Cement News tagged under: Tanzania
Twiga sees 33% rise in net profit for 1H2022 July 2020, Published under Cement NewsTanzania Portland Cement (Twiga) has reported a 33 per cent YoY increase in net profit to TZS34.94bn (US$15.05m) in the first half of 2020, against TZS26.19bn in the 1H19. "Despite strong competition in the cement manufacturing industry and uncertainties brought about by COVID-19, [we] delivered a strong operational result compared to [last year]," said Hakan Gurdal, chairman. The company also saw a 13 per cent rise in revenue to TZS181.45bn. "[We are] well positioned to meet this growin... |
Maweni Limestone upgrades kiln line09 July 2020, Published under Cement NewsHuaxin Cement’s Maweni Limestone subsidiary has ignited the kiln and begun trial production at its recently-upgraded 0.75Mta plant. Huaxin Cement acquired the Tanzanian company in May this year and began work on the kiln line on 1 June. The grinding section of the facility is not expected to be upgraded. Subject to developments related to the COVID-19 pandemic, Huaxin is now planning to send a management team to implement the advanced cement process technology, according to reports. |
Huaxin Cement acquires ARM Cement's Tanzanian unit20 May 2020, Published under Cement NewsThe Tanzanian unit of Kenya's ARM Cement has been sold to China's Huaxin Cement, according to its administrator PricewaterhouseCoopers. Huaxin is expected to invest US$116m into Maweni Limestone Ltd to settle liabilities and another US$30m to complete a plant construction and upgrade. "Securing a suitable investor with the ability to make the requisite investments and inject much-needed capital to boost Maweni's operations [...] was a top priority [...] given Maweni's dire financial si... |
Tanga Cement sees 1H sales slip 1%, net loss widens30 October 2019, Published under Cement NewsTanzania-based Tanga Cement saw its first-half sales edge down by one per cent YoY to TZS97.63bn (US$42.4m) in 2019 from TZS98.88bn in the1H18, according to the company’s unaudited results for the six months ended 30 June 2019. Gross profit fell to TZS24.98bn in the 1H19 from TZS25.56bn in the year-ago semester while operating profit declined to TZS1.17bn from TZS6.77bn over the same period. Net loss widened from TZS1.79bn in the first six months of 2018 to TZS10.23bn between January-June... |
Dangote28 October 2019, Published under Cement NewsDangote Cement has announced plans to expand its cement capacity in Africa by 29 per cent to 62Mta. The company is expected to add 6Mta in Nigeria in 2020, taking its capacity in its home market to 35Mta, while other expansions are earmarked mainly for west Africa, including Niger and Côte d'Ivoire. On the back of this and other investments, the group’s total revenue is forecast to reach US$30bn in the next few years. Meanwhile, in Tanzania, Dangote remains locked in a dispute with the co... |
ARM subsidiary is sold to Huaxin Cement27 September 2019, Published under Cement NewsMaweni Limestone Ltd, the Tanzanian subsidiary of ARM, has been sold to Huaxin Cement of China for US$116m. The acquisition is subject to regulatory approvals. "This transaction will permit Huaxin immediate entry into one of the leading markets in east Africa and is integral to Huaxin's broader strategy to expand its footprint across emerging markets," joint ARM administrators George Weru and Muniu Thoithi of PricewaterhouseCoopers (PwC) Kenya said. The sale follows the sale of the asset... |
Turbulent times for Africa?17 September 2019, Published under Cement NewsFor the cement sector, turmoil has probably come to a head in many parts of Africa. Cement demand has slowed or fallen back into the red in many African countries, while overcapacity and low utilisation rates are characteristic of many markets. However, much of this turmoil is self-inflicted. Tony Hadley provides an uncompromising assessment of the industry on the continent and examines the root causes of business failure in some key markets. By Tony Hadley African Advisory. A perfect... |
Kenya's cement exports decline 65% in 1H1922 August 2019, Published under Cement NewsKenya’s domestic cement exports have recorded a 65.3 per cent decline in value to KES362.28m (US$3.5m) in the first six months of the year, against KES1.04bn in the 1H18, according to preliminary cement exports statistics from the Central Bank of Kenya (CBK). The country’s cement exports have been declining since 2015, with the decline attributed to new grinding plants and brownfield grinding expansions in Uganda and Tanzania, reports Business Daily. "A lot of Kenyan cement was supplyi... |
Tanga Cement sees 25% increase in revenue for 201820 August 2019, Published under Cement NewsTanzania’s Tanga Cement reported a 25 per cent YoY increase in revenue to TZS215bn (US$93.56m) for 2018, up from TZS172bn in the previous year. Gross profit rose 91 per cent to TZS56.2bn from TZS29.4bn. EBITDA surged 304 per cent to TZS34.4bn from TZS8.5bn, on the back of improved sales volumes, margins and operational efficiency, according to its annual report. Operating profit recovered from a TZS10.99bn loss in 2017 to a TZS14.9bn profit. "Depreciation and financing costs related to c... |
National Cement's acquisition of ARM blocked22 July 2019, Published under Cement NewsThe acquisition of ARM Cement for US$50m by National Cement has hit a legal block. ARM's former CEO and leading shareholder, Pradeep Paunrana, has challenged the sale in the High Court, saying that ARM Cement has been undervalued and that his consortium had offered a bid of US$65m for ARM Cement. The administrator of the sale, PricewaterhouseCoopers (PwC), claims that the US$65m bid was turned down becasue it was not accompanied by proof of funds among other reasons. Instead, PwC approved t... |