Cement News tagged under: corporate
S&P lowers Italcementi credit rating, Italy30 May 2012, Published under Cement NewsStandard and Poor's lowered the long-term corporate credit rating on Italian cement maker Italcementi to BB+ from BBB-, and its short term rating to B from A-3. The agency set a "stable" outlook. The downgrade was prompted by Italcementi's continued underperformance against S&P's rating guidelines, the agency said. The group's operating performance in 2012 is expected to continue to suffer due to depressed end-markets, S&P added. (SeeNews Italy). |
Sumitomo Osaka considers streamlining transport operations, Japan29 May 2012, Published under Cement NewsSumitomo Osaka Cement is considering an overhaul of the group’s transport operation as it prepares to mark 20 years since the company was merged into a single entity. The Nikkei reports that the Japanese cement producer aims to integrate two transport subsidiaries, Sumise Kaiun Co and Taiyo Kisen Co, in order to revamp its logistics structure which has been in place since the old Sumitomo Cement and former Osaka Cement merged to become Sumitomo Osaka in October 1994. The two transport uni... |
Heracles Cement industry appointments, Greece29 May 2012, Published under Cement NewsGreece-based Heracles Cement announced the following industry appointments: Stratis Zacharis is appointed as Sales General Manager for cement reporting to the Managing Director, Pierre Deleplanque. George Benos, Sales & Marketing General Manager, is appointed as Marketing General Manager for cement, aggregates and concrete, also reporting to the Managing Director Pierre Deleplanque. |
Saudi Cement fined by Capital Markets Authority, Saudi Arabia28 May 2012, Published under Cement NewsSaudi Arabia's Capital Markets Authority (CMA) has fined four listed companies a total of SAR225,000 (US$60,000) including one cement producer for contravening the rules of the Arab world's largest bourse. Saudi Cement Co was ordered to pay SAR50,000 for failing to include its governance rules in its annual results. The kingdom's market regulator has asserted more control over the stock market over the past few years to "eradicate manipulative and speculative trading, and attract more s... |
GCC cement sector profits increase – report25 May 2012, Published under Cement NewsGCC cement sector profits increased 21.2 per cent in 1Q12 and net profits increased from US$359.5m in 1Q11 to US$435.6m in 1Q12, according to a report by Global Investment House (GIH). However, net margins witnessed a fall of 90.4 bps. Revenue, on the other hand, increased 24.3 per cent to reach US$1.26bn, the report said. Gross margins witnessed a 233.6bps increase in Q1, 2012 to reach 43.7 percent as compared to 41.4 percent, which was due to increase in selling price along with drop... |
Yamama Cement net profit rises 46%, Saudi Arabia25 May 2012, Published under Cement NewsYamama Cement Company recorded a 46% YoY surge in its net profit to SAR278m (US$74.1m) for the first quarter of 2012, up from SAR180m a year ago. The strong increase was attributed to a rise in sales, Yamama Cement. Gross profit rose to SAR300m from SAR196m. |
BaselCement unit appeals Eurocement’s claim, Russia25 May 2012, Published under Cement NewsBaselCement-Pikalyovo has filed an appeal against a decision by the Moscow Arbitration Court to raise a RUB111.2m for losses filed by Eurocement Group, according to local media reports. Eurocement Group was looking to increase the claimed amount in terms of non-received profits. The losses were incurred after BaselCement-Pikalyovo refused to supply nepheline slime to Eurocement group. On April 17, the Moscow Arbitration Court approved Eurocement’s claim. (Source: RIA Novosti’s agency) |
Vision Holding raises stake in Pioneer Cement, Pakistan25 May 2012, Published under Cement NewsBritish Virgin Islands based - Vision Holdings Middle East Limited announced on that it will acquire 60,145,081 (26.47%) ordinary shares of Pakistan-based cement producer Pioneer Cement, at an offer price of PKR6.34 per share. Earlier it had held 21.61% shares in Pioneer. An official of Pioneer Cement told CemNet that Vision will gradually acquire 80-90% shares in due course to take control of the cement producer. By acquiring further shares in the Vision intends to improve Pioneer... |
Shriram to consolidate presence in Indian cement sector24 May 2012, Published under Cement NewsShriram EPC, a publicly held company of Shriram Group, recently entered the cement sector by acquiring majority stake in Sree Jayajothi Cements and, according senior officials, a blueprint is being prepared to see how they can grow in this sector, The Business Standard of India reports that as a first step, Shriram EPC which controls Sree Jayajothi Cements, is raising INR400 crore through the private equity (PE) route for deployment in the cement firm. Senior officials of Shriram Group co... |
Siam City Cement upgraded, Thailand24 May 2012, Published under Cement NewsKasikorn Securities upgraded Siam City Cement Pcl to "outperform" from "neutral", citing a positive earnings outlook for Thailand's second-largest cement maker on rising cement demand and construction activity. "We maintain a positive outlook on the cement business and expect accelerating construction activity during the current quarter to be a key driver for top line growth across the sector," it said. The broker said it expected Siam City Cement to report a 15 per cent net profit... |