Cement News tagged: Corporate
Cementos Argos sees 11% rise in revenue for 2019
Colombia’s Cementos Argos saw a 11.4 per cent YoY rise in consolidated revenue to COP9.3trn (US$2.71bn) in 2019. EBITDA increased 14.3 per cent YoY to COP1.75trn, while its operating income advanced 1.7 per cent to over COP838bn. However, the company's net profit declined 31.7 per cent to COP122bn from COP179bn in 2018. The fall was attributed to a US$9m US tax provision relating to its succe...
Thatta Cement's profits slip in 1HY19-20
Pakistan's Thatta Cement Company Ltd (THCCL) has announced its consolidated financial results for the half year ended 31 December 2019. It posted a profit of PKR116m (US$0.75m), representing a 61.4 per cent fall YoY, as compared to PKR300m earned in the same period last year. The major factor responsible for this drop were lower sales and increased finance costs. THCCL's net sales during th...
Gharibwal Cement posts loss in 1HY19
Gharibwal Cement Ltd (GWLC) of Pakistan has announced its financial results for the half year ended 31 December 2019. GWLC incurred a net loss of PKR245m (US$1.58m) as compared to a profit of PKR593m earned in the same period last year. The drop was attributed to the increase in cost of sales, selling and distribution expenses as well as a higher finance cost in the July-December 2019 period...
Dewan Cement profit succumbs to fall in sales in 1HY19-20
Dewan Cement Ltd (DCL) of Pakistan has announced its financial results for the half year ended 31 December 2019. It incurred a net loss of PKR172m (US$1.15m) as compared to profit of PKR328m earned in the same period last year. The losses can be attributed to a drastic fall in net sales and a modest increase in distribution cost and administrative expenses. The company's sales also decreased ...
ACC and Ambuja Cement announce new MDs & CEOs
ACC (LafargeHolcim group) has appointed Sridhar Balakrishnan as its new managing director and chief executive officer for five years effective from 21 February 2020. Mr Balakrishnan will be taking over the position from Neeraj Akhoury, who has resigned with effect from close of business hours of 20 February 2020. Mr Akhoury will take over the role of MD and CEO of Ambuja Cements from 21 Febru...
Kuwait Portland Cement records 26% decline in profit
Kuwait Portland Cement has announced a 26.4 per cent YoY decrease in 2019 profit to KWD7.59m (US$24.88m), compared with KWD10.32m a year earlier. Operating revenue also declined 19.5 per cent to KWD85.23m from KWD105.94m in 2018. In the 4Q19, the company saw net profit dip 43.6 per cent YoY to KWD1.41m from KWD2.5m in the year-ago period.
GCC reports record 4Q19 US net sales
Grupo de Cemento de Chihuahua (GCC), the Mexican cement producer that serves cement and concrete markets in USA, Mexico and Canada had 4Q19 consolidated net sales increased 11 per cent to US$228.6m, while EBITDA increased by 49.6 per cent to US$86.4m in 4Q19. GCC's consolidated net sales in 2019 increased by 5.8 per cent to US$934.1m. EBITDA increased 13.9 per cent to US$ 292m. During 2019 ...
Ambuja Cement sees revenue up 6% in the 4Q19
India’s Ambuja Cement (LafargeHolcim) has reported a 47.6 per cent YoY decline in consolidated net profit to INR7.22bn (US$100.4m) for the December 2019 quarter, against INR13.78bn in the year-ago period. Revenue from operations was up six per cent YoY to INR71.26bn from INR67.29bn. The company also saw stand-alone sales volumes advance 6.7 per cent YoY to 6.54Mt in the 4Q19. "Ambuja con...
Fauji Cement reports shrinkage in profit for 1HY19
Cement players in Pakistan continue to report losses due to increase in cost of sales and finance charges during first half of the current financial year 2019-20. Fauji Cement continued this trend reporting financial losses today. Fauji Cement Co Ltd (FCCL) announced its financial results for the half year ended 31 December 2019 with a net profit of PKR482.18m (US$3.13m), which decreased by 7...
Malayan Cement announces 4Q19 net loss of US$9.1m
Malayan Cement Bhd remained in the red in 4Q19, making a net loss of MYR38.55m (US$9.1m). The group has changed its financial year end to 30 June 2020 from 31 December 2019 after the emergence of YTL Cement Bhd as its largest shareholder. The better performance came despite revenue declining to CMY446.87m from CNY548.16m previously, no thanks to lower domestic sales that were partially offset...
SungShin Cement posts 11% net profit rise
South Korea’s SungShin Cement has reported a full-year revenue of KRW714.64bn (US$590.2m) in 2019, 3.9 per cent up when compared with KRW688.07bn reported in 2018. However, operating profit fell 30.2 per cent YoY from KRW29.27bn to KRW20.43bn in 2019. Net profit rose 11.4 per cent from KRW16.61bn to KRW18.5bn in 2019.
Ambuja Cements names Neeraj Akhoury as MD and CEO
Ambuja Cements has appointed Neeraj Akhoury as its new managing director and chief executive officer with effect from 21 February 2020, the company said in a press release. He will succeed from Bimlendra Jha, who resigned to pursue other interests. Mr Akhoury was previously MD and CEO of ACC Ltd and has 27 years of experience across multiple roles including sales and marketing, logistics and...
Profit of Bestway Cement falls in 1HY19
Bestway Cement Ltd (BWCL) announced its financial results for the half year ended 31 December 2019. According to financial results sent to Pakistan Stock Exchange (PSX), today, the company declared earning of net profit of PKR421m (US$2.73m), which was decreased by 94 per cent YoY, as compared to PKR6.88bn in the same period last year. The major reasons can be attributed were the high cost of ...
LafargeHolcim CEO endorses worldwide initiative to promote human rights
LafargeHolcim CEO, Jan Jenisch, has joined today the Call to Action for Business Leadership on Human Rights by the World Business Council for Sustainable Development (WBCSD). Leaders who join the initiative commit to making human rights more than just a risk and compliance issue for their companies – they will actively promote them as part of their company's commitment to social responsibi...
FDI grows in Pakistan but cement and construction sectors lag behind
Pakistan received a net total foreign direct investment (FDI) of US$1.563bn during first seven months of FY19-20 (July 2019 - January 2020) compared to US$943.6m in the comparative period of a year earlier. This represents an increase of 65.70 per cent YoY, mainly due to a high inflow of investment from China, Norway, Japan, Malta, South Korea and other countries in all sectors, according to t...
HeidelbergCement reports good 2019 results growth
HeidelbergCement reports good 2019 results growth in addition to the preliminary unaudited figures already published on 12 February 2020, HeidelbergCement has today presented – as scheduled – preliminary unaudited figures for the group areas and the fourth quarter 2019. "We have concluded the 2019 business year successfully," said Dr Dominik von Achten, chairman of the Managing Board of Heide...