Cement News tagged: Corporate
TARA and Swiss government sign LC3 agreement in Nepal
Technology and Action for Rural Advancement (TARA) signed an agreement on 17 August 2023 with the Swiss Federal Department of Foreign Affairs acting through the Embassy of Switzerland in Nepal for Limestone Calcined Clay Cement (LC3) feasibility studies in Nepal. TARA was represented by Dr Soumen Maity, chief technology officer and Dr Debojyoti Basuroy, senior manager and business lead. The Em...
Mayur appoints CEO of Central Lime Project
Mayur Resources Ltd of Papua New Guinea has appointed John McBride as CEO of the company’s Central Lime project. Mr McBride has extensive technical, operational and commercial experience in global materials companies. He was the CEO of Sibelco’s Lime Division and most recently president of APAC at lime company Graymont. Mayur’s Managing Director, Paul Mulder, said: "We are excited to have a...
Crown Cement to purchase Matarbari fly ash
Bangladesh-based Crown Cement plc will buy fly ash from the Matarbari 2x600MW ultra supercritical coal-fired power plant as raw material for cement production, according to the Daily Star. The company is expected to sign a joint venture agreement with the power plant, according to Md Mozharul Islam, Crown Cement’s company secretary. The fly ash supply will enable Crown Cement to be less ...
South Valley Cement narrows loss in 1H23
Egyptian cement producer South Valley Cement has announced sales of EGP464.01m (US$15.02m) in the first half of 2023, up from EGP326.11m in the same period a year earlier. The 1H23 saw the company post a net loss of EGP76.25m, down 35 per cent YoY from the EGP117.01m loss seen in the opening six months of 2022. South Valley Cement, part of Building Materials Industries Co , currently ...
Pakistan's cement industry’s mixed financial results await at PSX
Cement producers have started posting their financial results on the Pakistan Stock Exchange (PSX) for 4QFY22-23 and the full year of 2023. Mixed results are expected, yet Spectrum Research has stated that higher financial costs and super tax reduce profitability. It adds sluggish economic activities, leading to a decline in the country’s construction materials demand, mainly cement and ...
Lehigh Hanson Cupertino facility to permanently shut
Lehigh Hanson will not be able to restart cement production at its plant and quarry near Cupertino after a legal ruling by Santa Clara County. Earlier this week, the Santa Clara County Board of Supervisors unanimously agreed that the kiln, which has been closed since April 2020, would not reopen, reports The Mercury News. Local residents and environmental groups have been campaigning for th...
James Hardie sees sales slip 5% in 1QFY23-24
James Hardie has posted global net sales of US$954.3m in the first quarter of FY23-24 (ended 30 June 2023), down five per cent from the US$1000.9m seen in the same period a year earlier. Adjusted EBITDA advanced 12 per cent YoY from US$248.9m in the 1QFY22-23 to US$279.1m in the same period a year later, while the adjusted EBITDA margin improved from 24.9 per cent to 29.2 per cent over the sam...
Misr Cement (Qena) reports revenue advance in 1H23
Egypt-based Misr Cement (Qena) Co has reported net sales of EGP1900m (US$61.49m) for the six months ended 30 June 2023, up from EGP1295m in the same period a year earlier. Net profit before income taxes for the 1H23 has come in at EGP86.37m, down from EGP101.46m in the opening six months of 2022, while operating income has advanced from EGP131.62m in the 1H22 to EGP172.98m in the same period...
Fletcher Building posts EBIT growth of 6% in FY23
Fletcher Building’s FY23 financial result continued to build on the progress made in both EBIT levels and EBIT margins over the last several years. “Despite softer residential markets in New Zealand and Australia, and the major New Zealand weather events in the second half, group EBIT before significant items grew by six per cent in FY23 to NZD798m [US$475.7m]," said Fletcher Building Chief...
CRH attracts new investors prior to US move
CRH is attracting new investment prior to its move to the New York Stock Exchange in September this year. According to the Irish Independent, at least 26 hedge funds have announced new or expanded American depository receipts (ADRs) in CRH. In total, hedge funds bought a net 7.53m ADRs in CRH in the three months up to 30 June 2023, reports Bloomberg. Among the investors are Soros Fund Mana...
Bestway Cement sees 16% YoY decline in cement dispatches
Bestway Cement Ltd has reported a 16 per cent YoY decline in total cement disptaches in the fiscal year 2023 (ended 30 June 2023) due to reduced local and export sales volumes. The company attributes the decline to fierce competition. However, Bestway retained its position as the largest cement producer and the market leader in the country on the back of its superior quality and wide product...
Edmonton plant start CCUS system
Heidelberg Materials' Edmonton cement plant is one key step closer to pouring the foundations of a full-scale carbon capture utilisation and storage (CCUS) system that could help make its operations carbon neutral. Five years in the making, a pilot system will pull 300kg per day of carbon from the plant’s production facility. The new CCUS equipment started up on Tuesday and uses technolog...
FLSmidth reports 28% revenue increase in 1H23
FLSmidth has reported revenue of DKK12,415m (US$1822m) in the first half of 2023, compared to DKK9733m in the same period a year earlier. EBITDA fell from DKK770m in the 1H22 to DKK737m in the 1H23, while profit over the same timeframe declined from DKK257m to DKK202m. Cement revenue advanced nine per cent YoY to DKK3252m in the 1H23, while the mining business saw its revenue expand by 26 per ...
Cockburn Cement awards contract to SIMPEC
Cockburn Cement , a subsidiary of Adbri , has awarded Australian construction firm SIMPEC with the contract for the expansion of its Kwinana cement plant. The contract is valued at AUD105m (US$68m) with the total value of the expansion project put at AUD420m, and includes two 100tph grinding units, a 110,000t raw materials store, and a reclamation system. “This new contract demonstrates ...
Sinai Cement cuts consolidated loss by 22% YoY in 1H23
Sinai Cement Co posted a 22.12 per cent YoY drop in consolidated net loss attributable to the holding company for the 1H23, according to the consolidated financial income statement filed to the Egyptian Exchange (EGX) on 15 August. The company incurred a consolidated net loss excluding minority interest of EGP79.719m (US$2.58m) in 1H23, down from a net loss of EGP102.359m in 1H22. Net sal...
Monarch Cement posts increased net sales in 1H23
US-based The Monarch Cement Co has reported condensed consolidated net sales of US$121.94m in the first half of 2023, up from US$95.85m in the same period a year earlier. Gross profit over the same timeframe improved from US$28.21m to US$39.54m, while income from operations advanced from US$17.37m to US$28.31m. Monarch Cement is a US-based producer of Portland cement, primarily serving Ka...