Cement News tagged: Corporate
XXIV Cemex Building Award winners announced
Cemex announced the winners of the XXIV Edition of the Cemex Building Award at an awards ceremony held in the Colegio Vizcainas, a nonprofit educational institution in Mexico City. This year’s Cemex Building Award received 637 entries in the Domestic Edition and 36 entries in the International Edition. The participants’ buildings were constructed in Colombia, Costa Rica, Croatia, the Dominic...
Jorge Mario Velásquez appointed new Grupo Argos CEO
Grupo Argos’ Board of Directors unanimously appointed Jorge Mario Velásquez as its new CEO, effective March 2016 following the retirement of incumbent chief, José Alberto Vélez. The selection process was headed by the Committee of Appointments and Retributions of the Board of Directors, mainly formed by independent members, and was supported by a firm specialised in selection of directive s...
Italcementi’s North American and Bulgarian cement volumes ahead, but softer elsewhere
Italcementi's turnover improved by 3.2 per cent to EUR3217m in the first nine months the year and the running EBITDA was 1.7 per cent ahead to EUR482.9m, while the trading profit eased by 0.4 per cent to EUR165.6m. The net interest charge declined by 14.9 per cent to EUR85.0m and, after other items, the pre-tax profit rose by 31.8 per cent to EUR60.9m in the absence of impairment charges. A...
Cemex says strong dollar may delay higher debt rating
Mexican cement major Cemex said on Thursday that the strength of the US dollar could postpone the ability of the company to win back an investment grade debt rating, according to a report by Reuters. Cemex, burdened with a heavy debt load from its 2007 acquisition of Australia's Rinker, has been focusing on reducing debt in a bid to regain an investment-grade rating by 2018. "The question no...
India: Udaipur Cement Works sees 12.6 per cent YoY gain in Jul-Sep revenues
Udaipur Cement Works reported total revenues of INR214.9m (US$3.24m) , down 4.3 per cent QoQ, but up 12.6 per cent YoY. The company also recorded a net profit of INR15.6m for the quarter ended September 2015, a significant improvement when compared with the previous quarter when a INR14.6m loss was posted as well as with the previous year’s Jul-Sep quarter, which saw a INR15m loss
Egypt: Alexandria Portland Cement Co sees EGP116m loss in 9M15
Egypt’s Alexandria Portland Cement Company reported a EGP116m (US$14.4m) loss in the first nine months of 2015, in an official statement to the Egyptian Stock Exchange (EGX). This compares with a 9M14 profit of EGP71m. The latest results continue the trend noted in 1H15, where the company recorded losses worth EGP 67.7m, unlike in the first six months of 2014 when its profits stood at EGP...
Plans to convert Binani Cement debt into equity
Lenders to India’s Binani Cement are planning to convert a total debt of INR30bn in the company to equity. The debt-to-equity conversion is being contemplated under the strategic debt restructuring (SDR) guidelines of the Reserve Bank of India (RBI). The consortium of 18 banks led by the Central Bank of India are looking at converting the debt to equity, giving lenders a majority stake. "Th...
Titan performs strongly in the USA
Titan's turnover improved by 18.9 per cent to EUR1029.5m in the first nine months of 2015 and EBITDA was up by 12.6 per cent to EUR165.2m, though in the third quarter EBITDA was ahead by just 3.8 per cent, reflecting the weakness in Greece. The trading profit for the nine months was 17.9 per cent higher at EUR80.5m and, after a 14.6 per cent increase in net financial charges and a positive ...
Moody's upgrades Boral's long-term rating to Baa2; outlook stable
Moody's Investors Service has upgraded Boral Limited's issuer rating and senior unsecured rating to Baa2 from Baa3. The outlook on this rating changed to stable from positive. At the same time, Moody's has upgraded the commercial paper of Boral Limited, Boral Industries, Inc., Boral International Holdings, Inc. to P-2 from P-3 and upgraded the other short term rating of Boral Ltd to P-2 from...
Spain: Cementos Molins 9M net profit rises 38%
Spain's Cementos Molins registered a net profit of EUR41.9m in the first nine months of the year, up 37.6 per cent YoY, according to the company. Total sales reached EUR473m, an increase of nearly 22 per cent YoY while operating profit reached EUR19.07m, advancing 1.9 per cent when compared with a year ago. The “negative result” for Spain was more than offset by its operations abroad, w...
US House of Representatives passes multi-year highway bill
The Portland Cement Association (PCA) has applauded the US House of Representatives for today’s passage of the Surface Transportation Reauthorization & Reform Act (STRRA), a multi-year federal highway bill. With passage of this bill Congress moves one step closer to completing work on vital infrastructure legislation that will help spur economic growth across the country. The bipartisan meas...
TCL quarterly revenue boosted by higher volumes, clinker exports
Trinidad Cement Ltd's (TCL) revenue rose by seven per cent in 3Q15 to TTD550.1m (US$86.3m) compared to TTD513.7m a year earlier, mainly to increased cement sales volume of 13 per cent in its domestic markets and higher clinker exports. During the second quarter the group was able to successfully refinance the restructured debt with a bridge loan and in so doing, benefitted from prepayment...
HeidelbergCement 3Q15 revenue rises 3% YoY
HeidelbergCement reported a three per cent rise in group revenue to EUR3.6bn in the first three months of the ‘despite partly adverse market conditions,’ the company said in a statement today. The German cement major said that excluding consolidation and exchange rate effects, revenue decreased by 1.9 per cent. While the effects from changes in the consolidation scope to the amount of EUR23m ...
Kumar Mangalam Birla appointed as Vice Chairman of Century Textiles
Kumar Mangalam Birla, chairman of the US$40bn Aditya Birla Group, has been appointed as Vice Chairman of Century Textiles and Industries. KM Birla is grandson of 94-year-old BK Birla, chairman of Century Textiles. In a filing to Bombay Stock Exchange, Century Textiles said that the decision had been taken at a meeting of the company’s board of directors. For the quarter that ended on 30 Se...
Reliance Infrastructure to sell its cement business, India
Reliance Infrastructure on Wednesday said it has decided to sell its cement manufacturing and road development businesses to focus on defence. "The 5.8Mta cement business and related assets will be disposed off through a formal process. The company has short-listed seven potential buyers from a total of 15 parties that submitted preliminary expressions of interest," according to the company. ...
Karen Moses to join the Board of Boral Ltd
Dr Brian Clark, chairman elect of Boral, yesterday announced that Karen Moses has been appointed as a non-executive Director of Boral Limited, effective 1 March 2016. Ms Moses, who is currently Executive Director, Finance & Strategy, at Origin Energy, is expecting to retire from Origin after February 2016. She joined the Board of Origin Energy as an executive Director in 2009 and did not se...