Cement News tagged: Corporate
Semen Indonesia eyes expanding export volume in 2020
PT Semen Indonesia Tbk remains optimistic that the cement market will improve and to boost its volumes, it will target export markets in 2020. "The addition of capacity allows us to open new markets in the region, with a target of more than 2019," said Semen Indonesia Director of Marketing and Supply Chain, Adi Munandir, during the annual general meeting of shareholders (AGM) in Jakarta on 1...
Crown Cement cuts employee salaries
Bangladesh-based Crown Cement has decided to reduce the salaries and other benefits of its employees by 20.5 per cent as it attributes an unprecedented loss in the current financial year to the coronavirus pandemic. However, the employees in the sales department of the company will see a 4.4 per cent increase in their salaries, according to an anonymous official of the cement company as repo...
GCCA names Dinah McLeod as new CEO
The Global Cement and Concrete Association (GCCA) has appointed Dinah McLeod as CEO, effective from early July. Ms McLeod succeeds Benjamin Sporton. Dinah most recently served as a Director of ‘The B Team’, an innovative and standard-setting non-profit initiative which was established to improve business practices to enhance the well-being of people and the planet. She has previously held se...
Misr Insurance reduces Misr Cement-Qena stake
Misr Insurance Co has lowered its stake in Misr Cement-Qena from 9.3 to 4.68 per cent, Misr Asset Management said in a statement to the Egyptian Exchange on 23 June. The insurance company sold 3.33m shares for EGP20.74m (US$1.28m) at an average price of EGP6.23/share.
Elementia appoints new CEO
Mexico’s Elementia has appointed Jaime Rocha Font as its new CEO, with effect from 2 September 2020. Mr Rocha Font will take over the position from Fernando Ruiz Jacques, who has held the role since February 2015. Mr Rocha Font is the current head of Elementia’s cement division and thereby serves as the CEO of Cementos Fortaleza. Alongside this, he has been the president of the country’s Na...
PT Semen Indonesia to pay IDR239bn dividend
PT Semen Indonesia Tbk (SMGR) will pay a dividend of IDR239bn (US$16.9m) or 10 per cent of SMGR's net profit in 2019 which reached IDR2.39trn, down 22.3 per cent YoY. Per share, the dividend amounts to IDR9500, representing a yield of 0.42 per cent. "The remaining 90 per cent will be used for other reserves," explained the company’s Director of Marketing and Supply Chain, Adi Munandir, durin...
Votorantim appoints Juan Aguilera as new industrial director Cementos Cosmos
Votorantim has named Juan Aguilera as the new industrial director of Cementos Cosmos. Mr Aguilera will supervise the management of the company’s four cement plants and two grinding units in Spain. He has been employed by Cementos Cosmos for almost 20 years, holding positions such as the management of the Niebla and Córdoba cement plants as well as the Bobadilla grinding unit in Malaga. Follo...
Dangote highlights pan-African job creation; confirms dividend at AGM
President of Dangote Group, Aliko Dangote, told the company’s 11th Annual General Meeting in Lagos on 17 June that Dangote Cement was able to sustain 54,000 jobs in four African countries, where the company has its operations. “According to our 2019 socioeconomic impact assessment study specifically on our operations in Nigeria, Ethiopia, Senegal and South Africa, we sustained 54,005 jobs (...
Ramco Cements posts 18% profit increase in FY19-20
India’s Ramco Cements recorded a 13.2 per cent YoY decline in consolidated net profit to INR1.43bn (US$18.8m) during the 4QFY19-20, compared with INR1.65bn in the year-ago period. Consolidated revenue also fell 9.2 per cent YoY to INR14.04bn from INR15.46bn. However, the company posted an 18.4 per cent rise in net profit to INR6.02bn for the full FY19-20 period, against INR5.11bn in the pre...
INSEE ramping up output at Galle plant
INSEE Cement will be ramping up production at its Galle cement plant to support the local economy’s fast recovery from the COVID-19 pandemic. The company said in a statement that over the years, local cement manufacturers have contributed immensely in enriching the national economy through value additions that support the employment opportunities, up-skilling of local construction profession...
Mangalam Cement sees net sales rise 3% in FY19-20
India’s Mangalam Cement has reported net sales of INR3.04bn (US$39.79m) in the quarter ending 31 March 2020, a 7.9 per cent YoY decline compared to INR3.3bn in the 4QFY18-19. However, net profit surged to INR155.1m from INR16.7m. In the full FY19-20, total income advanced 2.8 per cent YoY to INR12.58bn from INR12.23bn in the previous fiscal year. The company also posted a net profit of INR75...
India Cements denies reports of acquisition
Despite recent reports, India Cements has denied that Radhakishan Damani, owner of Avenue Supermarts Ltd, will be acquiring a controlling interest in the company. Mr Damani currently holds a stake of around 20 per cent, while the related group has a stake of around 29 per cent. "Damani is an investor, so he has been acquiring a stake in India Cements over a period of time. It does not seem...
JK Cement reports 4Q results and receives approval to raise INR2.5bn
India’s JK Cement has reported a 99.9 per cent decline in net profit to INR2.3m (US$30,194) in the final quarter of FY19-20, compared with INR1.5bn in the year-ago period. Net revenue edged up to INR14.78bn from INR104.71bn in the 4QFY18-19. Operating expenses dropped 6.7 per cent YoY to INR11.31bn from INR12.12bn. The company has also received approval to raise funds through the issuance o...
YTL Corp records 11% revenue increase
Malaysia’s YTL Corp has reported a 65.6 per cent decline in net profit to MYR29.52m (US$6.9m) in the third quarter ending 31 March, compared to MYR85.79m in the year-ago period. However, the group’s revenue advanced 11.6 per cent YoY to MYR4.81bn from MYR4.31bn. For the nine-month period until March 2020, YTL Corp saw a 75.7 per cent YoY fall in net profit to MYR62.37m from MYR256.40m in the...
Hong Leong Asia grows stake in Tasek Corp
Hon Leong Asia’s wholly-owned subsidiary, Ridge Star, has acquired 30,700 shares of Malaysia-based Tasek Corp at a value of around US$57,964, according to The Straits Times. Following this development, Hong Leong Asia now owns a 92.4 per cent stake in the company. Last month, Hong Leong Asia had submitted an unconditional voluntary takeover offer for the remaining shares of Tasek at MYR5....
Paraguay’s INC ensures cement supply for public works
Paraguay’s Industria Nacional de Cemento (INC) is guaranteeing the supply of cement to public works during the COVID-19 health emergency, reports the official news agency, Agencia de Información Paraguaya (AIP). In March and April 2020 it sold 1,392,612 bags of cement, with a daily production of 50,000 bags, or around 2500tpd. At present, the company is on track to supply the market with 0.6Mt...