Cement News tagged under: corporate
Lafarge Cement fined US$778m for ISIS payments19 October 2022, Published under Cement NewsLafarge Cement has agreed to plead guilty and pay a fine of US$777.8m for payments it made to terror organisation ISIS to keep operating a cement plant in Syria. The payments to ISIS, which reportedly totalled US$10.23m, were made from August 2013 to October 2014 and took place while the terrorist group was kidnapping and killing westerners, reports CNBC. According to the United States Department of Justice, "The gains to all participants in the conspiracy, including LCS [Lafarge Cement S... |
Dalmia and Sagar submit formal bids for Andhra Cements19 October 2022, Published under Cement NewsDalmia Cement (Bharat) Ltd and Sagar Cements have formally submitted offers to acquire Andhra Cements, according to Business Standard. Andhra Cements, which reportedly owes INR9700m (US$117.9m) to its lenders, was acquired by Jaypee Group in 2012 but has failed to report any sales for the last two years, or repay its debts. Data from Capitaline show that net sales by the company have fallen from INR4663m in FY18 to zero in FY22. Andhra Cements currently has two cement plants with a c... |
Yamama Cement sees 49% jump in revenue in 3Q2219 October 2022, Published under Cement NewsSaudi Arabia's Yamama Cement has reported a 23.6 per cent advance in revenue to SAR684.2m (US$182.5m) in the first nine months of 2022. This compares to SAR553.5m in the same period a year ago, according to Argaam. Operating income over the same period advanced by 12.9 per cent from SAR178.02m to SAR200.95m, while net profit after Zakat and tax was up 29 per cent from SAR172.5m to SAR221.7m. The improvement in profit is being attributed to higher sales volumes and an increase in other r... |
Haver & Boecker Niagara expands Pedro Leopoldo manufacturing facility19 October 2022, Published under Cement NewsHaver & Boecker Niagara has expanded its manufacturing facility in Pedro Leopoldo, Brazil. The building expansion allows the company to produce 8000 parts per month at a rate of 320 parts per day. Additionally, the company can now move its rubber production 100 per cent in-house, allowing for an increased production capacity of its signature Ty-Dura Screen media and premium rubber liners by 60 per cent. "As Haver & Boecker Niagara’s global presence has grown, so has an interest in our inn... |
HeidelbergCement India sees 88% slump in profit18 October 2022, Published under Cement NewsHeidelbergCement India Ltd has reported a 12.2 per cent YoY decline in revenue in the quarter ended 30 September 2022. Revenue for the three-month period came in at INR5060m (US$61.5m), compared to INR5765m in the same quarter a year earlier. EBITDA over the same period fell 59.2 per cent from INR1165m to INR476m, while profit after tax slumped 88.2 per cent from INR596m to just INR70m. According to the company, the decline in profitability is due to a significant increase in fuel costs... |
ACC Ltd records cement volume growth of 4%18 October 2022, Published under Cement NewsACC Ltd (ACC) (Adani Group) has announced the financial results for the quarter ended 30 September 2022, recording a cement volume grew of four per cent as compared to the same quarter last year. Ready-mix concrete also performed well with a volume growth of approximately 10 per cent over the same quarter last year. With a focus on operational excellence and unlocking potential, ACC has accelerated debottlenecking of various plants and improvement in efficiencies. Alternative fuel... |
Adbri CEO and MD step down18 October 2022, Published under Cement NewsAdbri ’s chief executive office and managing director, Nick Miller, is stepping down. Mark Irwin, senior executive at the company, has been appointed as interim CEO. According to Reuters, extreme rainfall and ongoing inflationary headwinds have continued to impact Adbri’s margins. Although demand has remained robust, the company is actively reviewing its expenses to deliver further cost reductions. Out-of-cycle price increases have been implemented but, according to Adbri, they have not ... |
Shree Cement reports 67% profit drop17 October 2022, Published under Cement NewsShree Cement Ltd has reported standalone revenue of INR37,810m (US$458.8m) in the quarter ended 30 September, 2022. This compares to INR32,058m in the same period a year earlier, representing an 18 per cent YoY increase. However, net profit over the same period fell by 67 per cent from INR5777m to INR1896m. Total expenses in the September 2022 quarter came in at INR36,882m, notably up from the INR26,137m reported in the same period a year ago. Much of this advance was due to power and f... |
Portland Valderrivas to invest EUR6m in Sevilla plant17 October 2022, Published under Cement NewsCementos Portland Valderrivas expects to invest EUR6m in the construction of a non-hazardous waste processing plant and the renovation of its mining concession in Alcalá de Guardaira , Sevilla, Spain. The project will enable the plant to significantly reduce its energy costs and carbon footprint as the alternative fuel will replace petcoke. It will also allow for the elimination of waste that is currently destined for landfill. In addition, the project will enable the company to study t... |
Raysut Cement reports loss during 9M2217 October 2022, Published under Cement NewsRaysut Cement Co (RCC), announced its initial financial results (group consolidated) for nine months, which ended on 30 September 2022. It reported a loss after taxation of OMR16.30m (US$42.3m) compared to a loss of OMR2.21m in the same nine months period last year. The CEO of the Omani company, Khalid Ramis Mohammed Al Rawas, attributed the major reasons for losses to the cost of early termination of long-term charter vessel contracts, the impact of the subsidiary’s revenue loss... |