Cement News tagged: Corporate
India: LafargeHolcim increases stake in Ambuja and ACC
LafargeHolcim has increased its shareholding in Ambuja Cement through the purchase of an additional 39.1m shares, increasing the Franco-Swiss firm’s stake by 1.49 per cent to 63.1 per cent. LafargeHolcim also increased its stake in ACC – since mid-2016 a subsidiary of Ambuja – with the purchase of 7.9m shares, taking its stake to 4.5 per cent. The cost of the two purchases amounts to CHF...
Zimbabwe: PPC commissions its Harare grinding unit
PPC Zimbabwe says it expects to increase exports into the region after commissioning a US$85m grinding plant in Harare which will double the firm’s cement production capacity to 1.4Mta. "We have to intensify our efforts to try capture that market but already we are at a disadvantage because the manufacturing cost in Zimbabwe is pretty high. So to compete in those markets will be pretty dif...
UAE: National Cement Co sees 46% fall in 3Q profits
National Cement reported a 46.2 per cent drop in third-quarter net profits to AED9.85m (US$2.7m) from AED18.31m 3Q15. For the first nine months of 2016, the company posted net profits of AED73.48m, down from AED88.52m reported in the equivalent period of last year.
FLSmidth MAAG Gear appoint new CEO
Helmut Holz is the new CEO of FLSmidth MAAG Gear. He follows Simon Jensen, who has accepted a new position as Managing Director, Head of FLSmidth Middle East, Group, with base in the United Arab Emirates. Helmut Holz has commenced his work on 1 November 2016. He has 20 years of experience from different companies within the gear business and brings therefore with him an extensive knowledge o...
UAE: Fujairah Cement profits up 59%
Fujairah Cement Industries Co reported an increase of 58.9 per cent in profits in 3Q16 as compared with the same period a year ago. Earnings rose to AED12.39m (US$3.37m) in 3Q16 from AED7.8m (US$2.12m) in 3Q15, the company said in a bourse statement issued on Sunday. In the first nine months of this year, Fujairah Cement, which is listed on both KSE and ADX, saw a 84.8 per cent YoY jump...
Kenya: EAPCC profits down 42%
East African Portland Cement Company (EAPCC) reported a 42 per cent drop in full-year net profit as a result of increased operating costs. Financial statements recently published show the company’s net profit fell from KES7.15bn (US$70.3m) in the 12 months ending June 2015 to KES4.14bn in the year ended June 2016. This drop in net profit has been largely attributed to an increase in operati...
Lafarge Surma Cement and Holcim Bangladesh in merger talks
Lafarge Surma Cement Ltd (LSC) has reportedly started talks with Lafarge Holcim Group to merge with Holcim Bangladesh Ltd (HBL). Lafarge Surma Cement, in a notice to Dhaka Stock Exchange last week, informed that the company is exploring the opportunity of combining LSC's business with HBL. A merger has the potential to create significant synergies as well as further position both HBL and LSC...
Buzzi Unicem releases 9M16 results
Buzz Unicem reports that from January to September 2016 cement and clinker sales of the group totalled 19.5Mt, up 1.2 per cent from the previous year. Consolidated net sales were in line with the previous year, increasing from EUR1998.1m in September 2015 to EUR1.9985m in the period under review, while EBITDA came in at EUR416.2m (+64.1m, equal to +18.2 per cent). Europe In Italy cemen...
Kenya: East Africa Portland Cement sees 2015 profits fall 42%
East Africa Portland Cement Company (EAPCC) has announced that its profits for the financial year ending in June 2016 were KES4.2bn (US$41m), having fallen by 42.1 per cent in comparison to the previous year. According to reports in the Nation newspaper, EAPCC’s revenues rose by 5.4 per cent to KES8.9bn, but higher expenses – including financing costs that were up by 67.3 per cent – and inc...
PT Semen Indonesia domestic sales down 6%, export more than double
PT Semen Indonesia’s domestic cement sales dropped six per cent YoY to 2.55Mt in October from 2.71Mt. However, the company saw its export sales rise from 28,302t in October 2015 to 62,829t one year later. For the first 10 months of 2016, domestic sales edged up from 20.93Mt in 10M15 to 21.19Mt. Cement exports rose 15.2 per cent YoY from 419,767t to 483,745t.
ThyssenKrupp Industrial Solutions' CEO resigns
Jens Michael Wegmann informed the Executive Board of thyssenkrupp AG this week that he is standing down as CEO of the Industrial Solutions business area with immediate effect and leaving the company The Executive Board thanked Mr Wegmann for his work at the company. "We thank Jens Michael Wegmann for his outstanding work. With his comprehensive transformation program planets he has strateg...
Magnesita records profits of US$40.1m Jan-Sep 2016
Magnesita Refractários recorded a profit of US$40.1m between January and September 2016. The refractory company's EBITDA was US$115.9m in the period, while the EBITDA margin reached 16 per cent, against 15.6 per cent in the same period of 2015. Net revenue reached US$725m in the year. Magnesita International Chairman and CEO, Octavio Pereira Lopes, highlighted the results achieved in the fac...
Two ratings firms improve gradings for HeidelbergCement
S&P Global Ratings and Moody's have upped their investment ratings for HeidelergCement following the company's 3Q16 results and the Italcementi acquisition. S&P Global Ratings has assigned a BBB-/A-3 company rating to HeidelbergCement. S&P also upgraded the issuance ratings of Italcementi from BB/B to BBB-/A-3. The outlook on all ratings is stable. “We are very happy about the positive rat...
USA: CRH share price rises on Trump's election
CRH's shares shot up by eight per cent on the Irish Stock Exchange (Iseq) yesterday on the back of Donald Trump's US Presidential win adding EUR2bn to the company's market capitalisation, valuing it at EUR26.8bn. CRH's shares soared to a more than nine-year high after Mr Trump confirmed in his acceptance speech that he intends pumping money into US infrastructure projects, including roads, ...
FLSmidth's 1Q-3Q16 revenue down 12%
FLSmidth reported that its interim accounting period for July -September saw revenues of DKK4774m (US$699.7m) down four per cent, while revenues over the longer 1Q-3Q16 period reached DKK12.6bn (US$1.8bn), down 12 per cent on 1Q-3Q15. Order intakes amounted to DKK4133m in the 3Q16m while EBITDA amounted to DKK421m in 3Q16 down two per cent on 3Q15. It was announced in August 2016 that c...
Cementir 9M16 results affected by foreign currencies
Cementir's results for the first nine months of 2016 were down on 2015 mainly because of the depreciation of the major foreign currencies, which had a negative effect of EUR6.3m on EBITDA, claims the Italian company. Sales gains of 1.8 per cent in the Scandinavian countries and Malaysia failed to offset the weakness of the Italian market and other negative effects in Turkey. The depreciation...