Cement News tagged under: corporate
Dangote highlights pan-African job creation; confirms dividend at AGM22 June 2020, Published under Cement NewsPresident of Dangote Group, Aliko Dangote, told the company’s 11th Annual General Meeting in Lagos on 17 June that Dangote Cement was able to sustain 54,000 jobs in four African countries, where the company has its operations. “According to our 2019 socioeconomic impact assessment study specifically on our operations in Nigeria, Ethiopia, Senegal and South Africa, we sustained 54,005 jobs (direct, indirect, induced) in these four markets in the year under review, ” he said. Dangote Gro... |
Ramco Cements posts 18% profit increase in FY19-2022 June 2020, Published under Cement NewsIndia’s Ramco Cements recorded a 13.2 per cent YoY decline in consolidated net profit to INR1.43bn (US$18.8m) during the 4QFY19-20, compared with INR1.65bn in the year-ago period. Consolidated revenue also fell 9.2 per cent YoY to INR14.04bn from INR15.46bn. However, the company posted an 18.4 per cent rise in net profit to INR6.02bn for the full FY19-20 period, against INR5.11bn in the previous fiscal. Revenue advanced 4.5 per cent YoY to INR54.23bn from Rs51.87bn. In FY19-20, cement ... |
INSEE ramping up output at Galle plant18 June 2020, Published under Cement NewsINSEE Cement will be ramping up production at its Galle cement plant to support the local economy’s fast recovery from the COVID-19 pandemic. The company said in a statement that over the years, local cement manufacturers have contributed immensely in enriching the national economy through value additions that support the employment opportunities, up-skilling of local construction professionals through continuous training and education provided across all levels of stakeholders along with ... |
Mangalam Cement sees net sales rise 3% in FY19-2018 June 2020, Published under Cement NewsIndia’s Mangalam Cement has reported net sales of INR3.04bn (US$39.79m) in the quarter ending 31 March 2020, a 7.9 per cent YoY decline compared to INR3.3bn in the 4QFY18-19. However, net profit surged to INR155.1m from INR16.7m. In the full FY19-20, total income advanced 2.8 per cent YoY to INR12.58bn from INR12.23bn in the previous fiscal year. The company also posted a net profit of INR759m against a net loss of INR97.3 in the FY18-19. |
India Cements denies reports of acquisition18 June 2020, Published under Cement NewsDespite recent reports, India Cements has denied that Radhakishan Damani, owner of Avenue Supermarts Ltd, will be acquiring a controlling interest in the company. Mr Damani currently holds a stake of around 20 per cent, while the related group has a stake of around 29 per cent. "Damani is an investor, so he has been acquiring a stake in India Cements over a period of time. It does not seem like he would want to own and operate a cement company," said a Mumbai broker to The Hindu Business... |
JK Cement reports 4Q results and receives approval to raise INR2.5bn18 June 2020, Published under Cement NewsIndia’s JK Cement has reported a 99.9 per cent decline in net profit to INR2.3m (US$30,194) in the final quarter of FY19-20, compared with INR1.5bn in the year-ago period. Net revenue edged up to INR14.78bn from INR104.71bn in the 4QFY18-19. Operating expenses dropped 6.7 per cent YoY to INR11.31bn from INR12.12bn. The company has also received approval to raise funds through the issuance of secured non-convertible debentures in one or more tranches for an amount up to INR2.50bn, within t... |
YTL Corp records 11% revenue increase17 June 2020, Published under Cement NewsMalaysia’s YTL Corp has reported a 65.6 per cent decline in net profit to MYR29.52m (US$6.9m) in the third quarter ending 31 March, compared to MYR85.79m in the year-ago period. However, the group’s revenue advanced 11.6 per cent YoY to MYR4.81bn from MYR4.31bn. For the nine-month period until March 2020, YTL Corp saw a 75.7 per cent YoY fall in net profit to MYR62.37m from MYR256.40m in the previous fiscal, while revenue increased 20.8 per cent YoY to MYR15.64bn from MYR12.95bn. The hi... |
Hong Leong Asia grows stake in Tasek Corp17 June 2020, Published under Cement NewsHon Leong Asia’s wholly-owned subsidiary, Ridge Star, has acquired 30,700 shares of Malaysia-based Tasek Corp at a value of around US$57,964, according to The Straits Times. Following this development, Hong Leong Asia now owns a 92.4 per cent stake in the company. Last month, Hong Leong Asia had submitted an unconditional voluntary takeover offer for the remaining shares of Tasek at MYR5.80 (US$1.36) per ordinary and preference share. |
Paraguay’s INC ensures cement supply for public works17 June 2020, Published under Cement NewsParaguay’s Industria Nacional de Cemento (INC) is guaranteeing the supply of cement to public works during the COVID-19 health emergency, reports the official news agency, Agencia de Información Paraguaya (AIP). In March and April 2020 it sold 1,392,612 bags of cement, with a daily production of 50,000 bags, or around 2500tpd. At present, the company is on track to supply the market with 0.6Mta. INC head, Ernesto Benítez, told AIP that the company plans to ensure the requirement of public ... |
Hima Cement's Kasese mining right appeal is dismissed17 June 2020, Published under Cement NewsUganda-based Hima Cement (LafargeHolcim group) has seen its Kasese mining rights stripped from it after the High Court upheld a decision from 2013 to confer them to East African Gold Sniffing Company Ltd. The dispute has involved legal proceedings before the Minister of Energy and Mineral Development, the High Court and the Court of Appeal. Hima Cement had appealed to the High Court after its limestone rights in Kasese, western Uganda, were annulled by Justice Elad Mwangusya in 2013. Court... |