Cement News tagged under: corporate
Lafarge increases stake in Ashaka Cement, Nigeria22 June 2011, Published under Cement NewsAs part of its efforts to enhance cement production in the country, Lafarge has acquired additional shareholding in Ashaka Cement by increasing its stake in the company from 50.16 per cent to approximately 58.6%. Commenting on the development, Lafarge Nigeria Country Manager Jean-Christophe Barbant said: “This move confirms our belief in the potential of AshakaCem and reinforces our commitment to the economic development of Nigeria. Lafarge is here for the long term.” Continuing, he said, ... |
Cemex topping list of bond issuers22 June 2011, Published under Cement NewsCemex is selling the most debt overseas this year by a Mexican company to repay bank loans even as its borrowing costs climb to an almost six-month high. The company’s offering of eight-year notes yesterday pushed its sales this year to US$2.45bn, according to data compiled by Bloomberg. The yield on Cemex’s benchmark dollar bonds due in 2020 jumped 68 basis points, or 0.68 percentage point, in the past month and touched 9.37 per cent this week, the highest since December 31. Average borrow... |
Qassim Cement revenue rises, Saudi Arabia21 June 2011, Published under Cement NewsQassim Cement reported a 1Q11 net profit of SAR147.2m (US$39m), 6.1% above estimates of SAR138.7m by Global Investment House (GIH) and 1.3% above 1Q10 net profit of SAR145.3m. Net profit margins remained fairly stable at 53.4% in 1Q11 compared to 53.3% in 1Q10. Sales revenue increased slightly 1% YoY to SAR275.4m. Sales volumes were down 6.1% to 1.13Mt in 1Q11 but the lower volumes were more than offset by increases in realisation prices by 7.6% to SAR243.3/t. Consequently, gross margins im... |
Yamama’s strong first-quarter performance21 June 2011, Published under Cement NewsYamama Cement posted a net profit of SAR179.8m (US$48m) in 1Q11 which was 7.3% above Global Investment House’s (GIH) forecast of SAR167.7m and 9.0% above 1Q10 net profit of SAR165.2m. The profitability was propped up by decline in cost of sales per ton by 6.3% to SAR102.3/t. Yamama Cement has a cost advantage relative to the sector due to its integrated production plant and captive power supply which further became prominent during the quarter. Meanwhile gross margins increased to 55.8% in... |
Chinese companies gain on public housing report21 June 2011, Published under Cement NewsChinese cement makers rose sharply on expectations China’s massive construction of public houses will boost demand. Cement companies gained following a Shanghai Securities News report that said China has issued guidelines allowing local governments to issue bonds to fund public-housing construction. ’The move may prompt more construction of public houses in the third quarter and boost demand for cement and other construction materials,’ said Zhang Xiang, an analyst at Guodu Securities. An... |
Lafarge to decide on gypsum unit around September21 June 2011, Published under Cement NewsA decision on the sale of Lafarge’s gypsum unit will not be taken before the back-to-school season in September, the head of the division told Reuters. The business, reportedly valued at around EUR800m, has attracted around 10 serious bid candidates, Olivier Guilluy said. "In principle there will be no decision before the back-to-school season (in September)," he said. A price has not yet been set for the division, he added. |
Sinai first-quarter net profit down 25%20 June 2011, Published under Cement NewsEgypt’s Sinai Cement posted a 25 per cent fall in first-quarter unconsolidated net profit to EGP116.9m (US$19.66m), the stock exchange said on Sunday. The firm made an unconsolidated net profit of EGP155.3m for the same period in 2010. |
Southern Cement forecasts rise in quarterly profit, Saudi Arabia20 June 2011, Published under Cement NewsSouthern Province Cement Co, Saudi Arabia’s biggest cement producer by market value, said second- quarter profit will rise an estimated 28 per cent to SAR237m (US$63m) from SAR185m in the year-earlier period. Sixth-month earnings per share are estimated at SAR3.31, compared with the SAR2.68 during the year-earlier period, the company said in a statement on the Saudi bourse website today. |
Vulcan Materials comments on bond issuance, USA19 June 2011, Published under Cement NewsVulcan Materials Co Thursday commented on the expected effects of its recently completed US$1.1bn bond issuance, the use of the net proceeds of the Issuance, including a tender offer for up to US$275m of its senior unsecured notes due 2012 and 2013. On June 14, the company issued US$500m of senior unsecured notes due 2016 and US$600m of senior unsecured notes due 2021. Also, consistent with the previously communicated intended use of proceeds from the Issuance, the company purchased US$27... |
Goldman Sachs cuts HeidelbergCement target17 June 2011, Published under Cement NewsGoldman Sachs has reduced its price target on the stock of German cement maker HeidelbergCement to EUR64.00 from EUR66.50, keeping a "buy" rating. In view of negative exchange-rate effects and surging raw material prices, analyst Will Morgan has downgraded his profit projections for European building materials companies. However, the expert expects the construction business to recover in 2012. In addition, the "buy" rating on HeidelbergCement reflects the significant potential of the compa... |