Cement News tagged: Corporate
FLSmidth's interim 1Q20 report sees COVID-19 impact business results
FLSmidth reports that the COVID-19 pandemic is intensifying the cement industry's apprehensiveness to start large capital investments, but producers in both mining and cement are increasingly looking at digitalised solutions, driven by the restrictions of on-site services. Cement service order intake was stable in 1Q20 compared to 1Q19, but total cement order intake declined 50 per cent, due t...
Hoffmann Green Cement Technologies sees turnover up in 2019
Hoffmann Green Cement Technologies (HGCT) saw a hike in its turnover to EUR0.62m in 2019 from EUR0.289m in 2018. The company’s EBITDA declined to EUR-1.846m while EBIT reached EUR-3.079m due to significantly-higher amortisation charges. Its operational result came to EUR-3.1m, mainly due a 20 per cent non-conversion premium of convertible bonds into shares, which was noted at the time of the c...
India Cements partially resumes operations
India Cements has partially resumed the operation of some its plants in a phased manner. "Considering the uncertainties involved, the impact arising on account of the COVID-19 pandemic on the performance of the company is not ascertainable at this stage," the company said in a disclosure. India Cements’ Vice Chairman, N Srinivasan, had attended a meeting with Tamil Nadu’s Chief Minister,...
Ambuja Cement and ACC fund NGOs to tackle COVID-19
Ambuja Cements Ltd and ACC Ltd (LafargeHolcim group) have collectively contributed INR3.3m (US$0.43m) to three non-government organisations (NGOs) to support daily-wagers, migrant labour, slum-dwellers and the homeless stranded across the country on account of the lockdown. Ambuja Cement and ACC are supporting Goonj, an NGO renowned for being on the forefront of disaster relief with exper...
JK Cement receives permission to restart operations
India’s JK Cement has received permission from the relevant authorities to commence operations at its Rajasthan, Madhya Pradesh and Haryana sites, alongside work at its new project in Gujarat. As a result, operations have partially resumed or are being resumed after starting all necessary safety measures for staff, said the company.
Najran Cement signs financing agreement
Saudi Arabia’s Najran Cement has signed a financing agreement with Bank Al-Jazira. The credit agreement will see a total of SAR355M (US$94.67m) paid semi-annually over five years. The first four years will see an annual payment of SAR51m and the remainder issued in the final year.
HeidelbergCement Bangladesh profits hit by multiple factors
HeidelbergCement Bangladesh posted an unaudited net profit of BDT43.5m (US$0.513m) for the first quarter of 2020, against earnings of BDT193m in the 1Q19. The fall in profit is attributed to an increase in cost of goods sold, alongside increased warehousing, distribution, selling and administrative expenses. The total revenue, however, increased to BDT3.82bn from BDT3.61bn. The cost of sales...
Mixed pattern in financial results visible in 9MFY20
Three more Pakistani cement companies have announced their 9MFY19-20 financial results. Lucky Cement Ltd has reported a lower profit, while Maple Leaf Cement Factory Ltd (MLCF) and Bestway Cement Ltd have reported losses during this financial period. The obvious reason is attributed to increase in cost of sales alongside other unavoidable negative business factors. Lucky Cement Lucky Cemen...
Cemex adds hygiene and safety protocols to minimise COVID-19 risk
Cemex has implemented more than 50 new hygiene and safety protocols to minimise the risk of COVID-19 contagion in its cement, ready-mix and aggregates operations. "Due to this pandemic, we have complemented our existing protocols by developing and implementing special protocols and guidelines to protect our employees, communities and customers from COVID-19 risk," said Fernando A González, CE...
Mixed results announced by Pakistani cement companies for 9MFY20
Three Pakistani cement companies have announced their 9MFY19-20 financial results. DG Khan Cement Co Ltd and Kohat Cement Co Ltd have reported losses, but luckily Attock Cement Ltd has reported only a fall in profit during this financial period. Analysts have attributed losses to a combination of factors, including a significant drop in retention prices in both local and export markets, an in...
Taiheiyo Cement Corp signs MoU with Solusi Bangun Indonesia
PT Semen Indonesia Tbk (SMGR), together with its affiliate PT Solusi Bangun Indonesia Tbk (SMCB), signed a memorandum of understanding (MoU) with Taiheiyo Cement Corp (TCC) on 21 April 2020. The initial agreement is to carry out investment and strategic cooperation between the parties. It includes an investment plan by TCC in SMCB, an agreement on exports to TCC and a partnership plan with TCC...
Umm Al Qura reports net profit surge in 1Q20
Saudi Arabia’s Umm Al Qura has seen its net profit increase 79.1 per cent YoY to SAR38.5m (US$10.27m) in the first quarter of 2020, rising from SAR21.5m in the year-ago period. Quarterly sales surged 52 per cent to SAR96.5m from SAR63.5m. Average selling prices were also reported to have improved in the 1Q20.
Najran Cement Co reports positive 1Q20 results
Saudi Arabia’s Najran Cement Co has reported a 557.4 per cent surge in net profit to SAR40.1m (US$10.69m) in the first quarter of 2020, compared to SAR6.1m in the 1Q19. Sales advanced to SAR156.4m from SAR106.5m, on the back of a lower cost of sales and financing.
Baturaja Cement sales decreased 15% in 1Q20
PT Semen Baturaja (Persero) Tbk experienced a downturn in cement sales in the first quarter of this year by 15 per cent. Semen Baturaja Corporate Secretary, Basthony Santri, stated that the decline in sales until March was due to the fall in cement demand due to several factors, one of which was the delay in a number of development projects in the southern Sumatra. "SMBR sales were down by 1...
Salonit Anhovo suspends production for two weeks
Slovenia’s Salonit Anhovo has suspended production for two weeks from 20 April, due to demand in its Italian and Slovenian markets falling amid the ongoing coronavirus crisis. However, the company will continue to make cement shipments to its customers. "We expect that cement sales on the domestic market will stabilise again as the government is providing incentives for construction activit...
CRH releases trading update
CRH has released a trading update for the 1Q20, reporting a three per cent increase in like-for-like sales. In North America the company’s operations in Pennsylvania, New York City and Washington state have been the most impacted to-date by the COVID-19 pandemic, while its operations in the southeast, central and western US have been less affected, according to the update. Significantly lowe...