Cement News tagged: Corporate
GCC reports 16% sales boost in 3Q results
Grupo Cementos de Chihuahua announced its results for the third quarter of 2017, which reflect the successful integration of the operations acquired in Texas and New Mexico late last year as well as favourable pricing in the US and Mexico, and progress in implementing the company’s growth strategy. Total sales increased 15.9 per cent YoY to MXN4.968bn (US$258.8m) in 3Q17 from MXN4.288bn. The...
Lafarge Surma calls for a revaluation of Holcim shares to complete its merger
Lafarge Surma Cement (now LafargeHolcim Bangladesh Ltd) has appealed to Bangladesh Bank to review its valuation of the Holcim share price, which the French cement maker says has been significantly undervalued by the central bank. In December 2016 Lafarge Surma signed an agreement with the Amsterdam-based Holderfin to purchase its holdings of Holcim Cement Bangladesh for BDT9360m (US$117m)....
Government may step in to outsource the Samba plant
India's government is considering to outsource the operation of the Samba cement plant, part of JK Cement Group. "The delay in its launching [the Samba plant] has been attributed to inordinate delay on the release of equity by the government and also delay in the installation of receiving station by PDP," sources maintained. An official of the JK Cements Ltd told the Kashmir Observer t...
Southern Province Cement sees two-third drop in 3Q profit
Saudi cement producer Southern Province Cement saw its third-quarter sales decrease 43.2 per cent to SAR216m from SAR380m in the 3Q16. The company’s net profit declined by 67.2 per cent to SAR57m from SAR174m in the same period a year ago.
Jinyuan Cement approves environmental technology company acquisition
Jinyuan Cement Co Ltd company has approved of its subsidiaries acquisition of Shanghai Huayu Environmental Technology Co Ltd. Directors of Jinyuan Cement approved Golden Circle Cement Co Ltd's acquisition of the technology company. Through Golden Circle Cement Co Ltd, Jinyuan Cement Co now has a 51 per cent stake in Shanghai Huayu Environmental Technology. The acquisition was made to speed...
Pioneer reports profit loss of 19% QoQ
Pioneer Cement Co Ltd (PIOC) announced its 1QFY18 financial result, where it posted profit after tax of PKR417m (US$3.95m), down by 19 per cent on QoQ basis and 41 per cent on YoY basis. According to a notification of company to Pakistan Stock Exchange, The company's revenue witnessed a fall of three per cent YoY to PKR2.4bn, according to a Pioneer notification to the Pakistan Stock Exch...
Fauji cement reopens Line 2
Fauji Cement Company Ltd (FCCL) has informed the Pakistan Stock Exchange (PSX) that: "Rehabilitation works on Line 2 of 7200tpd have been completed. Line 2 was made operational on 15 October 2017 and production of clinker commenced on 22 October 2017 at an enhanced capacity of 7600tpd." Local experts believe that this step will help normalise gross margins of FCCL effective 2QFY18 and bey...
Tokyo Cement makes settlement over brand name
Tokyo Cement Company (Lanka) PLC agreed to a settlement over a suit filed against Ruhunu Lanka Cement (Pvt) Ltd in the Commercial High Court of the Western province, Sri Lanka. Tokyo Cement alleged infringement with regard to the similar trade names of the brands that the two companies distributed under. The plaintiff’s company, Tokyo Cement, distributes under various brands including Tokyo ...
Ash Grove Cement gives stockholder approval for CRH merger
Ash Grove Cement Company has announced that its previous agreement for the merger with CRH plc, under which CRH plc will acquire Ash Grov Cement, has been approved by stockholders holding more than a majority of the outstanding voting stock, acting by written consent. Following execution of the CRH merger agreement, stockholders representing approximately 63.4 per cent of the outstanding vot...
Boral to set up new clinker grinding facility
An application for a new clinker grinding facility at North Shore, Geelong, in Australia's state of Victoria, has been approved by the Environmental Protection Agency (EPA). Boral Cement made an application for the 24h facility in July, which will have an output of 1.3Mta of cement. Boral’s application said clinker would be unloaded from ships and delivered to the site via covered belt conve...
China Resources Cement 9M profit up 216%
China Resources Cement reported a 215.9 per cent rise in profit attributable to owners for the 9M17 to HKD2648.6m (US$ 339.4m) . Turnover increased 16.4 per cent to HKD20,344.9m in the first nine months. The consolidated gross profit saw a 36 per cent YoY advance to HKD6023.6m. The consolidated gross margin was 29.6 per cent, representing a rise of 4.3 percentage points over 25.3 per cent...
Cementos Molins relocates registered address to Madrid
Spanish cement producer Cementos Molins is moving its registered address from the town of Sant Vicenc del Horts in Catalonia to Madrid. Sources close to the step have said the reason for the move is the legal uncertainty in Catalonia. While the company’s plant will remain in Sant Vicenc del Horts, the publicly-traded copany and the group’s holding through which it channels its foreign inves...
Dangote Cement group increases revenues by 37% in 9M17
Dangote Cement’s overall group revenue increased by 36.5 per cent from NGN442.1bn (US$1.08bn) in the first 9M16 to NGN603.6bn in 9M2017, despite a 10.1 per cent fall in group cement volumes to 16.5Mt, as the impact of price increases dampened demand in Nigeria. The group’s profit for the period was NGN193.1bn, up 44.6 per cent compared to NGN133.5bn in 2016. “Dangote Cement has continued to...
Quantum Global exits Savannah Cement
Following the receipt of regulatory approvals, Quantum Global Group has completed the sale of its stake in Savannah Cement. "We are delighted to have partnered with Savannah Cement in one of the critical industry sectors in East Africa, advancing together to aim to close the existing infrastructure gap in Africa. The exit from this investment is testament to the success of our approach of d...
Attock Cement Pakistan reports fall in profits
Attock Cement Pakistan Ltd (ACPL) announced its 1QFY18 financial result, which saw it post earnings before tax of PKR604m (US$5.7m) against PKR690m reported in 1QFY17. This reflects a fall in profit of 12.46 per cent. Revenue of the company witnessed a healthy growth of seven per cent YoY to PKR3.6bn, primarily on the back of growth in total dispatches and stable domestic cement price...
UltraTech Cement sales pass US$1bn in quarter ended 30 September 2017
UltraTech Cement Ltd, an Aditya Birla Group Company, has announced its unaudited financial results for the quarter ended 30 September 2017. Net sales stood at INR68,400m (US$1.051bn) as compared to INR57,080m in the corresponding period of the previous year. Profit before interest, depreciation and tax was INR15,500m higher by 13 per cent than the INR13,780m in the corresponding period of t...