Cement News tagged under: Kenya
East African Portland Cement reports KES1.4bn loss08 November 2017, Published under Cement NewsEast African Portland Cement Co (EAPCC) saw its net profit of KES4.1bn (US$39.6m) for the year ended 2016 evaporate to record a KES1.4bn loss for the year ended 30 June 2017. Revenues at the Kenya-based cement producer fell 21.9 per cent YoY to KES6.93bn from KES8.87bn. Loss before tax in FY17 stands at KES1.71bn compared with a pretax profit of KES3.73bn in the year-ago period. |
Quantum Global exits Savannah Cement20 October 2017, Published under Cement NewsFollowing the receipt of regulatory approvals, Quantum Global Group has completed the sale of its stake in Savannah Cement. "We are delighted to have partnered with Savannah Cement in one of the critical industry sectors in East Africa, advancing together to aim to close the existing infrastructure gap in Africa. The exit from this investment is testament to the success of our approach of deploying capital in transformative sectors of key importance in Africa at the right time,’" said Qua... |
Egypt doubles value of cement exports in 9M1716 October 2017, Published under Cement NewsEgypt’s cement exports rose 88 per cent during the first nine months of 2017, reaching around US$72m compared to US$38m last year, its building industries export council said on Sunday. Ten countries have captured 89.3 per cent of the Egyptian cement exports, which Saudi Arabia came on the top of the list, the report said. Exports to Saudi Arabia reached 11.186 million compared to US$15.483m last year. Exports to the Kenyan market have soared 1127 per cent to record US$9.385m in nine m... |
Kenyan cement factories cut production back to 4.2Mt12 October 2017, Published under Cement NewsCement plants in Kenya have reduced production by seven per cent to 4.2Mt in the year to August, down from 4.5Mt. The cutbacks came amid decreases in cement consumption, data from Kenya National Bureau of Statistics (KNBS) shows. The deepest cut was experienced in August when Kenya held its general election, underlining the effects of election fever on the economy. The reduction came in response to a cooling demand after consumption dropped 6.4 per cent to 2.9Mt in the first half of... |
Bamburi Cement appoints new interim CEO06 October 2017, Published under Cement NewsBamburi Cement of Kenya has appointed chief financial officer Eric Kironde as its interim CEO following the departure of Bruno Pescheux. Pescheux stepped down from the role at the end of last month after a three-year stint in charge of Bamburi, opting to retire according to Chairman John Simba. "We would like to recognise the contribution of Bruno Pescheux and thank him for his leadership. We wish him a long and happy retirement," he said. The company will now look to Eric Kironde to ma... |
LafargeHolcim11 September 2017, Published under Cement NewsLafargeHolcim’s subsidiary Lafarge Malaysia has reported a first-half turnover decline of 18 per cent to MYR1090m (EUR214m/US$259.7m) and there was a net loss of MYR92.02m (EUR18.27m) compared with a MYR39.01m profit at this stage last year. According to the company, the deterioration in the result reflects a lower revenue contribution from the cement segment, higher charges for depreciation, fuel and electricity LafargeHolcim’s subsidiary Bamburi Cement in Kenya has announced a 1H turnov... |
Ndeta set to gain controlling stake in Savannah Cement06 September 2017, Published under Cement NewsBusinessman Benson Ndeta is set to take controlling stake of Kenya-based Savannah Cement after he gained regulatory approval for a deal that would increase his interest in the company by 29.4 per cent. In a press release, the Competition Authority of Kenya said it had granted Mr Ndeta’s acquisition of Savannah Cement unconditional approval, according to local press reports. Savannah Cement currently has two shareholders — Seruji with a 60 per cent stake and Savannah Heights with a 40 per ... |
ARM suffers heavy half-year losses04 September 2017, Published under Cement NewsKenya's ARM Cement Ltd announced a half-year 428.53 per cent increase in losses to KES1.41bn (US$13.5m) from KES266.78m during the same period last year. The firm's revenue for the six-month period declined by 19.79 per cent to KES5.35bn compared to KES6.67bn last year. In May the firm, whose shares trade on the Nairobi Securities Exchange, cited strained cash flow as well as increased competition and lower selling prices as key factors contributing to the company's poor performance. ... |
Bamburi posts decline in half-year profit29 August 2017, Published under Cement NewsBamburi Cement posted a 36 per cent decline in its half-year net profit to KES1.8bn (US$17.4m) compared to a KES2.8bn recorded in the first six months of 2016. Turnover stood at KES17.5bn which is KES1.6bn behind prior year while operating profit reduced from KES4.1bn to KES2.7bn. Management attributed the decline to a difficult business environment in Kenya characterised by a contracting market, low private sector investment resulting in a slump in construction activity, especially in ... |
East African Portland Cement appoints head of HR17 August 2017, Published under Cement NewsEast African Portland Cement Company (EAPCC) has appointed Janerose Karanja as its head of Human Resources. Ms Karanja joins the company from the parent Ministry of Industry, Trade and Co-operatives as the cement firm embarks on organisational changes for its turnaround strategy. Ms Karanja is a human resource expert with more than 25 years' working experience, 12 in various State agencies including the departments for Industry and Energy. She holds an MBA (Human Resource Management) from... |