Cement News tagged: Corporate
ACC sees net profit fall 7% in 1Q20
India’s ACC (LafargeHolcim) has seen its consolidated net profit fall 6.6 per cent YoY to INR3.23bn (US$42.13m) in the first quarter of 2020. Its net sales decreased 10.8 per cent to INR34.33bn from INR38.49bn. However, its EBITDA advanced 10 per cent YoY to INR5.86bn in the 1Q20, compared with INR5.32bn in the year-ago period. The company’s cement volumes during the January-March period dro...
Semen Indonesia Group sales slip 2% in March
Total sales of Semen Indonesia Group (SIG) fell two per cent in March 2020 to 3,098,449t when compared with March 2019, when sales reached 3,161,373t, according to data released by SIG. Semen Indonesia, including PT Solusi Bangun Indonesia (SBI), reported a 4.9 per cent YoY drop in sales to 2,879,329t as the domestic market contracted by 9.5 per cent with offtake at 2,490,257t. However, exp...
Bestway Cement donates PM's Corona Fund
Muhammad Irfan A Sheikh, CFO of Bestway Cement Ltd, met Pakistan's Prime Minister, Imran Khan on 20 April and contributed PKR205m (US$1.28m) in PM's Corona Fund on behalf of the group and his family to support the government in its efforts to fight the current coronavirus-related crisis. On the occasion, PM Imran Khan lauded the spirit shown by the Bestway Group and Irfan Ellahi for the relie...
Attock Cement resumes production at Hub
Attock Cement Pakistan Ltd has informed Pakistan Stock Exchange Ltd (PSX) on 20 April that subsequent to the partial removal of the lockdown by Federal and Provincial Governments, the company has partially commenced its plant operations with immediate effects at Hub Chowki, Lasbela in Baluchistan Province. The company operates three production lines at Hub that have total capacity of 2.955Mta...
Fauji Cement 9M profit drops 88%
Pakistan-based Fauji Cement Co Ltd (FCCL) saw its 9MFY19-20 profit, for the period ended 31 March 2020, fall 88 per cent to PKR271m (US$1.7m) when compared with the year-ago period as sales declined due to the impact of COVID-19. The company’s topline contracted by 25 per cent YoY to PKR3.93bn in the 3QFY19-20 as dispatches shrank by two per cent to 706,000t and prices softened. Domestic sal...
HeidelbergCement cuts work hours and Board waives 20% of salaries in 2Q20
HeidelbergCement has agreed with the works council and employee representatives to introduce short-time work for its employees in Germany in response to the coronavirus. Initially, the short-time working regulations primarily affect employees from the group's head office in Heidelberg. The extent of short-time work is determined for employees depending on the loss of work and can be up to 1...
Ambuja Cements seeks production start from 20 April
LafargeHolcim subsidiary Ambuja Cements plans to start production in phases at its plants across India from 20 April and is seeking government approval. The company had suspended operations on 23 March due to the coronavirus pandemic. The company is taking steps to adhere to the standard operating procedure for social distancing mandated by the government in the new guidelines issued by the ...
Eagle Materials sells non-core concrete and aggregates assets
Eagle Materials Inc announced it has sold its Western Aggregates and Mathews Ready Mix operations for US$93.5m to Teichert, a California-based construction company. Western Aggregates vested-rights-to-mine covers 3900 acres and includes over 900Mt of aggregates. Mathews Ready Mix assets include three concrete batch plant locations and 26 trucks. Michael Haack, Eagle Materials president ...
DG Khan resumes operations at Khairpur
Pakistan-based DG Khan Cement Co has resumed production at its Khairpur cement plant in Chakwal, said the company in a statement to the Pakistani Stock Exchange on Friday. Operations have been resumed as a result of the relaxation of the lockdown for the construction industry.
Carthage Cement sees 1Q turnover up 6%
Tunisia’s Carthage Cement reported a six per cent rise in turnover to TND63.617m (US$22m) in the 1Q20 when compared with TND59.771m in the equivalent period of 2019. The company also announced it suspended production and sales of aggregates, clinker and ready-mix concrete from 20 March to reduce the spread of the coronavirus. The first quarter also included a technical shutdown for the annua...
JK Lakshmi Cement seeks government approval to resume its Indian production
JK Lakshmi Cement has informed Indian Stock Exchanges on 16 April that the company is seeking necessary approvals from the relevant state government authorities to resume operations at its various plant locations. The company is also closely monitoring the situation and will take requisite steps in accordance with the directions issued by central and state government, from time to time. The ...
Siam City to wind down production at Saraburi
Thailand’s Siam City Cement will begin to close its Saraburi plant from 1 May as cement demand falls due to the COVID-19 pandemic, according to The Nation: Thailand. The company has reportedly seen a reduced amount of orders and therefore will wind down production and labour at Factory 1 from 1 May. However, it is expected to move employees to other plants or allow them to leave by mutual co...
LafargeHolcim to propose new board members at AGM
LafargeHolcim is expected to request shareholder approval for two new board members at its annual general meeting on 12 May 2020. Dr Philippe Block and Kim Fausing would add experience from academia and the building industry, according to a press release. Dr Block has served on the Academic Committee of the LafargeHolcim Foundation for Sustainable Construction since 2014. Mr Fausing is the p...
Five Pakistan cement producers to release 3Q results amid coronavirus pandemic
Pakistan's leading cement companies are scheduled to announce on 23 April their financial results for the 3QFY19-20 ended 30 March 2020. Analysts anticipate mixed results, carrying some negative reflection of mitigation efforts to stop the spread of the coronavirus in the country. During this accounting period, the pandemic started to spread and the government enforced lockdown to control i...
Top management changes at Fauji Cement in Pakistan
Fauji Cement Company Ltd (FCCL) has made top important changes in management, earlier this week, according to formal bourse filling to the Pakistan Stock Exchange (PSX). Waqar Ahmed Malik has been appointed as director and chairman of FCCL with effect from 9 April 2020, in place of Lt Gen Syed Tariq Nadeem Gilani, (Retd). It addition, with effect from 9 April 2020, the company board will ...
Lafarge Africa PLC returns to profit in 2019
Lafarge Africa PLC has reported revenues of NGN213bn (US$551.5m) for the year ended 31 December 2019 as against NGN218bn in 2018. Operating expenses fell from NGN29.89m to NGN23.42m. Financing costs also declined from NGN41.6bn to NGN20.2bn. The company ended 2019 with a profit after tax of NGN15.5bn compared with a loss of NGN8.1m in 2018. Lafarge Africa also reduced its debt from NGN208bn...