Cement News tagged: Corporate
Sinai Cement posts 1H consolidated net loss of EGP153m
Sinai Cement incurred consolidated net losses of EGP153.2m (US$8.7m) in 1H17, vs net profits of EGP15.4m in 1H16, the company announced in a statement to the Egyptian stock exchange. The Egyptian cement producer also posted standalone net losses of EGP155.4m in the first six months of 2017, compared with EGP14.8m in the year-ago period.
Hanson makes two new management appointments
Hanson Cement UK (HeidelbergCement group) has made two senior appointments within its bulk products division, as part of strategic drive to improve customer service. Phil Matthew joins the business as field sales manager, and John Doolan has been promoted to key account manager. Both new recruits will work together to strengthen new and existing customer relationships, reporting to Mark Hick...
San Miguel, Northern Cement form JV
San Miguel Corp (SMC) has formed a joint venture with Northern Cement Corp to establish a cement plant in Sison, Pangasinan, Philippines. The joint venture company will be controlled by SMC via a 70 per cent stake while the remainder of shares is owned by Northern Cement, which is owned by SMC chairman, Eduardo Cojuangco Jr. Tycoon Ramon Ang is president of both SMC and Northern Cement. ...
Bamburi posts decline in half-year profit
Bamburi Cement posted a 36 per cent decline in its half-year net profit to KES1.8bn (US$17.4m) compared to a KES2.8bn recorded in the first six months of 2016. Turnover stood at KES17.5bn which is KES1.6bn behind prior year while operating profit reduced from KES4.1bn to KES2.7bn. Management attributed the decline to a difficult business environment in Kenya characterised by a contracting...
CMS reports rise in 2Q net profit
Cahya Mata Sarawak Bhd's (CMS) net profit jumped to MYR64.73m (US$15.2m) in the second quarter ended June this year from MYR7.9m in the same period a year ago. The increase is mainly attributed to lower handling costs, cheaper imported clinker bricks and lower clinker production costs brought about by the stable production and lower coal prices in the cement, construction and road maintenan...
PPC Zimbabwe achieves record cement volumes
PPC has recorded the highest production volumes in Zimbabwe for the first time in 18 years following the opening of its new US$82m grinding plant in Harare. The group's interim CEO, Johan Claassen, said Zimbabwe operations continue to exceed expectations, with the investment in the 1.8Mta Harare mill contributing to volume growth. "PPC Zimbabwe also saw double-digit volume growth compared ...
Hyundai Cement seeks to build solar power plant
South Korean cement producer Hyundai Cement Co is looking to build a photovoltaic (PV) power plant at its existing cement facility in Dangyang. The consortium of Hanil Cement and LK Investment Partners, which gained ownership of Hyundai Cement last month, is considering using some part of the company’s Danyang factory site in North Chungcheong Province to build a solar energy farm. It aims ...
Susumu Ando Ube Singapore's Nominee Director for Tokyo Cement Co (Lanka)
Tokyo Cement announced the appointment of Susumu Ando as the Nominee Director for Ube Singapore Pte Ltd to the Tokyo Cement Company (Lanka) PLC's Board of Directors effective from 28 July 2017. Susumu Ando is currently serving as the Managing Director of Ube Singapore Pte Ltd, which recently increase their stake in Tokyo Cement. He joined the Ube Group in 1997 with a Bachelor of Commerce de...
Bestway and Cherat show good financial results
Bestway Cement Ltd has announced earning a profit of PKR13.29bn (US$126m) for the financial year ended 30 June 2017, against PKR11.88bn in corresponding period last year. This showed profits jumped by 12 per cent for the Pakistan-based cement producer. The company announced a final cash dividend of PKR3/share, which is in addition to interim dividend already paid at PKR9/share. Gross turn...
Changes to PPC executive team
PPC has appointed Njombo Lekula as managing director of its Southern African Cement division. Previously the managing director of Rest of Africa Cement, Mr Lekula has been with PPC for 27 years, holding a number of cement manufacturing and executive management roles. Meanwhile, Mokate Ramafoko has been appointed as the managing director of Rest of Africa Cement. He is a chemist by professio...
Fauji Cement's second line to reopen in October
The second production line of Fauji Cement Company Ltd (FCCL) in Pakistan is expected to restart from October this year, easing pressure on company revenues weighed down by the cost of clinker procurement, a brokerage reported on Tuesday. Production from Fauji Cement’s major unit, located in Punjab, was suspended in May 2016 after a silo collapse, rendering the 7200tpd (2.2Mta) clinker prod...
Zambians to receive jobs at new Chongwe cement plant
About 85 per cent of the works at Sinoma Mpande Limestone Ltd's new cement plant in Chongwe, Zambia, have been completed, according to the company's Managing Director, Zhang Yuanci. Mr Yuanci said the plant is expected to be commissioned in March 2018 and once fully operational, over 600 Zambians will be offered jobs. "We plan to send Zambians for further training in China, after which...
Thatta FY16-17 performance hit by higher costs
Pakistan producer Thatta Cement Co reported a 5.4 per cent decline in net profit to PKR614.43m (US$5.8m) for FY16-17. Net sales rose increased by 28 per cent YoY to PKR3.656bn versus PKR2.846bn a year earlier. However, the company incurred selling and distribution costs of PKR101.03m and administrative expenses of PKR148.31m, representing increases of 41 and 30 per cent, respectively. ...
Metso to divide its Minerals Services into two business areas
Metso Corporation announced that its Minerals Services business area will be divided into two separate business areas: Minerals Services and Minerals Consumables. Both new business areas will work in close co-operation with the Minerals Capital business to offer optimal end-to-end solutions for their customers, the company said in a statement. The heads of the business areas will report to ...
Anhui Conch Cement Co revenue up 33.1%
Anhui Conch Cement Co Ltd said revenue for the first six months ended 30 June 2017 increased by approximately 33.1 per cent YoY to CNY31,907.92m (US$4794m). Profit attributable to equity shareholders amounted to CNY6.7bn, representing an increase of approximately 100.64 per cent over the corresponding period of last year. The company attributed the boost to a ‘significant’ increase in price...
Prism Cement appoints Manish Bhatia as CFO
India-based Prism Cement has appointed Manish Bhatia as chief financial officer following the resignation of Pramod Akhramka. Mr Bhatia has more than 20 years of experience in the core fields of accountancy as well as finance and commercial activities as well as other areas regarding mergers and acquisitions, due diligence, strategy, ERP, etc.