Cement News tagged: Corporate
Malbaza Cement to open new quarry
Malbaza Cement Co intends to open a new quarry to obtain limestone, sand and clay in Malbaza, Niger. The opening of the new quarry is planned as the old deposits are being exhausted, according to the country’s government, who has declared the project of public interest. Malbaza Cement opened its 0.65Mta cement plant in 2019. Output from the facility is expected to cover 80 per cent of dome...
Twiga Cement to increase cement capacity in Tanzania
Twiga Cement's Head of Commercial Cluster East, South and Central Africa, Yves Mataigne, says the company will invest TZS34bn (US$14.6m) this year and TZS33bn (US$14.1m) in 2021 to support Tanzania's drive for infrastructure projects. "Implementation of the mega projects has made us rethink about our production capacity as we see an opportunity for growth," Mr Mataigne said. Twiga Cement...
PPC considers restructuring and refinancing options
Following reports that South Africa’s PPC was looking to raise ZAR1.25bn (US$71.51m) from a rights issue, the company has stated that it is currently in talks with lenders before taking any action. It also noted that its requirement to restructure and refinance the group was primarily a result of its investment in PPC Barnet (Democratic Republic of Congo), according to Business Day. While t...
JK Lakshmi Cement reports 6% dip in net profit
India’s JK Lakshmi Cement saw a 5.8 per cent YoY decline in consolidated net profit to INR506.3m (US$6.76m) for the June quarter, against INR537.5m in the year-ago period. Revenue from operations also fell 19.8 per cent YoY to INR9.12bn from INR11.36bn in the 1QFY19-20. "Sales volume was severely impacted by lockdown restrictions during most part of the quarter [...] resulting in sales volu...
Ramco Cements aims to be debt-free in three years
India’s Ramco Cements has announced plans to become debt-free in three years, while noting that FY20-21 will be a challenging year for the company. "While the initial few months were impacted by COVID-19 related lockdown, the remaining months would see slower pick up as majority of Government spending gets channelised towards healthcare and supporting weaker sections of society," said A V Dha...
Tabuk Cement sees sales down 18% YoY
Saudi Arabia’s Tabuk Cement has seen a 94 per cent YoY decline in net profit to SAR0.54m (US$144,000) in the June quarter of 2020, against SAR8.98m in the year-ago period. Sales also declined 18.3 per cent YoY to SAR49.99m from SAR61.15m in the 2Q19.
Chairman reflects on tough period at UltraTech Cement's AGM
Kumar Mangalam Birla, chairman of UltraTech Cement (Aditya Birla Group), opened the 20th Annual General Meeting on 12 August 2020, via video conferencing and reflected on the company's 1Q20-21 performance. Mr Mangalam Birla said the company's annual report's theme this year was 'Tough times don’t last; tough companies do'. "And your company is as tough as it gets!" he added. He announced ...
Star Cement reports 36% fall in total income
India’s Star Cement has reported a 36.4 per cent YoY fall in total income to INR2.98bn (U$39.77m) in the first quarter of the FY20-21, compared with INR4.68bn in the year-ago period. The company’s net profit also decreased 48.4 per cent YoY to INR433m from INR838.8m in the year-ago period.
InterCement appoint new chairman
InterCement Participações SA reports that Franklin Feder has resigned from the Board of Directors of InterCement after nearly three years and Wilson Nelio Brumer becomes the new chairman of the Board of Directors. Mr Brumer has worked as CEO at Vale, Acesita and Usiminas and brings experience form being on the Board of Directors at BHP Billiton, Cemig, CCR, Direcional Engenharia, Embraer, Loc...
Taiheiyo Cement's operating profit rises 17% YoY
Japan’s Taiheiyo Cement announced a 41.8 per cent YoY decline in net profit to JPY3.2bn (US$29.96m) for the quarter ending June 2020. However, operating profit advanced 17.1 per cent YoY to JPY7bn while sales edged downwards by three per cent to JPY200.5bn. The cement sales volumes for its China business decreased due to the impact of COVID-19.
Loma Negra sees 30% decline in revenue for 2Q20
Argentina’s Loma Negra has announced a 30.1 per cent YoY decline in net revenue to ARS7453m (US$104m) in the second quarter of 2020. Consolidated adjusted EBITDA was also down 24.6 per cent to ARS2077m, while the margin climbed from 25.8 to 27.9 per cent. "Cement demand in Argentina in the second quarter contracted around 32 per cent YoY and around four per cent when compared sequentially wit...
Eagle Cement sees 61% decline in net profit
Philippines-based Eagle Cement Corp has reported a 61 per cent YoY decline in net profit to PHP1.3bn (US$26.54m) for the first half of 2020, while net sales fell 44 per cent to PHP5.9bn. In the 2Q20 the company saw a drop in net profit to PHP128m from PHP1.7bn last year. Net sales also decreased 73 per cent YoY to PHP1.4bn. "These are very difficult times, but we remain confident that the ...
Shree Cement sees 14% fall in net profit
India’s Shree Cement has seen a 13.5 per cent YoY fall in net profit to INR3.3bn (US$44.17m) for the June quarter of FY20-21, compared with INR3.82bn in the year-ago period. Revenue also declined 24 per cent to INR24.8bn from INR33.02bn. However, expenses also decreased 25 per cent to INR21.63bn due to lower raw materials costs. The company’s EBITDA dropped 22 per cent YoY to INR7bn, while ...
Arkan Building Materials sees profits decline to AED2.1m in 1H20
Arkan Building Materials reported 1H20 profits declining to AED2.1m (US$571,818) as construction activity became disrupted in UAE due to the pandemic. Last year the company reported profits in 1H19 of AED 33.7m, boosted by the sale of Emirates Cement Factory. Revenue this year has reached AED387.4m, down from AED458.8m last year. Cement revenues fell to AED196.5m from AED282.7m last year, whi...
Dangote to test US$90 power plant for Mtwara cement factory
Dangote Cement will test run a new US$90m gas-fired power plant in Mtwara, Tanzania, later this month. The plant has been delayed with the outbreak of COVID-19, but it will supply the Mtwara cement plant and reduce Dangote Cement's reliance on coal imports. The new power plant is due to be fully commissioned in November. The Mtwara plant has not operated at full capacity during 2020, but th...
Lucky Cement sees 23% increase in July revenue
Taiwan’s Lucky Cement has seen its revenue climb 22.6 per cent YoY to TWD384m (US$13.05m) in July 2020, against TWD313.2m last year. In the January-July period, revenue advanced 27.4 per cent YoY to TWD2.61bn from TWD2.05bn.