Cement News tagged: Corporate
CRH announces new share buyback
CRH plc has completed the latest phase of its share buyback programme, returning a further US$0.3bn of cash to shareholders. Between 29 February 2024 and 9 May 2024, 3.7m ordinary shares listed on the New York Stock Exchange were repurchased. This brings the total cash returned to shareholders under the ongoing share buyback programme to US$7.6bn since it began in May 2018. CRH has also ...
Start of Buzzi SpA share buyback programme
Buzzi SpA has announced the start of a share buyback programme pursuant to the authorisation passed at the 9 May shareholders’ meeting. Under such programme the company may repurchase up to a number of shares which, taking into consideration the ones held from time-to-time in treasury by the company and its subsidiaries, does not overall exceed the maximum amount of EUR200m. The share buyba...
Chia Hsin Cement reports TWD38.7m 1Q net loss
Taiwan-based Chia Hsin Cement has posted a net loss of TWD38.698m (US$1.19m) in the first quarter of 2024 from a net profit of TWD19.993m in the 1Q23. Over the same period, the company's pretax profit swung from TWD25.471m to a pretax loss of TWD29.843m. However, revenues had edged up from TWD651.402m in the 1Q23 to TWD699.142m in the 1Q24.
Cherat Cement exhibits mixed financial results in 3QFY23-24 and in 9MFY24
Cherat Cement (CHCC) reported net profit after tax (NPAT) of PKR1.2bn (US$4.32m) in 3QFY23-24, down 33 per cent QoQ and flat sequentially. This brings the 9MFY23-24 NPAT to PKR4.6bn, up 12 per cent YoY. Earnings per share reached PKR6.40 in the 3QFY23-24 and PKR23.90 in hte 9MFY23-24. In quantitative terms, the company's total sales volume dropped by 11 per cent (1.974Mt), with domest...
Sangwon Cement boosts production
The Sangwon Cement plant in North Korea has successfully completed the cement production task for the construction of regional-industry factories this year. The plant has steadily increased its production. Higher production results are attributable to the efforts of operators of the central control room, who have scientifically analysed the condition of equipment and applied rational operati...
Ecocem appoints new UK and Ireland MD
Sally Anne Sherry is appointed Ecocem's new managing director for UK and Ireland business Ecocem has appointed Sally Anne Sherry as managing director for its UK and Ireland business operations. In this position, she will play a pivotal role in driving Ecocem’s growth and sustainability initiatives, and market presence in the UK and Ireland. Ms Sherry brings almost two deca...
Eastern Province Cement sees revenue jump 28% YoY
Eastern Province Cement Co has posted net income of SAR68m (US$18.13m) in the opening quarter of 2024, up 21.4 per cent YoY. Cement sales over the three-month period came in at 630,000t, on a par with the same period a year earlier but up seven per cent on the 4Q23. Selling prices averaged above SAR300(US$80)/t for the second consecutive quarter, reports Aljazira Capital. Revenue for the...
CRH continues to invest in Ukraine
CRH has invested a total of US$80m in Ukraine since the start of the Russia-Ukraine conflict, according to Guillaume Cavalier, president of CRH in Central and Eastern Europe. This brings the company’s investment in Ukraine over its 25-year history in the country to over US$500m, reports bne IntelliNews. “Investing in the expansion of production now is crucial to ensure the potential gro...
Vulcan Materials posts fall in revenues in 1Q24
US-based Vulcan Materials has reported total revenue of US$1546m in the first quarter of 2024, down from US$1649m in the same period a year earlier. Gross profit in the 1Q came in at US$305m (1Q23: US$302m) while adjusted EBITDA stood at US$323m (1Q23: US$338m). Commenting on the results, Tom Hill, Vulcan Materials' chairman and CEO, said, "Our teams' solid execution helped us overcom...
AfriSam enhances road durability with Roadstab cement
AfriSam 's Roadstab cement is a specialised, high quality composite cement engineered specifically for road stabilisation tasks. The product is designed to optimise the properties of soils used in road construction, notably by reducing their plasticity and enhancing their strength and stability. The formulation of AfriSam Roadstab Cement aims to address the vital requirements of road constru...
Fauji Cement strives to improve fundamentals and strengthen its investment case
BMA Capital Management Ltd believes Fauji Cement Co Ltd (FCCL) will reap the benefits of an uptick in local cement demand by FY25, as well as strengthening market share and efficiency gains through new lines and the incorporation of green technology. In addition the company could benefit from an efficient fuel and power mix to enhance margins, strong pricing power to support profitability ...
Heidelberg Materials UK acquires Mick George Ltd
Heidelberg Materials UK has completed its acquisition of leading recycling company Mick George Ltd (MGL), following approval from the Competition and Markets Authority (CMA). MGL has an annual turnover of around GBP220m (US$276.4m) and specialises in recycling and waste management services. It operates around 40 recycling facilities, waste transfer stations, aggregate quarries and ready-mixe...
Heidelberg Materials sees revenue dip 8% YoY in 1Q24
Heidelberg Materials has reported an eight per cent YoY decline in revenue to EUR4488m in the opening quarter of 2024. According to the company, the fall was the result of lower sales volumes due to poor weather conditions in key regions and a reduced number of working days in the quarter, although these factors were partially offset by positive price momentum in the individual core markets....
Birla Corp reports 127% jump in net profit
Birla Corp has continued its steady progress of the first three quarters of fiscal 2023-24 to end the year on a high, with record cement sales by volume and a 127 per cent growth in net profit in the March quarter, despite unusually weak market conditions. After steadily ramping up the Mukutban unit, the company’s cement division achieved a capacity utilisation rate of 97 per cent for the Ma...
Cool Planet signs carbon capture MoU with Carmeuse
Cool Planet Technologies Ltd, based in Guildford, UK, has signed an Memorandum of Understanding (MoU) with Carmeuse Technologies SA, a key global producer of lime, limestone and mineral-based products, to collaborate on decarbonisation technology developments, using Cool Planet's advanced membrane-based carbon capture technology. Cool Planet's technology will be used to build a pilot demons...
EAPC recommissions Athi River plant
East African Portland Cement (EAPC) has recommissioned its Athi River plant in Kenya, boosting the company’s cement production capacity by 1Mta over the next two years, reports The Star. The plant has been closed for a month for renovations and maintenance. It also underwent the installation of a new kiln shell in 2022, resulting in a 38 per cent expansion in revenue. This latest closure a...