Cement News tagged: Corporate
ANCAP to shed 200 jobs during its restructuring
While ANCAP is expected to hold onto its three cement units, the restructuring of the company will see the dismissal of 200 personnel. Staff have received the “commitment” from the company’s general manager, Ignacio Horvath, and the Portland Division Manager, Fernando Acuña, that the plants of Paysandú and Minas as well as the Manga distribution centre will remain open. In the past deca...
Bolivia: President opens 2000tpd Itacamba plant
President Evo Morales of Bolivia opened the first integrated cement plant in Itacamba at the weekend, in the department of Santa Cruz. Following an investment of US$220m, the Itacamba Cimento SA 2000tpd cement plant in Yacuses has started commercial production to reduce the country's reliance on imports. The works will guarantee the supply of cement for projects in Santa Cruz and Beni, with ...
Uzbekistan: President visits cement plant construction site
President Shavkat Mirziyoyev visited the site of the new Almalyk mining-metallurgical complex JSC cement plant that is being built in Sherobod district on Frida,y 10 February 2017. The cement plant, which will be built at the territory of 'Vandob' village of this district, at a cost of US$212.8m is expected to produce 1.5Mta of cement. With commissioning of the enterprise, over a thousand new...
UAE: Fujairah sees profit 12% rise in 2016
Fujairah Cement saw a 57.3 per cent drop in its profits during the 4Q16, according to a bourse filing. Profits fell to AED11.07m (US$3m) in 4Q16 from AED25.95m in 4Q15. However, full-year 2016 profits rose 12 per cent from AED50.65m in 2015.
Cemex Latin American Holdings saw lower sales and profit
Cemex Latin American Holdings saw turnover decline by 7.8 per cent to US$1315.3m and EBITDA came off by 5.8 per cent to US$423.7m, with the margin recovering from 31.5 to 32.2 per cent. The trading profit recovered by 10.9 per cent to US$312.2m and after a further 13.6 per cent drop in financial expenses to US$63.7m and other items, the pretax profit advanced by 31.6 per cent to US$248.1m. Aft...
Denmark: FLSmidth 2H16 late order pick up
FLSmidth reports that in its 2H16 results, the EBITA margin was eight per cent (adjusted for one-off costs), adversely impacted by lower revenue, particularly in the first half. Towards the end of the year, activity picked up and the adjusted EBITA margin increased to 9.7 per cent in the fourth quarter. "After a weak first half, activity picked up, finishing the year on a strong note. Ri...
Cemex's consolidated 4Q16 and full year 2016 report
Cemex, SAB de CV announced that on a like-to-like basis for the ongoing operations and adjusting for currency fluctuations, consolidated net sales increased by four per cent during the fourth quarter of 2016 to US$3.2bn, and increased four per cent for the full year 2016 to US$13.4bn, versus the comparable periods in 2015. Operating EBITDA on a like-to-like basis increased by 10 per cent du...
Pakistan: Cherat Cement profit rises by 52%
Pakistan cement producer, Cherat Cement, has announced its 1HFY17 (July-December 2016) financial result. It reported a profit after tax (PAT) of PKR1025m (US$9.75m) during 1HFY17 against a PAT of PKR676m during 1HFY16, up 52 per cent YoY. According to a research report by Al Habib Capital Market, during 1HFY17, Cherat Cement reported a 17 per cent YoY growth in its top‐line attributable to ...
India: Birla sees 8% drop in 3Q income
Birla Corp reported a saw its net profit fall from INR139.9m (US$2.09m) in 3QFY15-16 to INR20.9m in 3QFY16-17. The company attributed the decrease to higher borrowing costs on account of the company’s acquisition of Reliance Cement Co and the reduction of treasury income as internal accruals were used to fund the purchase. Total income shrunk by 8.07 per cent to INR8489m in October-Decem...
Rwanda: new CEO of Cimerwa and PPC Gauteng business unit executive
Former General Manager of PPC Cement’s Hercules and Jupiter operations in Gauteng, Bheki Mthembu, has been appointed the CEO of Cimerwa in Rwanda. Mthembu assumed his new duties as CEO from 1 December 2016 under the guidance of Njombo Lekula, Managing Director of PPC International Operations. With optimisation of Cimerwa currently in progress, Mthembu is looking forward to this new chall...
Vulcan's pretax profit grows by 67%
Vulcan Materials' turnover increased by 4.7 per cent in 2016 to US$3592.7m and EBITDA rose by 17.3 per cent to US$965.5m. After a net interest charge 39.5 per cent lower at US$133.3m, there was pretax profit of US$547.3m, a 66.9 per cent improvement. At the net level there was an 89.7 per cent advance to US$419.5m. Capital expenditure rose by 21.1 per cent to US$350m and is forecast to be in t...
Kuwait Cement to sell stake in Kuwait Food Company
According to reports in ArabianBusiness.com, Kuwait Cement will sell its stake in Kuwait Food Company (Americana) to Gulf-based investment group Adeptio. The US$4.42m deal follows Adeptio’s purchase of a majority stake in Americana, which it acquired in October for US$2.35bn.
ACC appoints Neeraj Akhoury as MD and CEO
Neeraj Akhoury took office on 7 February as new managing director and CEO of ACC. Mr AKhoury joins ACC from Lafarge Surma Cement, where he was CEO. "This is an exciting phase for the company and the cement industry as the government moves ahead with its agenda for transformative economic growth," he was quoted as saying. Mr Akhoury added he will focus on customer service, operating perfo...
India: Ramco Cements reports 28% rise in 3Q net profit
India’s Ramco Cements has reported a 28 per cent YoY increase in net profit to INR1.519bn (US$22.6m) in 3Q16. The company attributes the rise to a reduction in operating costs and lower finance costs at a time when cement sales improved. The companies net revenues rose 17.6 per cent to INR9.647bn in 3Q16 when compared with the same quarter in the previous year.
Zimbabwe: PPC sales to December up 9%
PPC says sales at its Zimbabwe unit rose by nine per cent in the nine months to December 2016 after commissioning its Harare plant. The Harare plant was commissioned in November last year and doubled its total output to 1.4Mt of cement. In a trading update, PPC however, said liquidity challenges in the country continue to harm efforts to import key raw materials. "…management is exploring v...
FCC triples loss but cuts debt by third in 2016
Spain’s FCC closed 2016 with a net loss of EUR165.2m, trebling losses when compared with the previous year. The result was attributed to the impact of the cement business and the exchange rate on the environmental services business the company owns in the UK, the company’s second-largest source of income after Spain. For the company it means the fifth-consecutive year of losses. FCC attribu...