Cement News tagged: Corporate
Kuwait Cement 3Q profits up 19%
Kuwait Cement posted a 19 per cent YoY growth in profits for the 3Q16. Earnings increased to KWD3m (US$9.9m) in 3Q16 compared to KWD2.55m in 3Q15. However, during the nine month period profits fell seven per cent to KWD15.2m from KWD16.3m in the same period last year. This decline in 9M profit was attributed to a decreased in gross profits by KWD1.45m as well as a decline in investment profit...
India: Orient Cement posts US$4.4m Q3 loss
Orient Cement has recorded a loss of INR294m (US$4.4m) for the quarter to the end of September 2016, CNBC’s Money Control reports. The loss stands in contrast to the same period last year, in which Orient made a profit of INR280m. The current quarter did see revenues rise by 11 per cent to INR4.45bn. “Our markets and plants underwent some difficulty because of monsoon rains. It led to op...
HeidelbergCement sees improved results across the board for 3Q16
In its first results that include the consolidation of Italcementi, HeidelbergCement reported a significant improvement in sales volumes, revenue and operating income in the third quarter of 2016. Cement sales jumped 52 per cent to 33Mt while aggregates volumes advanced 11 per cent to 80Mt and ready-mix concrete deliveries were up 29 per cent to 12Mm 3 . In terms of deliveries, demand rose ...
India: Ramco sees 45.6% increase in 2QFY16-17 net profit
Ramco Cements reported a 45.6 per cent rise in net profit to INR2.07bn in the second quarter ended 30 September 2016 compared to INR1.42bn for the same quarter a year ago. The company’s income increased 13.8 per cent from INR10.32bn in 2QFY15-16 to INR11.74bn in the 2QFY16-17.
Bolivia’s Morales signs off 1.3Mta cement works plan
President Evo Morales authorised the construction of a US$306m cement plant in Potosí, Bolivia. The new 1.3Mta works will be built in Cutara, near Karachipampa, near an important limestone deposit. Around US$245m is earmarked for the actual plant while the remainder will be spent on complementary services such as electricity, gas, roads and the installation of potable water.
Dangote Group to spend US$20bn on investments by 2020
Dangote Group is planning to invest over US$20bn (NGN630.5bn) and engage over 200,000 additional workers in various projects to impact the Nigerian and African economy by 2020. While most of its output comes from four plants in Nigeria, Dangote Group Executive Director, Mansur Ahmed, said there were several other cement works in various other African countries. "We have grown in terms of...
India: demand set to rise in Telangana and Andhra Pradesh
Manufacturers in the southern Indian states of Telangana and Andhra Pradesh have said that they expect cement demand to increase by around 20 per cent over the next 2-3 years, reports The Hindu newspaper. “The ongoing infrastructure projects in the two states along with government demand for welfare schemes are expected to drive growth for next two-three years,” said S Sambasiva Rao, execut...
Sumitomo Osaka Cement reports 4.4% rise in 1H net profit
Sumitomo Osaka Cement Co saw a 4.5 per cent YoY fall in revenues from JPY115.65bn (US$1.11bn) to JPY110.44bn in the first half ended 30 September 2016. While its pretax profit also decreased over the one-year period, from JPY11.25bn to JPY10.43bn, the company was able to report a 4.4 per cent YoY rise in net profit from JPY7.67bn to JPY8.01bn in April-September 2016. For the full-year ...
Cimentos de Moçambique increases prices 5-10%
Cimentos de Moçambique, Mozambique’s largest cement producer, has raised its prices by 5-10 per cent. The lowest price rise recorded in the company’s two plants in Matola, southern Mozambique. The price of a 50kg bag of cement rose from MZN347 (US$4.49) to MZN364. In the northern port of Nacala, price increases were higher, from MZN390 to MZN429/50kg bag, while at the central Mozambican ...
Raysut: Barwaaqo Cement makes steady progress
Raysut Cement’s cement plant project in Berbera, Somaliland, is progressing well, according to company sources. Barwaaqo Cement Co has completed soil investigation studies and is moving to select contractors. “The Engineering-Procurement-Construction (EPC) contractor shall be selected shortly. The project is expected to be complete within 12 months from the date of selecting the EPC contract...
India: Shree Cement Q2 net profit up 18%
Shree Cement reported an 18.3 per cent YoY rise in its standalone net profit for the quarter ended 30 September 2016. Standalone net profit stood at INR2.91bn (US$43.7m) in the quarter compared to INR2.46bn in the same period last year. Total standalone income was up 17.6 per cent to INR22.5bn in the quarter, compared to INR19.1bn last year. Total expenses registered higher at INR20.3bn aga...
India: My Home Industries to commission INR2.5bn plant
My Home Industries has announced that it will commission its 1.5Mta plant in Tuticorin, Tamil Nadu, in January 2017. The Tuticorin plant will represent a INR2.5bn (US$37.5m) investment and considerably increase the company’s access to both southern and eastern markets. Executive Director of the company, S Sambasiva Rao, told reporters that the new plant “will increase our cement production ...
India: Dalmia OCL merger
The boards of Dalmia Bharat Ltd and OCL India have decided to merge the two entities, creating the fourth-largest cement manufacturer in India with a total capacity of 25Mta and annual revenues of approximately INR100bn (US$1.5bn). OCL will merge with Dalmia Bharat and will issue fresh shares for public shareholders in lieu of their ownership in OCL. Public shareholding in OCL stands at a l...
Jamaica: Caribbean Cement new GM and quarterly results
Peter Donkersloot Ponce will replace Alejandro Vares Leal as Caribbean Cement Company’s (CCC) general manager, effective 7 November 2016. Mr Leal is leaving the company to accept the position of vice president of infrastructure and government sales at Cemex Mexico. Cemex is the top shareholder in CCC’s parent company, Trinidad Cement Ltd. Mr Ponce has over 10 years’ experience in the indust...
Ghana: Western Diamond Cement plant inaugurated
President John Mahama inaugurated the new 1Mta Western Diamond Cement plant at Bokro on 4 November. He said the decision of Western Diamond Cement to set up an ultra-modern cement factory in the western region will attract more investors into the country. Speaking at an inaugural ceremony of the factory in Bokro in the Ahanta west district, President Mahama said the US$50m plant is an ind...
LafargeHolcim 3Q16 net sales 3.1% lower
LafargeHolcim's 3Q16 net sales amounted to CHF7.03bn, 3.1 per cent lower on a like-for-like basis on 3Q15. For 9M16 net sales reached CHF20.3bn, down -1.8 per cent on a like-for-like basis on 9M15. Eric Olsen, CEO of LafargeHolcim, said: "With these results, we are demonstrating that our focus on pricing, synergies and cash flow is delivering results. Our earnings momentum is accelerating and...