Cement News tagged: Corporate
West China Cement to set up cement joint venture
West China Cement subsidiary West International, CIF-MOZ, Oceanic Star and Guhava have entered into a cooperation agreement to establish a joint venture for joint investment and construction of a cement production line in Mozambique. West International, CIF-MOZ, Oceanic Star and Guhava will contribute MZN60m, MZN21m, MZN14m and MZN5m, respectively, to the registered capital of the joint vent...
High interest rates impacting cement companies in Pakistan
Pakistani cement industry profitability in FY19 and moving forward is likely to be dented by high interest rates/financing cost as being reported by number of cement companies in country. According to a research report of BMA Research, multiple increases in interest rates in the last 20 months have increased finance costs significantly and cement companies may want to reduce this debt burde...
Dalmia to build 0.5Mta carbon capture facility
As part of its drive to become a carbon-negative by 2040, Dalmia Cement announced plans to build a 0.5Mta carbon capture facility at its cement plant in Tamil Nadu in 2-3 years. “The company is committed to become ‘carbon-negative by 2040’, and capturing process emissions from cement manufacturing will be critical towards reaching the target of net zero by 2040,” said Mahendra Singhi, MD an...
Phinma Corp set to invest in Vietnam's Song Lam Cement
Philippine-based Phinma Corp is set to invest in Vietnam’s Song Lam Cement JSC through the acquisition of preferred shares worth PHP2.6bn (US$50m). Song Lam will now become a major supplier of PhilCement Corp, which is 60 per cent owned by Phinma, according to a company disclosure. Following the investment, Phinma will be entitled to nominate one member of Song Lam’s board of directors and t...
Maple Leaf Cement profit falls by 60% in FY19
Maple Leaf Cement Factory Ltd (MLCF) of Pakistan announced its financial results for FY18-19 today. It declared earning a net profit of PKR1.465bn (US$9.3m) (unconsolidated) as compared to PKR3.632bn earned in the same period last year. It shows profit dropped by 59.7 per cent, despite on a good development, when the company sales stood at PKR26bn, compared to PKR25.69bn in the same period las...
Semen Indonesia reports 4% drop in August sales
Semen Indonesia reported a four per cent fall to 2.789Mt in total sales in August 2019 when compared with the previous year, when the company achieved sales of 2.904Mt. In July 2019 sales slipped by 2.6 per cent YoY to 2.706Mt. Of the total, domestic sales of 2.466Mt were reported, down 5.1 per cent YoY. This follows a six per cent YoY drop in July, when sales to Indonesian customers stood a...
RHI Magnesita set for Indian consolidation
RHI Magnesita is now in the final stages of consolidating its three Indian arms to become the largest refractory company in the country, with approval from the National Company Law Tribunal (NCLT) expected within a week, according to The Economic Times. The three companies, Orient Refractories, RHI Clasil and RHI India, would all become RHI Magnesita India. "We are in the final stages of con...
DG Khan Cement profit falls in FY19
DG Khan Cement Company Ltd (DGKC) of Pakistan has announced its financial results for FY19 on 16 September. It declared earning of net profit of PKR1.609bn (US$10.3m) (unconsolidated) as compared to PKR8.837bn earned in the same period last year. It shows profit hugely dropped by 81.8 per cent. The fall in profit is reportedly due to increase in the cost of sale to PKR35.15bn from PKR21.92bn a...
Fancesa's new plant 85% complete
The construction of the new cement plant of Fábrica Nacional de Cemento Sucre SA (Fancesa) in Cal Orck'o, Bolivia, is 85 per cent complete, according to the company’s President, Armin Cortez. "The new production line of the Fábrica Nacional de Cemento Sucre SA, to date is at 85 per cent of physical execution and 81 per cent of financial execution, and it was possible to meet the goals planned...
Lucky Cement updates progress on overseas and local projects
Lucky Cement is currently implementing two cement projects: the overseas cement plant in Samawah in Iraq and the 2.6Mta brownfield cement plant expansion in Khyber Pakhtunkhwa province, Pakistan. According to Lucky Cement's annual report for 2019, the first shipment of plant and machinery from Sinoma to the Samawah site is expected to start of October 2019. Commissioning will take place ...
Asian Fine Cements launches new packaging
India’s Asian Fine Cements Pvt Ltd has introduced the country’s first vacuum-tight packaging to the market for its Duraton7X cement. The packaging is expected to reduce water seepage and dust emissions, alongside increasing shelf-life. "We set up a big cement manufacturing facility at Rajpura in Punjab about one-and-a-half years ago with installed capacity of 1.5Mta. As of now we have launch...
Oman Cement Co appoints consultancy for Duqm plant
Oman Cement Co has appointed “a leading consultant company” to work on its upcoming Duqm cement plant as a project consultant, reports New Vision. While it did not name the consultancy, it confirmed that its Duqm integrated plant would have a capacity of 5000tpd. The project, which was approved by the company’s board of directors in December 2018, represents an investment of around US$212m.
Cemex invests in building materials delivery start-up
Cemex Ventures, the venture capital business of Cemex, has announced it has invested in GoFor Industries, a logistics marketplace for on-demand delivery of building materials and equipment for the DIY and construction industries. GoFor Industries is a start-up company founded in 2016 with operations in the USA and Canada. By 2020 GoFor is expected to expand to 20 major market areas in the US...
Cherat Cement becomes sixth-largest producer in Pakistan
Cherat Cement Co Ltd (CHCC) has become the sixth-largest cement producer with eight per cent market share in Pakistan following the successful installation and commissioning of Cement Line III at the Lakrai plant, Nowshera district, Khyber Pakhtunkhwa. The new line has a clinker capacity of more than 6700tpd and features a waste heat recovery plant. With this expansion, the company has in...
Alexandria Portland Cement sells plot of land
Egypt’s Alexandria Portland Cement has sold an unexploited plot of land in Ad Dakhilah, according to a statement to the stock exchange. Situated on 15,852m 2 , the plot was sold for a consideration of EGP31.7m (US$1.9m). The company saw its losses widen 29.5 per cent YoY to EGP168.99m during the first half of 2019.
Dalmia Cement reportedly considers acquiring Emami Cement assets
India’s Dalmia Cement (Bharat) has reportedly submitted an expression of interest in acquiring the cement assets of Emami Group, which have been valued at INR60bn (US$841.9m), according to The Economic Times. "Dalmia Bharat is currently studying the financials provided by the bankers of Emami Cement. The strategy will be decided once we conclude our assessment and firm up our intent to proce...