Cement News tagged under: Kenya
Kenya's cement consumption drops by 15% in 9M1815 January 2019, Published under Cement NewsKenya is stuck in a spiral decline of cement demand with sales continuing to plumit in the first 9M18. According to official data the country's cement consumption fell by 113,096t to 4.13Mt in the first 9M18, compared to 4.24Mt in the first 9M17. Narendra Raval, chairman of Devki Cement group, said: "Cement sales are down 15 per cent." There are various reasons for the decline including a wave of countrywide demolitions that have discouraged new investment. "The main reason is people are... |
LafargeHolcim03 January 2019, Published under Cement NewsThe 39.9 per cent-owned LafargeHolcim associate Huaxin Cement is investing US$245m in a contract to build a new production line for Holcim Philippines at the latter’s Davao works. The project includes a 6000tpd clinker production line, a waste heat recovery unit as well as upgrades to an existing 3000tpd production line. Meanwhile, the group's subsidiary Bamburi Cement, which operates in Kenya and Uganda, is expecting its net profit to fall by more than 25 per cent to its lowest level in ... |
Bidders for ARM urged to formalise bids by end of January02 January 2019, Published under Cement NewsARM Cement's administrators, PriceWaterhouse Coopers have completed a transaction timetable that will see bidders need to make their bids for the stricken Kenyan Cement producer by the end of January 2019. ARM Cement is reported to be KES10.2bn (US$100.1m) in debt, said Business Daily. ARM's creditors will review the terms of the best offer, negotiate with the investor and complete the transaction. |
Bamburi Cement forecasts profit drop of 25% in 201811 December 2018, Published under Cement NewsBamburi Cement (LafargeHolcim group) has given a profit warning of earnings likely to drop by 25 per cent in 2018 following difficult market conditions and escalating international energy prices in Kenya and Uganda. "The company wishes to inform the shareholders and potential investors that, based on the preliminary assessment of the unaudited consolidated management accounts, the 2018 full-year earnings of the Group are expected to decrease by more than 25 per cent, compared with the year ... |
Bamburi Cement issues profit warning for 201807 December 2018, Published under Cement NewsKenya’s Bamburi Cement has issued a profit warning for the financial year ended December 2018, with investors expecting the company's lowest earnings in 10 years, according to Business Daily. "The Board of Directors (the "Board") of the Company wishes to inform the shareholders of the Company and potential investors that, based on the preliminary assessment on the unaudited consolidated management accounts, the 2018 full year earnings of the Group are expected to decrease by more than 25 ... |
Kenya sees 2% MoM drop in demand26 November 2018, Published under Cement NewsConsumption of cement in Kenya fell 2.2 per cent from 466,909t in August to 456,473t in September 2018, according to a recent report by Kenya National Statistics Bureau. Output followed a similar trend, decreasing by 2.8 per cent from 473,861t to 460,546t over the same period. In the first quarter of FY2018-19, ended 30 September 2018, demand fell 3.7 per cent YoY to 1.3Mt, down from 1.4Mt in July-September 2017. The trend indicates a slowdown in the construction industry, which is bel... |
EAPCC receives backing to sell land assets21 November 2018, Published under Cement NewsKenya’s East African Portland Cement Co (EAPCC) has received Trade Ministry backing to sell off idle land, which will help the company recoup some of the KES15bn (U$146.3m) it says it needs to avoid a complete shutdown of operations. Betty Maina of the Trade Ministry has said that a Cabinet memorandum is ready for submission to grant the company approval to sell off its assets. Ms Maina also noted that EAPCC, which has assets worth KES100bn, does not require a government bail-out for a tur... |
Aliko Dangote has targeted Kenyan producer believed to be ARM09 November 2018, Published under Cement NewsDangote Cement is understood to be in talks to buy the troubled Kenyan cement maker ARM. This follows an interview of Aliko Dangote by Bloomberg News in which he said: "There is a company which... has operations in Tanzania, Kenya and Rwanda and we are talking to the company to see if we can take it over," said Mr Dangote. ARM was not named in the discussion, but it is the only cement producer operating in the three markets that were mentioned. ARM has integrated cement plants in Kalol... |
Bamburi Cement appoints Grace Oluoch as new FCO22 October 2018, Published under Cement NewsKenya-based Bamburi Cement has appointed Grace Oluoch as the company’s new finance director. She succeeds Eric Kironde, who has been Bamburi’s FCO since 2011. “The company is pleased to announce the appointment of Grace Oluoch as finance director,” the Nairobi Securities Exchange-listed company said in a regulatory notice Friday. Ms Oluoch has had a long career with consumer goods giant Unilever holding different roles in South Africa, Ghana, Nigeria and Kenya. |
LafargeHolcim02 October 2018, Published under Cement NewsLafargeHolcim’s Kenyan subsidiary Bamburi Cement has announced a first-half turnover of KES18,556m (EUR151.08m), an easing of 0.2 per cent, while the trading profit fell by 56.2 per cent to KES1200m (EUR10.21m) and the pretax profit dropped by 72.2 per cent to KES700m (EUR1.16m). Capital expenditure in the period amounted to KES1800m (EUR15.2m), the majority of which was spent on capacity expansion. In Kenya the market was some eight per cent lower than a year earlier, while in Uganda the r... |