Cement News tagged under: corporate
Saudi Southern Province nine-month net profit jumps11 November 2011, Published under Cement NewsSaudi cement producer Southern Province Cement (SPC), said its net profit for the nine months to September 2011 surged 30.6% YoY, to SA 645m (US$172m) from SAR 494m a year ago. The company attributed the increase to a rise in sales, but did not give exact figures. The earnings per share (EPS) stood at SAR 4.61, up from SAR 3.52. The operating profit increased to SAR654m for January-September 2011 from SAR501m in the same period last year. |
S&P downgrades Cemex rating on global slowdown11 November 2011, Published under Cement NewsRatings agency Standard & Poor’s (S&P) has lowered its global rating for Cemex from B to B- and its national rating from mxBB+ to mxBB with a negative outlook. The company will continue to experience a "weak financial performance" over the next two years due to worldwide macroeconomic conditions, S&P said in a report. The economic downturn has directly affected the housing and infrastructure sectors in key markets for Cemex, mainly the US and Spain. The cement firm has tight margins withi... |
Titan suffers from weak domestic market11 November 2011, Published under Cement NewsTitan’s turnover for the first nine months of 2010 declined by 18.4% to €838.9m and the EBITDA came down by 15.5% to €219.8m as the company suffered from weak Greek sales both in terms of domestic deliveries and exports. EBITDA fell €32.7m in Greece and by €11.0m in the USA and the group pre-tax profit fell by 37.2% to €74.5m. This was after a substantial increase in the proceeds from the sale of emission rights from €8.8m to €52.9m, with most of that coming from Greece and a more modest con... |
Saudi Cement Co nine-month net profit rises10 November 2011, Published under Cement NewsSaudi cement producer Saudi Cement Company (SCC) said its net profit for the nine months through September 2011 rose 22.1% YoY, to SAR619.9m (US$165.3m) from SAR507.5m a year earlier. The earnings per share (EPS) stood at SAR4.05, up from SAR3.32. The operating profit increased to SAR645m for the first nine months of 2011, from SAR523.7m a year ago. For the third quarter, the company reported a net profit of SAR195.3m, an increase of 39.2% YoY. |
Fitch cuts Lafarge to ’BB+’10 November 2011, Published under Cement NewsFitch Ratings has downgraded Lafarge’s Long-term Issuer Default Rating (IDR) to ’BB+’ from ’BBB-’. The Outlook is Stable. The agency has simultaneously downgraded its Short-term IDR to ’B’ from ’F3’ and senior unsecured rating to ’BB+’ from ’BBB-’. The downgrade reflects Fitch’s view that the group will not achieve the expected improvement in credit metrics in 2011 and 2012, due to the ongoing difficult market situation in the cement industry. The agency expects Lafarge’s credit metrics to ... |
Lafarge Shui On Cement sells 3-Year Dim Sum Bonds10 November 2011, Published under Cement NewsLafarge Shui On Cement Ltd., a joint venture between Lafarge and Hong Kong-listed Socam Development Ltd sold CNY1.5bn (US$236.9m) of three-year dim sum bonds at 9.0% Thursday, a source has said. Dim sum bonds refer to yuan-denominated bonds that are issued in Hong Kong. The yield was at the lower-end of an indicative yield range of 9.0%-9.5% due to investors’ strong demand, which also helped boost the final issue amount to exceed the company’ original plan of up to CNY1bn, said the pers... |
HeidelbergCement taps seven year bond10 November 2011, Published under Cement NewsHeidelbergCement carried out a EUR200m tap issue of its most recent seven year EUR300m Eurobond transaction from 5 October 2011 with a coupon of 9.5%. The issue price of the tap is at 107.5% resulting in a yield to maturity of around 8.1%. HeidelbergCement therefore increases its liquidity headroom and further optimises its maturity profile. Bookrunners of the transaction are BNP Paribas, Banca IMI, Citigroup, Deutsche Bank, ING, LBBW, Mediobanca and RBS. |
Ciments Francais 3Q11 net profit dips 42.8% YoY09 November 2011, Published under Cement NewsCiments Francais, a subsidiary of Italy’s Italcementi announced yesterday a drop in net profit of 42.8% in the year in the third quarter of 2011 to EUR 49.6m. Sales fell by 7.9% to EUR940.9m. Over the first nine months of 2011, revenue dipped 3.8% on the year to EUR 2.9bn, while operating profit plunged 25.2% to EUR 294.9m. Net attributable profit, on the other hand, rose to EUR 231.1m from EUR 167.3m a year before. Net financial debt narrowed to EUR 1.17bn on September 30, from EUR1.41bn ... |
Yanbu net profit up 13.6%, Jan-Sept09 November 2011, Published under Cement NewsSaudi cement producer Yanbu Cement Co (YCC) said its net profit for January-September 2011 rose 13.6% YoY to SAR375.9m (US$100.2m). Earnings per share (EPS) stood at SAR 3.58, up from SAR 3.15. The company attributed the increase to higher sales to meet increasing demand, but did not give exact figures. For the third quarter of 2011, YCC registered a 32.5% YoY surge in net profit to SAR124.9m. |
Kuwait Portland Cement nine month profit plummets09 November 2011, Published under Cement NewsCement trader Kuwait Portland Cement said in a bourse statement its net profit plummeted to KWD510,500 (US$1.9m) for the nine months to September 2011, from KWD16.9m a year earlier. The company did not disclose the reasons for the sharp decline. Earnings per share (EPS) dropped to 5.6 fils from 185.9 fils. The total assets stood at KWD68.5m at end-September 2011, down from KWD 80.4m a year earlier. |