Cement News tagged under: Athi River Mining
ARM and EAPC risk sanctions due to royalty arrears12 February 2019, Published under Cement NewsAthi River Mining (ARM) and East African Portland Cement (EAPC) are risking their operating licence following an audit report of companies in the cement sector that are in royalty arrears with the Kenyan state, according to a report by Agence Ecofin. A taskforce report recommended to the Ministry of Mines that the granting of such licences be tied to the payment of royalties or cement levy. It also wants payment records to be used as one of the licensing conditions. “To enhance royalty or ... |
Kigali Cement plant to go under auction24 September 2018, Published under Cement NewsKigali Cement plant will again go under the auction hammer tomorrow, Tuesday, when owner Athi River Mining Cement Ltd (ARM) looks to see the plant meet its valuation. Located in Gitikinyoni area of Nyarugenge district of Rwanda, the grinding plant has a cement capacity of 0.1Mta. Bidders failed to meet the valuation of the plant in the previous auction. "The only bid RWF100m (US$113m) and it was rejected because it was far lower then the 70 per cent of the RWF1.27m, the market value of the... |
Wilfred Murungi retires from ARM Cement20 August 2018, Published under Cement NewsKenyan billionaire Wilfred Murungi has parted ways with ARM Cement Ltd, ending his 24 years of tenure as a director at the cement producer. "I wish to inform all shareholders that after 24 years period serving as a director of ARM Cement PLC, and briefly as Board Chair, I will officially be retiring effective 13 August 2018," Murungi said in his announcement. "In the period I have served in the Board, I have seen the Company experience tremendous growth from a small plant producing 200 ... |
Kenya's cement consumption falls to 1.4Mta in 2Q1813 July 2018, Published under Cement NewsCement demand in Kenya has fallen to 1.4Mta in the second quarter of the year, according to a report from the Kenya National Bureau of Statistics (KNBS). The agency attributes the drop to a continued slowdown in real estate activity. In the first quarter of 2017 domestic cement consumption reached 1.5Mt but has since decreased. Furthermore, the continuing decline was also reflected in a 15.7 per cent drop in cement imports as well as in an eight per cent fall in clinker imports during the... |
ARM acquires full control of Rwandan producer03 July 2014, Published under Cement NewsARM Cement has completed the acquisition of Kigali Cement, taking full control of the Rwandan producer. ARM Cement, which has held a 35 per cent stake in the company, bought out the remaining 65 per cent stake held by various shareholders to take complete control of the firm. The deal was finalised in April. "We finally acquired a 100 per cent equity stake and full control of our Rwanda grinding plant," a newly released annual report by the company quoted Chairman, Rick Ashley as sayin... |
National Cement to open new 1.65Mta Nairobi works21 November 2012, Published under Cement NewsNational Cement announced plans to open a new 1.65Mta cement works in the outskirts of Nairobi, Kenya. The company said it received an undisclosed loan from KCB Group, raw materials on credit and a cash injection from its parent company Devki Group of Companies to finance the new KES11.9bn. The new capacity is expected to intensify to battle for control of the regional cement market. The entry of National Cement and Mombasa Cement increased competition with the latter rapidly claiming... |
Increased sales boost ARM Cement's 9M12 pretax profit, Kenya22 October 2012, Published under Cement NewsKenya’s second largest cement producer ARM Cement (formerly Athi River Mining) said in the first nine months pretax profit rose to KES1.2bn (US$14.1m) from KES296m, driven primarily by higher sales of Rhino Cement. Rhino Cement, which is ARM's flagship operation set up in 1997, launched its Tanzania cement production plant in Dar es Salaam this month. Turnover for the first three quarters of the year jumped 29 per cent to KES7.74bn compared to the same period the previous year. ARM s... |
Tanzanian production costs seen coming down, competition to increase08 August 2012, Published under Cement NewsCement production costs in Tanzania are expected to decline in the near future due to falling energy costs and improved supply. A study entitled “Equity Research Cement Sector Local Listed Companies” by Tanzanian Securities indicates that due to the expected entry of three new players, prices are also seen declining. "We see an improvement in energy supply, introduction of new sources of energy and stabilisation of energy prices in the country as a special opportunity for cement producers"... |
Athi River Mining pretax profit rises 24%25 July 2012, Published under Cement NewsKenya’s Athi River Mining posted a 24 per cent rise in first-half pretax profit thanks to increased cement sales. The country’s second-largest cement producer, behind Bamburi Cement, said pretax profit for the six months to June rose to KES790.96 (US$9.4m). The company is positive on its second-half outlook due to anticipated cut in interest rates, a stable shilling and good growth in infrastructure demand. It also expects its new 1.5Mta cement plant in Dar es Salaam, Tanzania to bo... |
Athi River Mining posts 17% first-quarter pretax profit15 May 2012, Published under Cement NewsKenya's Athi River Mining posted a 17 per cent rise in first-quarter net profit, helped by higher production and growing demand. Net income increased to KES258.2m (US$3.1m) in the three months through March, from KES220.2m a year earlier, the Nairobi-based company said in a statement. Revenue rose 61 per cent to KES2.74bn for the three months ended March. Its earnings per share rose to KES10.40 from KES8.90 in the same period of 2011. The company’s directors have proposed changing its name... |