Cement News tagged under: corporate
Flying Cement reports 96% fall in sales02 June 2020, Published under Cement NewsPakistan’s Flying Cement Co saw a 95.9 per cent fall in sales to PKR35.62m (US$217,705) in the January-March period of 2020, compared to PKR858.47m in the year-ago period. The company also reported a net loss of PKR110.7m against a net profit of PKR64m in the corresponding period of the previous fiscal. In the first nine months of FY19-20, sales declined 63.6 per cent YoY to PKR964.6m from PKR2.65bn. The company’s net loss also widened to PKR14.87m from PKR48.68m in the FY18-19. |
CIMERWA to list on stock market02 June 2020, Published under Cement NewsCIMERWA has said that it is currently in the process of listing its shares on the Rwanda Stock Exchange (RSE). Mr Sigei, CEO, said that the transaction is currently in the hands of the relevant regulators and will be announced in due course. The listing of the company will also depend on its market performance, which has been affected by the coronavirus pandemic despite a significantly financial book last year, reports KT Press. If listed, CIMERWA will be come the ninth company on the RS... |
Ras Al Khaimah slips into the red in 1Q01 June 2020, Published under Cement NewsIn its unaudited first-quarter results, Ras Al Khaimah Cement Co reported a 26 per cent drop in sales to AED36.838m (US$10.031m) in the first quarter of 2020 ended 31 March when compared with the equivalent period of the previous year, when sales reached AED49.774m. The company posted a gross loss of AED3.808m, against a gross profit of AED4.241m in the 1Q19 while net loss reached AED8.01m. In the 1Q19 Ras Al Khaimah Cement achieved a net profit of AED2.162m. |
Udayapur Cement Industries resumes operations01 June 2020, Published under Cement NewsUdayapur Cement Industries Ltd of Nepal has resumed operation after the company's closure due to COVID-19 restrictions. According to the company's Administration Chief, Ram Bahadur GC, Udayapur Cement, which had been shut following the government-imposed nationwide lockdown to control the spread of coronavirus, has restarted production of clinker from 29 May. "We had to close both production and sale for as long as 68 days due to the pandemic, but as the crisis seems to be easing now, we’... |
Al Karama restarts Carthage Cement share sale01 June 2020, Published under Cement NewsFollowing a forced break due to the coronavirus pandemic, Al Karama Holding, restarts the process to divest a stake in Carthage Cement to a strategic investor who is able to lead and develop the Tunisian cement producer. The stake of shares up for sale at least 58.2 per cent, according to Il Boursa, a significant step-up from the 50.52 per cent initially up for offer when the company gauged interest on 15 December 2017. However, the final stake sold may be as high as 78 per cent. Interes... |
East African Portland Cement Co offers early retirement01 June 2020, Published under Cement NewsTo avoid total collapse, Kenya’s East African Portland Cement Co (EAPCC) is offering voluntary early retirement for its 800 employees, reports The East African. EAPCC Acting Managing Director, Stephen Nthei, said the programme is a one-time event open to all employees. Through the programme, the company hopes to achieve sustainable operational costs at a time when the company is struggling to remain afloat amidst mounting losses and declining cement sales. “The industry has witnessed a s... |
CIMERWA appoints new CEO01 June 2020, Published under Cement NewsRwandan cement company, CIMERWA, recently appointed Albert Kipkemoi Sigei as its new CEO, succeeding Bheki Mthembu, whose term ended. Mr Sigei, with more than 17 years of experience in the building materials sector, has a degree in Mechanical Engineering from the University of Nairobi, Kenya, as well as professional qualifications in accounting and information technology management. He comes to CIMERWA after a position as CEO of LafargeHolcim Malawi, following posts in Kenya, Egypt and Nig... |
Prism Johnson sees 61% fall in net profit29 May 2020, Published under Cement NewsIndia’s Prism Johnson Ltd, formerly known as Prism Cement, has reported a 61 per cent fall in standalone net profit to INR564.5m (US$7.47m) in the FY19-20, compared with INR1.46bn in the previous fiscal year. EBITDA was also down six per cent YoY to INR5.22bn from INR5.55bn. Cement volumes contracted by three per cent during the FY19-20, due to the country entering lockdown in March. Otherwise, cement volumes were expected to increase since they were up a modest one per cent YoY for the fi... |
Siam Cement receives approval to set up IPO for packaging unit29 May 2020, Published under Cement NewsThe Securities and Exchange Commission of Thailand has given Siam Cement PCL approval to go ahead with its plans for an initial public offer of its packaging unit. SCG Packaging Public Co along with its financial advisor is assessing the current situation, including that of the equity capital markets, and confidence level of both Thai and international investors, said Siam Cement. "Once the overall situation becomes clearer and more conducive, SCGP will proceed with its IPO and the listi... |
Fauji Cement appoints CEO/MD and makes resource sharing agreement with Askari Cement29 May 2020, Published under Cement NewsFauji Cement Co Ltd (FCCL) informed Pakistan Stock Exchange (PSX) on 28 May 2020 that due to expiry of employment contract of Lt Gen Muhammad Ahsan Mahmood, HI (M) (Retd), CEO/MD of FCCL on 9 June 2020, Qamar Haris Manzoor has been appointed as his replacement by the Board of Directors of Fauji Cement, says a notification signed by company secretary. He will assume the charge of this appointment with effect from 10 June 2020. Earlier, the company stated that as a result of the approval of t... |