Cement News tagged: Corporate
DG Khan raises profits by 49% in 1QFY18
DG Khan Cement Factory Ltd (DGKC) announced its 1QFY18 financial results on 18 October, posting a profit after tax of PKR2.83bn (US$26.8m) against PKR1.9bn earned in the corresponding quarter a year ago. This translates a growth of 49 per cent in profit on YoY basis, according to the company's notification to Pakistan Stock Exchange. Revenue rose to PKR7.5bn, up by 14 per cent YoY, primarily ...
ACC 3Q17 sales volume rises 18%
ACC delivered sales volume growth of 18 per cent in the 3Q17 (July-September 2017) compared to five per cent in 3Q16. Sales volume reached 19.29Mt for the first nine months of 2017. The stabilisation of Jamul and Sindri cement plant capacities have contributed to this growth. Premium product sales rose by 18 per cent YoY. "ACC's results demonstrate our capacity to respond quickly and reso...
UltraTech expected to announce large net profit fall in 3Q17
UltraTech Cement is likely to report a 30-50 per cent drop in the July-September quarter net profit on higher interest cost and depreciation related to acquisition of Jaiprakash Associates six integrated cement plants and five grinding units, having a capacity of 21.2Mt, reports The Economic Times. Net sales are forecast to rise 17-18 per cent for the quarter, the paper reports. The cement m...
ACC appoint Mr Jenisch as new director to the board
ACC Ltd has appointed Mr Jan Jenisch as an Additional Director to the Board as a Non-Executive, Non-Independent Director from 17 October 2017. Mr Jenisch was born in Germany and joined LafargeHoclim as CEO on 1 Septeber 2017. Mr Jenish was also elected as Deputy Chairman of ACC Ltd.
Workers strike at PPC Slurry
The National Union of Mineworkers (NUM) said that its members of PPC Cement's Slurry plant near Mafikeng, South Africa, have embarked on a strike over wages. The NUM said that PPC must close the wage gaps that exist within the company, as it feels that the management is creating the wage gaps instead of closing them. This comes after the NUM gave PPC Cement a notice to strike on Sunday las...
Qatar National Cement sees 32% drop in net profit in 3Q17
Qatar National Cement Co disclosed its interim financial statement for the period ended 30 September 2017. The company's 3Q net profit is QAR242.805m, down 31.7 per cent compared to QAR355.482m for the same period of the previous year. Earnings per share (EPS) amounted to QAR3.72 for the 3Q17 (QAR5.44 fin 3Q16).
CILAS sees Biskra plant inauguration
The new cement plant at Biskra by CILAS was inaugurated on 17 October 2017 in the presence of the Minister of Industry and Jean-Jacques Gauthier, CEO of LafargeHolcim Algérie, among others. CILAS is a joint venture between the Algerian Souakri Group and LafargeHolcim with a 51-49 per cent share split. The new Biskra plant has a production capacity of 2.7Mta and will enable Algeria to be...
RHI AG and RHI Magnesita merger set for 26 October
The merger of RHI AG with its wholly-owned subsidiary RHI Magnesita NV should become effective on 26 October 2017. Upon such effectiveness, RHI AG will cease to exist as legal entity. The Dutch Authority for the Financial Markets (AFM) has approved the prospectus for admission to listing of RHI Magnesita shares on the Premium Listing segment of the Official List of the UK Financial Conduc...
PIC increases shareholding in PPC
Cement producer PPC reported on Monday, 16 October, that the Public Investment Corporation (PIC) had increased its shareholding in the South African cement company, which is currently mulling bids from several parties that are vying for its shares. AfriSam, supported by Canada's Fairfax Africa Investments, made an offer in September to buy R2bn of PPC ordinary shares at ZAR5.75 a share (US$0...
Yamama Cement sees 3Q profit fall
Yamama Cement reported a 30.5 per cent YoY fall in sales to SAR164m (US$43.7m) in 3Q17 from SAR236m in 3Q16. The company’s net profit decreased 48.1 per cent from SAR56.3m to SAR29.2m over the same period.
JSW Cement Ltd plots 20Mta capacity by 2019 with IPO
JSW Cement Ltd signalled its intention to expand capacity to 20Mta from its current 12.5Mta and launch an initial public offering (IPO) sometime after the 2019 general election, the company's Managing Director, Parth Jindal, said on Monday. Mr Jindal said that the capital raised through the IPO will be used to further expand capacity as the company aims to be one of the top three cement manu...
Venezuela: Llas Lanadas commissions Line 2
On Friday, 13 October the second line of the Las LLanadas plant in Trujillo, Venezuela, was commissioned, increasing the cement works’ capacity by 0.5Mta to 1.35Mta. Line No 2 includes a 64m-long kiln and General Lynch Dávila, president of the Corporación Socialista de Cementos, which owns the cement plant, said that the company’s technology “is a model throughout the South American region....
Jalan Cement faces forensic audit
Securities and Exchange Board of India (SEBI) has ordered for a forensic audit of Jalan Cement Works, after finding prima facie evidence of misrepresentation of financials by them. The watchdog has ordered the appointment of independent forensic auditors to verify any misuse of the books of accounts or funds as well as any misrepresentation including of financials and business of the firm. S...
PPC is a new target for CRH
CRH is among companies considering a counterbid for PPC that could trump an offer by Canada’s Fairfax Financial Holdings, according to Bloomberg sources. PPC’s future has been considering a merger with rival AfriSam Group failed and Toronto-based insurer Fairfax made a partial offer for ZAR2bn (US$149.5m) of PPC stock at ZAR5.75/share. PPC has a market value of ZAR11bn (€689m). Fairfax’s ...
Thomas Gruppe to buy Gebr Seibel Zementwerke
Thomas Gruppe (revenues estimated at EUR300m) confirmed on Thursday 12 October 2017 that it was taking over Portland-Zementwerke Gebr Seibel GmbH & Co KG, in Germany, a family-run business headed by Heinrich and his son Hubertus Seibel. Gebr Seibel Zementwerk has encountered problems due to discount requirements of its main client, Cementbouw (CRH group), ie roughly 120,000t out of 600,000t...
Umm Al-Qura Cement secures US$13.3m bank loan
Umm Al-Qura Cement Company of Saudi Arabia has signed a key Islamic financing agreement with Riyad Bank to secure a SAR50m (US$13.3m) loan. The loan will be used for funding an increase in working capital as well as the capital purchases, the company said in a filing to the Saudi bourse Tadawul. The company has a factory near Taif city with a clinker production capacity of 1.98Mta.