1.059bn (US$6.92m) in the quarter ending 31 March 2021, compared with a PKR381.08m loss in the same period last year. Total sales for the period advanced 163 per cent YoY to PKR6.71bn against PKR2.55bn in the 3QFY19-20. Record high industry dispatches and an increase in the company’s production capacity along with higher domestic retenti...