Cement News tagged under: Lafarge Cement Zimbabwe
Lafarge Cement Zimbabwe Ltd expects 30% decline in cement volumes in 2Q2018 May 2020, Published under Cement NewsLafarge Cement Zimbabwe Ltd said business volumes had declined considerably due to low demand amid the COVID-19 pandemic. The LafargeHolcim subsidiary said the lockdown will have an inevitable impact on volumes for the second quarter in 2020. "It is projected that 2Q2020 volumes will decline by 30 per cent with the possibility of spill over risks impacting the second half of the year," the company said in its first quarter trading update for 2020. "The ripple effects of the lockdown and b... |
Lafarge Zimbabwe sees cement demand drop 19%29 November 2019, Published under Cement NewsLafarge Zimbabwe has seen a 19 per cent decline in cement consumption. Flora Chinhaire, Lafarge Zimbabwe Company Secrtary reported that hyper-inflation in the country had impacted demand. The Zimbabwe National Statistics Agency's inflation rates for September 2019 saw a 350 per cent rise YoY. “The operating environment in the second half of the year continues to be challenging for the business as the effects of hyperinflation become more evident due to cost inflation caused by devaluation... |
Lafarge Zimbabwe obtains US$30m loan09 May 2019, Published under Cement NewsLafarge Cement Zimbabwe has obtained a long-term US$30m facility from its parent company to enable settlement of outstanding obligations, according to The Zimbabwe Independent. The company has also acquired a US$4.4 short-term loan facility to cover working capital requirements. |
Lafarge suffers loss on high tax payment15 October 2018, Published under Cement NewsLafarge Cement Zimbabwe reported a loss of ZWD1174m (US$4.9m) for 1H18 due to a significant tax settlement. In 2017, the company disclosed a contingent liability of ZWD7.9m relating to a tax assessment for the 2009-13 period. Last June the matter was heard in the courts but the judgment is yet to be handed down. Income tax payments rose ZWD2.7m from ZWD26,260 during the period under review. “The company reviewed its risk assessment of the matter and booked a tax provision towards this ca... |
Calls for new capacity in Zimbabwe amid demand surge01 October 2018, Published under Cement NewsLafarge Cement Zimbabwe’s commercial director, Edith Matekaire, has called for new investments in production capacity to ensure the country does not run out of supply by 2020. "We know we talk about all the macroeconomic issues like the cost of energy and cost of labour, but I want to say that beyond 2020, we will begin to run out of capacity as an industry, and I have no doubt that it is time to act now," Matekaire said. Speaking at the Confederation of Zimbabwe Industries annual cong... |
Lafarge Cement Zimbabwe reports 4% revenue decline in 201704 April 2018, Published under Cement NewsLafarge Cement Zimbabwe Ltd posted a loss of US$609,589 for the year ended 31 December 2017. Revenue during the period under review fell 4.14 per cent to US$58.4m from US$61m recorded at the end of 2016. Total current liabilities rose by 9.2 per cent to US$38.18m. Lafarge Cement Zimbabwe Chairman, Kumbirai Katsande, said a full-year sales decline of four per cent was recorded with reduced volumes, which contributed to the loss. Heavy rainfall adversely affected cement stocking patterns... |
Zimbabwe: firms face closure13 May 2016, Published under Cement NewsDue to an influx of cheap imported products in Zimbabwe, local cement producers have warned of a possible scaling down of operations and closures, saying protectionist measures are needed to save the industry. In a recent position paper presented to the Ministry of Industry and Commerce by the Cement and Concrete Institute of Zimbabwe, local cement manufacturers have called for the government to ban imported cement, among other interventions, saying the market is oversupplied. Some measu... |
Zimbabwe: Lafarge Cement records 2015 loss22 April 2016, Published under Cement NewsLafarge Cement Zimbabwe has said that expects to see a return to profitability in 2016 after recording a loss of US$1.9m in 2015. Announcing its results for the year, Lafarge blamed the economic conditions in the country, including the liquidity crunch and the poor agricultural season. This Day quotes a company spokesperson as saying "We expect the general trading environment to exert sustained pressure on prices due to the ongoing economic stress. However, we anticipate improved profi... |
Lafarge Cement Zimbabwe full-year volumes down27 March 2015, Published under Cement NewsLafarge Cement Zimbabwe's volumes came off by 7.4 per cent to 312,000t for the year ended 31 December 2014 from 337,000t in the prior year. The decline in sales was attributed to a number of commercial and residential projects taking long to be completed due to persistent liquidity challenges. Analysts said there was huge potential for the cement business given the housing and infrastructure backlog but in the interim, the company had to devise strategies to survive weak demand. La... |
Lafarge Zimbabwe revenue declines 11%13 March 2015, Published under Cement NewsLafarge Cement Zimbabwe recorded a 11 per cent decline in turnover to US$60.4m for the year ended 31 December due to a drop in volumes and prices. In the period under review the group recorded a seven per cent drop in domestic sales and a three per cent decline in average selling prices. Profit for the year declined to US$80,950 from US$3.5m in 2013. “The reason of the decline of the operating profit was coming from a result of lower sales volumes as well as expenditures in investment t... |