Cement News tagged: Corporate
Gornozavodsktsement FY16 net profit down to RUB370.8m
Gornozavodsktsement reported a -9.9 per cent drop in revenues to RUB3.65bn (US$64.7m) in FY16 vs RUB4.05bn in FY15, according to Russian accounting standards. FY16 net profit fell -45.4 per cent YoY from RUB679.3m to RUB370.8m.
Canada: McInnis's transport network progresses
McInnis Cement is actively developing its distribution network that will support the delivery of cement to its customers. Commercial operations are scheduled to begin this spring. "As the work continues with the intensity required to start our plant operations on time, our team is working extremely hard to complete the final pieces of the puzzle for both logistics and distribution," said Mc...
EU reportedly set to block HeidelbergCement, Schwenk's Cemex Croatia deal
EU antitrust regulators are set to block HeidelbergCement and Schwenk's joint bid for Cemex's Croatian unit barring a last minute change of mind, Reuters reports. The European Commission, which opened an investigation into the deal in October last year, has not been convinced so far by the companies' offer to lease a terminal on the Dalmatian coast to a rival to address its concerns, the news...
Tongyang Cement changes its name to Sampyo Cement
South Korea’s cement producer Tongyang Cement & Energy Corp that had been the parent company for the now-defunct Tonyang Group has changed its company name to Sampyo Cement during its shareholders meeting held in Gangwon Province, east of Seoul, on Friday.
LafargeHolcim establishes new European Works Council
LafargeHolcim and employee representatives in Europe have renewed their commitment to social dialogue by establishing the new European Works Council (EWC). The EWC will enable representatives from 19 countries to take part in consultations and dialogue with senior leaders from LafargeHolcim at a transnational level. The EWC was officially established today based on an agreement signed by Laf...
Siam City Cement plans refinancing bond
Siam City Cement, Thailand’s second-largest cement producer, has been on the road to meet fixed-income investors for a planned sale of THB13bn (US$377.8m) bond. The proceeds are expected to refinance maturing debt, including bridging loans for acquisitions in Sri Lanka and Vietnam. The company had obtained a THB18.9bn 12-month bridging loan to purchase a 65 per cent stake in Holcim Vietnam i...
HeidelbergCement issues a Eurobond
HeidelbergCement priced a Eurobond issue under its EUR10bn EMTN programme with an issuance volume of EUR1bn and a maturity date of 7 April 2026. The proceeds of the transaction will be used for general corporate purposes and the refinancing of upcoming maturities. The nine year bond bears a fixed coupon of 1.625 per cent annually. The issue price is at 99.626 per cent, resulting in a yield to...
Ukraine: Mykolaivcement returns to profit in 2016
PJSC Mykolaivcement, owned by CRH of Ireland, reached a net profit of UAH31.394m (US$1.16m) in 2016, a considerably improved result when compared with the 294.6m loss reported in 2015. Current liabilities decreased by 33.4 per cent to UAH 212.621m, while long-term liabilities increased by 10.3 per cent to UAH 711.125m. PJSC Mykolaivcement operates a 1.4Mta plant in Mykolaiv, in Ukraine’...
India: Emami commissions 2Mta grinding plant in West Bengal
Emami has commissioned its 2Mta cement grinding unit at the Panagarh Industrial Park in the Burdwan district of West Bengal, India. The INR7bn (US$107m) works has been developed on a 65-acre site and is part of the INR3.5bn, 5.5Mta cement production complex. The company operates a clinker plant and a grinding unit at Risda in Balodabazar district, Chhattisgarh with a further 1.8Mta grinding...
Titan FY16 results bring net profits of EUR278.6m
Titan Group's 2016 financial results recorded a significant improvement in profitability, thanks to the continuing growth of the US market and the recovery of results in Egypt. Consolidated turnover reached EUR1509m, posting an eight per cent increase compared to 2015. EBITDA increased by 28.7 per cent to EUR278.6m while net profit after minority interests and tax provision, stood at EUR1...
Lafarge Africa reports EBITDA FY16 of NGN29bn
Lafarge Africa plc reports a significant increase in profit after tax in 4Q16 while net sales and operating EBITDA rose by 12 and 288 per cent, respectively in 4Q16. However, operating EBITDA for FY16 fell to NGN29bn (US$95m) from NGN67.3bn in 2015. Profit after tax in FY16 reached NGN16.9bn. Net debt was reduced to NGN108.3bn, below the NGN120bn announced, notably supported by capex contro...
Adelaide Brighton appoints Zlatko Todorcevski as non-executive director
Australia’s Adelaide Brighton has appointed Zlatko Todorcevski as non-executive director with effect from 22 March 2017. Mr Todorcevski is President of the Group of 100, the peak body for Australia's Chief Financial Officers from the nation's major private and public business enterprises. He is also Chairman of the Accounting and Auditing Standing Committee of the Australian Securities and I...
Nepal: Hetauda Cement sees improved pricing environment
Nepal-based cement producer Hetauda Cement Factory recorded a profit of NPR40m (US$382,292) in the last fiscal year and is now targeting a profit of NPR200m in the current fiscal thanks in part to higher cement prices. The state-owned cement factory was forced to shut down operations for five months in the previous fiscal due to a shortage of coal triggered by the trade embargo. However,...
Cimpor books larger loss in 2016
With declining volumes in Cimpor's three most important markets. In Brazil, Argentina and Portugal, the turnover fell by 26.1 per cent in 2016 to EUR1842.8m and EBITDA came off by 32.9 per cent to EUR352.6m. After a EUR584m impairment charge against the goodwill carried in Brazil, the total depreciation and amortisation charge was more than trebled to EUR781.5m, giving a trading loss of EUR...
Lafarge Malaysia earnings expected to bounce back
Lafarge Malaysia Bhd’s (Lafarge) earnings are expected to bounce back in FY17 and FY18 on the back of local cement sales growth as well as contributions from its collaboration with the federal government, according to analysis by AmInvestment Bank Bhd quoted in The Borneo Post. Following a disappointing FY16, the investment bank anticipates that Lafarge’s earnings are expected to rise by 4...
Arkan to close UAE factory
Building materials industrial conglomerate Arkan has announced its decision to permanently close its Emirates Cement Factory (ECF) in Al Ain, Gulf Digital News has reported. The announcement from Arkan's board comes following the successful consolidation of the company's cement business. Arkan had announced in December that owing to significant gas and electricity price increases from 1 ...