Cement News tagged: Corporate
Pakistan attracts less FDI in cement and construction during 7MFY19
Foreign direct investment (FDI) into Pakistan during July 2018-January 2019 declined by over 17 per cent compared to same period last year, according to data released by the State Bank of Pakistan (SBP). The SBP data shows that the country received investments worth US$1.451bn during the first seven months of current fiscal year, down 17.6 per cent from US$1.761bn in the same period last year....
Raysut Cement of Oman to acquire Sohar Cement
Raysut Cement Co SAOG has informed Muscat Securities Market (MSM) that it has signed a letter of intent (LoI) with the shareholders of Sohar Cement Factory LLC of Oman, with respect to the purchase of all its shares. According to Ghose Jotirmoy Pratul Krishina, CEO of Raysut Cement, the parties are currently discussing the terms of the proposed acquisition and company will keep its shareh...
Bestway Cement earns higher profit in 1HFY19
Bestway Cement Ltd (BCL) has announced its financial results for the half year ended 31 December 2018. BCL declared earnings of net profit of PKR6.88bn (US$49.7), increased by 11.07 per cent YoY, as compared to PKR 6.19bn earned in the same period last year. Muhammad Irfan Anwar Sheikh, Bestway Cement's director and CFO, has informed the Pakistan Stock Exchange (PSX) that net sales of BCL d...
New cement plant for Aktobe, Kazakhstan
A new 1.8Mta cement plant will be built in Kazakhstan’s Aktobe region, according to the head of SEC Aktobe, Anuar Makhanov. Representing an investment of KZT101bn (US$268.8m), the production facility will be located in Baiganinsky district by Turkey-based Dal Holding Investment Co. “A joint venture of Aktobe Cement was established, a Roadmap was signed. Construction and installation work wi...
Fecto Cement profit shrinks by 53.75 per cent in 1HFY19
Fecto Cement Ltd (FCL) has announced its financial results for the half year ended 31 December 2018 today. It declared earning of net profit of PKR105m (US$0.75m) decreased by 53.75 per cent YoY, as compared to PKR227m earned in the same period last year. FCL informed the Pakistan Stock Exchange (PSX) that net sales of the company during the half year 2018-19 slightly increased to PKR 2.483...
HeidelbergCement reduces its stake in Ciments du Maroc
As part of its action plan to optimise its portfolio and improve cash generation, HeidelbergCement is its reducing stake in Ciments du Maroc. HeidelbergCement announces the sale of around 1.1m shares, representing 7.8 per cent of Ciments du Maroc's share capital, for an aggregate amount of approximately EUR140m. The shares were sold to Moroccan institutional investors through an off-market ...
Fujairah Natural Resources Corp begins construction of new plant
The UAE’s Fujairah Natural Resources Corp has launched an AED550m (US$149.74m) three-stage project in Habbab, Fujairah. The new facility will produce clinker, with production commencing following the completion of stage one in December 2019. Ali Qasim, company director, has stated that the project will boost the cement industry in Fujairah, adding value to the UAE’s national industry.
Holcim Philippines completes La Union expansion
Holcim Philippines has reported the completion the expansion project at its plant in La Union, Luzon, increasing capacity to 1.8Mta from 1Mta previously. The company completed the installation of new grinding equipment and storage facilities two months ahead of schedule. "With our expansion and efficiency initiatives, we can better provide a reliable supply of high-quality cement to help ou...
JK Cement announces two grinding projects
India's JK Cement is expected to invest around INR4.5bn (US$63.24m) to set up two cement grinding units. Approximately INR2.5bn will be spent on a 0.7Mta unit in Balasinor, Gujarat, while the remaining amount will be invested in a facility in Aligarh, Uttar Pradesh.
Cementos Argos' revenues slip in 2018
Cementos Argos has posted its full-year 2018 results and reported that cement and ready-mix volumes fell in 4Q18 by three and seven per cent, respectively. The company pointed to unfavourable weather conditions in the USA and higher electricity and fuel costs in Colombia that were only partially offset by stronger sales in the Caribbean. Full-year 2018 results Cement volumes in 2018 slipp...
Caribbean Cement earns revenues of US$131m in 2018
Caribbean Cement reported an improved financial performance in 2018 compared to 2017. Revenue earned for 2018 was JMD17.6bn (US$130.8m), representing an increase of six per cent YoY. Profit before taxation for 2018 was JMD3.3bn, an increase of 118 per cent over the JMD1.5bn reached in the previous year. Net profit after tax for the period amounted to JMD2.5bn from JMD1.1bn in 2017. Caribbea...
Sungshin Cement reports 33% rise in net profit in 2018
South Korea-based Sungshin Cement Co reported its preliminary and unaudited results for 2018. The company saw a 6.3 per cent increase in revenues to KRW688.12bn (US$611.4m) in 2018 from KRW647.19bn in the previous year. However, the company’s operating profits slipped by 6.7 per cent from KRW32.8bn in 2017 to KRW30.61bn one year later. Its net profit rose 32.6 per cent from KRW12.12bn in 20...
Kohat Cement earns net profit of PKR1.526bn in 1HFY19
Kohat Cement Co Ltd (KCCL) has announced its financial results for the half year ended 31 December 2018, declaring a net profit for the period of PKR1.526bn (US$10.9m), a fall of 7.17 per cent YoY, as compared to PKR1.644bn in the same period last year. The company had net sales during the half year PKR8.391bn from PKR6.867bn during this period, an increase of 22.19 per cent. KCCL incurred...
Cemex sells Broceni plant and Nordic assets to Schwenk Zement
Cemex has announced that it has signed an agreement for the sale of assets in the Baltics and Nordics to Schwenk Zement for approximately EUR340m. The Baltic assets being divested consist of the 1.7Mta Broceni cement plant in Latvia, four aggregates quarries, two cement quarries, six ready-mix plants, one marine terminal and one land distribution terminal in Latvia. The assets divested also ...
Vicat's net underlying 2018 profits 12% ahead
Vicat's turnover edged ahead by 0.7 per cent in 2018 to EUR2582m and EBITDA eased by 2.2 per cent to EUR435m, while at unchanged exchange rates and other parameters the changes would have been +5.9 per cent and +2.7 per cent, respectively. The trading profit was ahead by 0.8 per cent to EUR249m, with the advance at unchanged parameters being 5.9 per cent. The net financial charge was 31.6 per ...
Gulf Cement Co sees fall in profit in 2018
UAE-based Gulf Cement Co reported revenues of AED475.707m (US$129.5m) in 2018, according to the company’s preliminary results. This represents an 18.4 per cent drop from AED583.203m the previous year. The company’s net operating profit of AED24.360m in 2017 declined to a loss of AED49.072m in 2018 while net profit fell from AED40.613m to a loss of AED32.99m over the same period.