Cement News tagged: Corporate
Argos sees challenges at home
Cementos Argos announced a net income of COP48bn (US$16m) for the second quarter of 2017 as the US and central America/Caribbean helped to mitigate challenging dynamics in its home market of Colombia. Revenues were down by 1.6 per cent YoY and EBITDA fell by 15.9 per cent YoY to COP367bn. The US was the main contributor to both revenues (54 per cent) and EBITDA (47 per cent). Con...
Fujairah Cement Industries reports 2Q decline
UAE-based Fujairah Cement Industries Co posted a decline in its profits during the second quarter of 2017, according to a bourse statement. Net profits reached AED8.3m (US$2.26m) in 2Q17, compared to AED16.50m (US$4.5m) in 2Q16. The profit decline is mainly attributed to a decrease in its revenues by 16 per cent to AED138.03m in 2Q17 from AED164.20m in 2Q16. In 1H17 profits retreate...
Dangote Cement to operate gas power plant in Tanzania by September
Dangote Cement plans is to set up a gas-powered plant in Tanzania by September to reduce its operational costs and its reliance on diesel. Dangote annunced that it has invested US$90m in the construction of the coal/gas-fired power station to be fed with natural gas at a negotiated rate by the Tanzania Petroleum Development Corporation. Dangote stated that the Mtwara plant increased volume...
Misr Beni Suef sees 41% drop in 1H net profit
Egyptian cement producer, Misr Beni Suef Cement, announced in a statement sent to the Egyptian Stock Exchange, the audited financial results for the first six months of 2017, posting a 41 per cent decline in net profits. The company reported net profits of EGP55,722,455 (US$3,132,487), versus net profits of EGP94,574,290 in the same period a year ago.
FLSmidth reports 11% rise in revenue
FLSmidth reported an 11 per cent rise in revenue and a 25 per cent increase in EBITA in the 2Q17, driven by continued momentum in in orders from service activities. Consolidated order intake grew by five per cent in the three month period while revenue rose to DKK4585m from DKK4135m a year earlier. The growth was attributable to all divisions but Minerals, as mining capital investments remai...
Kuwait Cement sees decline in quarterly profit
Kuwait Cement reported a decline of 37.1 per cent in profits to KWD4.38m (US$14.48m) in the second quarter this year compared to KWD6.96m (US$23.01m) in the same quarter a year ago. In the first half of 2017, the company posted a fall of 17.9 per cent in profits to KWD9.98m compared to KWD12.16m in 1H16, according to a bourse filing issued on Wednesday. The decrease in profits is attrib...
Birla Corp to seek board approval for Mukutban plant
Birla Corp is due to put its proposal plans for a greenfield plant at Mukutban near Yavatmal district, India, before its board of directors for approval. "We are planning to invest around INR2400 crore [US$375m] for the 4Mta greenfield cement plant at Mukutban. We will now go to the board for approval," said Harsh V Lodha, chairman of Birla Corporation, in a press release following the comp...
Gary De La Rosa new MD Argos in Dominican Republic
Colombia-based cement and concrete producer Argos has appointed Gary Manuel de la Rosa as new Managing Director of its operations in the Dominican Republic. "It is very satisfying for our organisation to communicate these movements that enhance the experience and skills acquired, and therefore I assume this new challenge with great optimism focussed on working for the sustainable growth of ...
Eagle posts flat 2Q earnings
Eagle Cement Corp of the Philippines reported a one per cent rise in earnings for the second quarter of this year as wet weather affected results. Net profit edged ahead to PHP1.9bn (US$37.5m) during the quarter versus PHP1.03bn a year ago, while net sales increased by six per cent to PHP3.71bn. "Historically second quarter is slower because of the rainy season," Eagle Cement President a...
Saudi cement sales rise 12% in July
Cement sales of companies operating in Saudi Arabia recorded an increase of 11.53 per cent in July 2017. Sales rose to 3.49Mt in July 2017, compared to 3.13Mt during the same month of the previous year. The companies’ gross production grew by five per cent YoY to 3.37Mt in July 2017 from 3.2Mt, according to a monthly report issued by Yamama Cement Company. On the other hand, cement ...
Shanshui Cement expects first-half loss to narrow
China-based Shanshui Cement expects that the group will continue to record a net loss for the six months ended 30 June 2017. However, the loss is expected to narrow compared with the corresponding period of 2016 mainly due to the increase in average selling prices. In addition, the Jinan government is assisting the company to restructure the board of directors and senior management of Shando...
Paraguay: INC reduces cement price as output increases
Paraguay-based Industria Nacional del Cemento (INC) has reduced cement prices to PYG36,500/bag from PYG39,800/bag - the third price reduction in the past four years. Production costs at the Vallemi plant are falling. The switch from fuel oil to petcoke has enabled the company to save US$20m. In addition, cement production increased to 180tpd from 80tpd during the same time frame. “From 1 Ja...
Tabuk and Al Jouf net profit dragged down by lower demand
Saudi-based producers Tabuk Cement and Al Jouf Cement have reported a decline in second quarter net profit due in part to lower demand. Tabuk Cement, which operates a 1.2Mta plant in Duba, said net profit fell by 93.84 per cent YoY to SAR1.3m (US$346,619). Quarter-on-quarter, net profits fell 85.06 per cent. The smallest of Saudi’s established grey cement producers, Tabuk Cement attributed ...
RAK Cement Co swings to second-quarter loss
UAE-based Ras Al Khaimah Cement Company (RAK Cement) incurred a loss in the second quarter of 2017 as revenues declined by 26.6 per cent during the period. The company recorded a loss of AED3.5m (US$950,000) in 2Q17 versus a profit of AED2.46m (US$700,000) in the year-ago period, according to a filing to the Abu Dhabi Securities Exchange (ADX). Revenues were down to AED41.94m compared with A...
Holcim Indonesia half-year sales decline 10% YoY
Holcim Indonesia reported a 10 per cent decline in sales to IDR4288bn in the first half of 2017 due to “tough market conditions exacerbated by the timing of Ramadan,” the company said in a statement. The subdued domestic economy and oversupplied market environment continued to suppress prices. However, the cost of sales was down by nearly two per cent reflecting the implementation of cost ef...
Lafarge board approves merger with Unicem, Atlas Cement
The board of directors of Lafarge Africa has approved the commencement of a merger with United Cement Company (Unicem) and Atlas Cement Co, according to a statement by the company published on the website of the Nigerian Stock Exchange (NSE). The company will now seek the approval of the Securities and Exchange Commission and all other relevant regulatory bodies to further the implementatio...