Cement News tagged: Corporate
Qena Cement's 1Q20 cement sales surge to EGP47m
Qena Cement reports net profits surged to EGP47m (US$2.9m) in the 1Q20, compared to EGP12m for the same period of the preceding year. Standalone net sales revenues grew by 5.5 per cent in the quarter, while net debt shrank by 20 per cent, falling from EGP607m to EGP485m, compared to 1Q19. The group has successfully increased its consolidated net sales revenues by 2.6 per cent, marking EGP816m...
Taiwan's cement producers see mixed results in May
Taiwan Cement Corp has reported a 5.7 per cent YoY fall in revenue to TWD10.29bn (US$347.6m) for May 2020, compared with TWD10.9bn in the same month last year. In the first five months of the year, revenue declined 9.3 per cent to TWD42.48bn from TWD46.86bn. Elsewhere, Universal Cement Corp saw its revenue for the month down 4.3 per cent to TWD403.1m from TWD421.3m in May 2019. However, in th...
Start-up of Fancesa project postponed to 1Q21
The coronavirus pandemic has seen a readjustment of the work schedule of the new plant being built in Sucre, Bolivia, by Fancesa as COVID-19 forced a 70-day quarantine upon the project. Start-up of the cement plant is now expected in the first quarter of 2021. While the project currently stands at 91 per cent completion, the remaining share of the work is the “most complicated”, according to...
Hsing Ta Cement sees 12% fall in revenue for May
Taiwan’s Hsing Ta Cement saw an 11.7 per cent drop in revenue to TWD706.9m (US$23.77m) for May 2020, compared to TWD800.4m in the same month last year. In the first five months of the year, revenue declined 9.2 per cent YoY to TWD2.64bn from TWD2.91bn in the year-ago period.
Sharjah Cement reports net loss in 1Q20
UAE-based Sharjah Cement has reported a net loss of AED9.3m (US$2.5m) in the first quarter of 2020, compared to an AED802,000 net profit in the corresponding period of last year. The company’s consolidated revenue also fell 16.3 per cent YoY to AED128.16m from AED153.1m in the 1Q19.
Fire at Mannersdorf cement works
A fire broke out at Lafarge Zementwerke’s Mannersdorf cement plant in Austria at around 19h on Sunday, 7 June 2020. According to the company, the starting point was the fuel store and the fire spread to a conveyor system. However, the cause of the fire is not yet known. Five people were working at the 1.1Mta plant, the largest in Austria, at the time and all were brought to safety. By 20.30h...
BUA Cement posts 25.1% rise in revenue
BUA Cement has announced a 25.1 per cent YoY increase in revenue to NGN54bn (US$139.3m) in its financial results for the 1Q20. Profit before tax increased by 15.7 per cent YoY from NGN17.4bn to NGN20.1bn in the 1Q20, while profit after tax reached NGN19.8bn – a 26.2 per cent YoY increase from NGN15.7bn. Discussing the results, Yusuf Binji, Managing Director/CEO of BUA Cement, said the excell...
Saurashtra Cement shuts down kiln for maintenance
India's Saurashtra Cement has shut down its kiln and all the relevant downstream equipment situated at its Ranavav plant, Gujarat, for maintenance operations. The maintenance programme is expected to last for around 35-40 days, but this will depend on the condition of the equipment. However, the cement grinding and packing operations at the plant will continue to operate to meet the cement ...
UltraTech Cement reduces capex plans to INR10bn in FY20-21
India’s UltraTech Cement has announced that it will be restricting its capital expenditure plans to INR10bn (US$132.42m) during the current fiscal year, following the disruptions caused by the COVID-19 pandemic. "The company's capital and financial resources remain entirely protected in spite of the adverse impact on its sales during the first two phases of the lockdown. The company's liquid...
HeidelbergCement announces EUR0.60 dividend per share at AGM
HeidelbergCement held its 131st Annual General Meeting (AGM) yesterday with around 1000 people following the live transmission on the Internet. Prior to the AGM shareholders submitted a record 120 questions (previous year: 36 questions). For the 2019 financial year, HeidelbergCement shareholders will receive a dividend of EUR0.60/share (2018: EUR2.10). The total distribution to shareholders ...
Eagle Materials posts record revenue in FY19-20
US-based Eagle Materials has reported a record revenue of US$1.45bn in the FY19-20, up four per cent from US$1.39bn in the previous fiscal year. Net earnings climbed three per cent YoY to US$70.89m from US$68.86m, while adjusted EBITDA edged up one per cent to US$471.5m. The company posted record revenue of US$315.4m in the final quarter of FY19-20, up 11 per cent from US$284.7m in the 4QFY19...
Boral wins Wagners supply case
Wagners will make less money from selling cement to Boral, its biggest customer, in future after a court ruled the Queensland construction group must match lower prices of rivals. Justice Bond at the Queensland Supreme Court found that the notice sent by Boral to Wagners that it could buy cement cheaper from Cement Australia was "a valid and effcitive notice." After Boral bought the Queensl...
Cemex announces plans for US$1bn bond issue
Cemex has announced plans to issue US$1bn worth of bonds, with a 7.375 per cent coupon and a maturity date of June 2027. The issue is expected to be used to support ongoing business activities, including debt repayment. The bonds will be issued with an option to repurchase them four years prior to maturing and the offering period will close on 5 June. Elsewhere, Mexico's energy regulato...
Caribbean Cement forecasts 10-20% sales decline in 2020
Jamaica-based Caribbean Cement expects its annual sales to drop 10-20 per cent this year, due to the effects of the COVID-19 pandemic. "The forecast we are seeing is a 10 to 20 per cent decline in annual terms," said Yago Castro, general manager. "We are factoring the first quarter which was normal, but the second quarter we saw a drop by one-third, and the third quarter we are also expecti...
Sagar Cements sees 17% fall in revenue
India’s Sagar Cements has reported a 94 per cent decline in consolidated net profit to INR11.8m (US$156,598) in the final quarter of FY19-20, compared to INR187.5m in the corresponding period of the previous fiscal. Revenue from operations fell 17 per cent to INR3.04bn from INR3.66bn in the 4QFY18-19. The results have been attributed to the impacts of the COVID-19 pandemic, which also affe...
Flying Cement reports 96% fall in sales
Pakistan’s Flying Cement Co saw a 95.9 per cent fall in sales to PKR35.62m (US$217,705) in the January-March period of 2020, compared to PKR858.47m in the year-ago period. The company also reported a net loss of PKR110.7m against a net profit of PKR64m in the corresponding period of the previous fiscal. In the first nine months of FY19-20, sales declined 63.6 per cent YoY to PKR964.6m from P...