Cement News tagged under: corporate
Norcem opens Verdal terminal19 August 2022, Published under Cement NewsNorcem ( HeidelbergCement Group ) has opened its new cement terminal in Verdal, Norway. The terminal has been under construction for several years and will take over the duties of the terminal in Levanger, which is scheduled to be demolished. "In the construction process, Norcem has aimed to use as many local subcontractors as possible," said project manager, Asgeir Kvitvik, who praised partners in the project. Trondheim Havn IKS property manager, Tove Kulseng, gave the silos ... |
UltraTech Cement announces fresh capex plans18 August 2022, Published under Cement NewsUltraTech Cement 's chairman, Kumar Mangalam Birla, addressed shareholders at the company's 22 nd Annual General Meeting (AGM) stating that the company’s Board of Directors approved fresh capex of INR128,860m (US$1623m) towards increasing capacity by 22.6Mta with a mix of brownfield and greenfield expansions. The additional capacity would be created across the country by setting up integrated and grinding units as well as bulk terminals. Commercial production from these new capacities is... |
Lafarge Emirates Cement uses first-of-its-kind finance facility to install WHR system18 August 2022, Published under Cement NewsStandard Chartered, a UK-based banking and financial services company, has closed a ‘transition trade’ facility with Lafarge Emirates Cement to enable the cement producer to invest in a waste heat recovery (WHR) system. The transition trade facility is believed to be the first of its kind in the Middle East and forms part of Standard Chartered’s commitment to provide US$300bn in ‘green’ and transition finance by 2030. “This market-first transition trade finance facility is a result of ... |
Attock Cement makes loss after super tax18 August 2022, Published under Cement NewsAttock Cement Pakistan Ltd (ACPL) has announced its financial result for 4QFY21-22 (April-June 2022), posting a loss after tax of PKR59m (US$274,781) compared to a profit after tax of PKR149m in the same period last year. The main reason behind this loss has been the recognition of super tax and deferred tax liability, according to AHL Research. This took the FY21-22 (July 2021-June 2023) earnings to PKR1181m against PKR1107m in the same period a year earlier. Alongside the result, the co... |
Misr Qena Cement Co records 24% profit rise in 1H2218 August 2022, Published under Cement NewsThe consolidated financial statements of Misr Qena Cement Co revealed an increase in the company's profits by 24 per cent during the first half of this year. The company achieved a net profit of EGP85.69m (US$4.5m) during the period from January to the end of June 2022, compared to EGP69.1m in the same period last year. Misr Qena Cement recorded sales during the 1H22 of EGP1.29bn, compared to EGP1.28bn in the same period last year. The company recorded a net profit of EGP80.85m from ... |
Al Jouf Cement appoints new CEO18 August 2022, Published under Cement NewsSaudi Arabia-based Al Jouf Cement has appointed Abdul Karim Al-Nuhair as CEO, effective from 21 August 2022. Mr Al-Nahair replaces Jamal bin Salem Al-Amer who resigned as CEO on 16 August 2022 but will continue as the company’s president ex-executive advisor, according to Arab News. Prior to joining Al Jouf Cement, Mr Al-Nuhair held a number of leadership roles in joint-stock companies. |
Qassim Cement Co sees 73% fall in profits in 1H2217 August 2022, Published under Cement NewsQassim Cement Co posted a 73 per cent drop in profit during the 1H22, hit by lower cement demand. The Saudi cement producer’s profit fell to SAR54m (US$14m), compared to SAR201m in the prior-year period. The company’s performance declined due to lower sales both in value and volume terms, higher costs of goods sold, as well as lower returns on financial investments, Arab News reported. Company revenue also declined by 30 per cent during the 1H22 to SAR295m. |
Summit Materials Inc records revenue of US$631.9m in 1H2217 August 2022, Published under Cement NewsSummit Materials Inc reported net revenue of US$631.9m in the 1H22, a rise of 2.2 per cent from US$618.5m in the 1H21. This advance is due to increases in average sales prices across all lines of the business which more than offset volume declines due primarily to divestitures. Net income rose to US$111.2m during this period, up from US$95.9m in the 1H21. Adjusted EBITDA increased by US$0.2m, or 0.1 per cent, to US$164m. The cement business saw net revenue increase 9.1 per cent to US... |
Fuel and power costs soar in Nigeria17 August 2022, Published under Cement NewsDangote Cement and BUA Cement spent a combined NGN173.54bn (US$413.8m) on fuel and power in the first half of 2022, up 38.3 per cent on the same period a year earlier. Fuel and power accounted for 41.3 per cent of the total cost of sales reported by the two cement firms over the six-month period, according to Nairametrics. Taking each company in turn, Dangote spent NGN129bn on fuel and power in the first half of 2022, up 31.3 per cent YoY, causing the cost of sales to advance by 16.8 ... |
CCI approves Adani acquisition of Ambuja and ACC stakes16 August 2022, Published under Cement NewsThe Competition Commission of India (CCI) has approved the acquisition of Holcim ’s stake in Ambuja Cements Ltd and its subsidiary ACC Ltd by the Adani Group. The deal, which was initially entered into by Adani in May this year, will propel the group to become India’s second-largest cement producer. Holcim currently holds a 63.11 per cent share in Ambuja Cements and a 4.48 per cent share in ACC. Furthermore, Ambuja holds a 50.05 per cent stake in ACC. The acquisition will b... |