Cement News tagged: Corporate
Tanzania: Tanga Cement 1H16 profits rise 55%
Tanga Cement has realised 55 per cent increase in net operating profit for the past six months despite strong competition from other cement companies as well as cheap cement and clinker imports. Board Chairman, Lawrence Masha, said the company has more than doubled clinker production from 0.45Mta to 1.23Mta. The output increase follows the commissioning of the second kiln at the plant, whic...
Canada: Quebec state investment fund to take controlling stake in McInnis
The Caisse de Dépôt et Placement du Québec has agreed to plans to inject an additional CAD250m (US$193m) into McInnis’s Port-Daniel integrated plant project under a deal which sees the state investment fund take a controlling interest in Beaudier Ciment, McInnis’s majority shareholder. Reuters quotes a spokesperson for the Caisse as stating that the project faced cost overruns of up to CAD5...
United States: Kosmos Cement plant suffers fatality
A person has died after a workplace accident at the Cemex-owned Kosmos Cement plant in Louisville, Kentucky, USA Associated Press reports that local police attributed the accident to a mechanical failure in a pulley system. An investigation is currently underway and the victim has yet to be identified. In April, Kosmos Cement agreed to pay a US$400,000 after admitting negligence that led...
India: Birla Corporation sees Q1 cement profits rise 441%
Birla Corporation has released its quarterly financial results for the three months to the end of June 2016. During this period, Birla’s profits from its cement operations rose by 441 per cent compared to those from a year earlier, standing at INR1.1bn (US$16.3m). Cement revenues were also up, albeit not as spectacularly. In 1QFY16-17 total revenues were INR8.3bn (US$125m), an increase of 1...
Jordan: Northern Cement 2Q16 profits drop
Northern Cement Company have reported a 7.6 per cent decline in profits to JOD3.79m (US$5.4m) for the second quarter of 2016, compared to profits on JOD4.1m seen in the same period last year. Profits for the first half of the year also fell, dropping 8.71 per cent YoY. Profits for the first half of 2016 were JOD6.8m compared to JOD7.4m in the first half of 2015.
India: Mangalam Cement conducts new milling trial
Mangalam Cement has undertaken a trial run of its new 0.75Mta grinding unit, located at Aligarh in Uttar Pradesh. The new unit brings Mangalam’s capacity up to 4.0Mta.
McInnis Cement breaks ground on US cement terminal
McInnis Cement officially broke ground at the new cement company's first US terminal in the Port of Providence. The overall cost of the project is expected to reach US$22m when completed by year-end. Construction will begin shortly on the existing ProvPort warehouse, which will be transformed into a world-class receiving and storing facility. McInnis Cement will also build a modern rail and tr...
India: Prism Cement returns to profit for 1QFY16-17
Prism Cement has announced its trading figures for the first quarter of the 2016-17 financial year, CNBC’s MoneyControl reports. In the three months to June the firm made a net profit of INR156.5m (US$2.3m) as compared to a loss of INR149m (US$2.2m) in the same period last year. Overall revenue was down by 0.6 per cent at INR14bn (US$211m), but expenses declined more rapidly, falling by 2.9...
Indonesia: Indocement cuts production by 1Mt
PT Indocement Tunggal TBK will cease operations at two production lines at its Citeureup plant due to the national cement excess, resulting in a 1Mta drop in output levels. The fall in cement sales in the country resulted in Indocement seeing its domestic sales volume drop 3.7 per cent to 7.9Mt QoQ in 2Q16. However, exports for the company increased by 190,000t when compared to the same per...
India: UltraTech’s plan for Bokaro plant moves forward
UltraTech Cement’s project to build a new 1.5Mta plant at Bokaro in Jharkhand has moved a step closer to realisation after the district authorities gave it their support, the Times of India reports. Rai Mahimapat Ray, managing director of the Bokaro Industrial Area Development Authority, said: "We discussed the additional land requirements for a railway siding, levelling of the allotted 50-...
Nigeria: Dangote Cement to switch to using coal
Dangote Cement has announced plans to begin its own coal mining operations as it switches away from gas as a means for powering its plants. The company will begin producing coal at the Ankpa mines in Kogi State from 4Q16. Previously, Dangote had used natural gas as a fuel for its plants, but interruptions to supply and the revaluation of the naira have caused the company to seek alternative...
China: Asia Cement reports 1H16 loss
Asia Cement (China) has released trading figures for the half of 2016, which reveal that the company made a loss of CNY64.6m (US$9.7m) for the period, ET Net reports. In the same six months in 2015, the company had made a profit of CNY9.85m (US$1.5m). The loss comes on the back of revenues that were down seven per cent YoY to CNY2.8bn (US$420m). The fall in profitability was attributed t...
Saudi Arabia: cement firms come under pressure
Saudi Arabia’s cement activities continue to come under pressure as falling sales volume and profitability remain subdued. Companies’ operational performance was impacted due to lower than estimated average realised price on the back of stiff competition, especially in the central region in 2Q16, coupled with the impact of lower fuel subsidy, reports Al Rajhi Capital. Saudi Cement and Southe...
LafargeHolcim India head joins Executive Committee
LafargeHolcim made the decision to induct Head of LafargeHolcim India, Martin Kreigner, into the Executive Committee of the group, giving him additional responsibilities in southeast Asia. Mr Kreigner will be based out of Mumbai. These recent changes to the executive committee reflect the group and its portfolio’s evolution following divestments and integration, LafargeHolcim said in in a s...
India: Mangalam Cement returns to profit with 1QFY16-17 results
Mangalam Cement, part of India’s Birla Group, has published its business results for the first quarter of FY16-17. These see the company return to profit after reporting a loss of INR205m (US$3m) in FY15-16. In the three months to June 2016, Mangalam Cement made a profit of INR226m (US$3.4m) as compared to an INR205m (US$2.8m) loss in the same period last year. Total revenues were up by ...
India: JK Cement quarterly results
Compared to its performance in the corresponding quarter last year, JK Cement Ltd reported significant growth in both net profit and net sales. The company reported a standalone net profit of INR608.5m (US$9.1m)for the quarter ended 30 June 2016, in comparison to just INR10.5m (US$157,275) last year according to a BSE filing made by JK Cement. The company’s net sales increased to INR8.87bn ...