Cement News tagged under: corporate
Loma Negra sells majority stake in Yguazú Cementos27 August 2020, Published under Cement NewsArgentina-based Loma Negra (Intercement) has sold its 51 per cent majority stake in Paraguay’s Yguazú Cementos. The value of the deal was not announced, but the company had been valued at US$80m. The buyer was a local shareholder company ConcretMix (owned by Grupo Bogarín), according to a note sent to Argentina’s National Securities Commission. Loma Negra is expected to use the funds from the transaction to pay its debt with local banks. In 2000 Intercement founded Yguazú Cementos in partn... |
Carthage Cement posts TND3.3m net profit at end July27 August 2020, Published under Cement NewsCarthage Cement posted a net profit of TND3.3m (US$1.2m) as of 31 July 2020, despite at two-month shutdown due to the COVID-19 pandemic. The stoppage led the company to lose nearly TND28.6m, according to company CEO, Brahim Sanaa. Mr Sanaa said that the company targets a net result of TND19.6m by the end of the year, reversing the TND51.3m loss posted in 2019. Carthage Cement carried out a capital increase from TND172,134,413 to TND343,624,940, reducing the company’s bank indebtness by ... |
City Cement shareholders agree on 26% capital cut27 August 2020, Published under Cement NewsShareholders of Saudi-based City Cement Co have approved a 26 per cent capital cut to SAR1.4bn (US$8.34m) from SAR1.89bn, on having a capital surplus, during the extraordinary general meeting held on 25 August 2020, the company said. The capital will be decreased as the company has excess capital. The capital reduction will be financed from the company's internal resources. However, the cement producer signed Islamic loan agreements with Saudi British Bank and Riyad Bank at a total value o... |
CMA raises competition concerns over Breedon and Cemex deal26 August 2020, Published under Cement NewsBreedon’s purchase of certain Cemex assets has raised competition concerns in the supply of building materials in some parts of the UK, the Competition & Markets Authority (CMA) has found. Breedon announced in January 2020 that it had agreed a GBP178m deal to buy approximately 100 Cemex sites, including aggregates quarries, ready-mixed concrete facilities, asphalt plants and a cement terminal, across the UK. Following its initial Phase 1 investigation, the CMA found that the deal gives ri... |
Lucky Cement profits fall to PKR3.34bn in FY2026 August 2020, Published under Cement NewsLucky Cement Ltd has announced dismal financial results for FY19-20 (July 2019-June 2020). The company earned an after-tax profit of PKR3.34bn (US$19.8m) as compared to PKR10.49bn, reported during the same period in the previous financial year. The company attributed the drop in the profitability for the last three years mainly to increased capacities coming online locally, which has put downward pressure on margins, while input costs have continued to increase. However, as the local deman... |
JSW Group to merge its distribution and supply chain segments26 August 2020, Published under Cement NewsIndia’s JSW Group has announced plans to merge the distribution and supply chain operations of its steel, cement and paint businesses in India for better synergies and to save costs, according to the Times of India. The group has already combined the distribution operations of the three segments in east India and will roll out the initiative across the rest of the country in the coming months. As a result of the COVID-19 pandemic, JSW Group has already been reducing costs by cutting ca... |
Adelaide Brighton returns to profit in the 1H2026 August 2020, Published under Cement NewsAustralia’s Adelaide Brighton has posted a net profit after tax of AUD29.1m (US$20.95m) in the first half of 2020, compared with a net loss of AUD17.9m in the year-ago period. The company’s revenue declined seven per cent YoY to AUD700.7m. The company has reported that COVID-19 left operations largely uninterrupted, while the mining sector and the company’s increased exposure to the infrastructure market supported sales. However, overall cement sales decreased six per cent, although vol... |
West China Cement posts 5% fall in net profit25 August 2020, Published under Cement NewsWest China Cement has announced a 5.3 per cent YoY decline in net profit for the first half of the 2020, down to CNY752.3m (US$108.7m) from CNY793.5m in the 1H19. Revenue also fell 9.1 per cent YoY to CNY3.01bn from CNY3.31bn. Profits reportedly held up better than revenue due to a slight gross margin expansion on the back of lower coal costs and efficiency improvements. |
Ha Tien 1 Cement sees revenue down 14%25 August 2020, Published under Cement NewsVietnam’s Ha Tien 1 Cement JSC has seen its net revenue decline 14.1 per cent YoY to VND2035bn (US$87.1m) in the second quarter of 2020. Gross profit posted a minor decline of 2.6 per cent YoY to VND419.8bn. The company recorded a pretax profit of VND257.5bn, falling nearly VND3bn compared to the 2Q19. In the first half of the year, net revenue was down 13.7 per cent YoY to VND3767bn while pretax profit edged upwards to VND397bn. As a result, the first half has met 44 per cent of the r... |
Hetauda Cement Industries sees losses mount up25 August 2020, Published under Cement NewsA combination of COVID-19, stalled construction activities and falling cement sales have seen Hetauda Cement Industries' losses grow fivefold YoY. The state-owned Nepalese company amounted losses totalling NPR50m (US$417,872) in the last fiscal year ended mid-July. According to the factory, it was able to sell only 1.45m bags of cement and clinker out of the 1.9m bags it produced in the last fiscal year. Sarju Aryal, head of the sales division, said the factory was left with about 400,000... |