Cement News tagged under: corporate
Hong Leong Asia makes takeover offer for Tasek Corp13 May 2020, Published under Cement NewsHong Leong Asia, which currently holds an 88.16 per cent stake in Malaysia’s Tasek Corp through two subsidiaries, has reportedly launched an unconditional voluntary takeover offer to acquire the remaining shares for around MYR83.9m (US$19.35m). The company, via its HL Cement and Ridge Star subsidiaries, had sought to take Tasek private last year, according to The Business Times Singapore. Tasek moved from a net loss last year to an MYR4.19m profit in its 1Q20 results reported last wee... |
LafargeHolcim propose dividened and re-elect board members at AGM13 May 2020, Published under Cement NewsLafargeHolcim shareholders confirmed the proposed distribution of a dividend of CHF2.00 per registered share (US$2.06/registered share) of LafargeHolcim Ltd from capital contribution reserves. The dividend is not subject to Swiss withholding tax. The Annual General Meeting confirmed Beat Hess as chairman of the company’s Board of Directors. Except for Paul Desmarais Jr, who did not stand for re-election, all other existing members of the Board were confirmed in office. On behalf of the Boa... |
Cemex UK to mothball South Ferriby plant in 3Q2013 May 2020, Published under Cement NewsCemex UK has announced a proposed mothballing of the South Ferriby plant during the 3Q20. It is anticipated that the proposal may result in redundancies of all the employees currently based at the South Ferriby Cement plant. The current cement drivers based at South Ferriby are not immediately impacted, but the intention is to review the optimal haulage provision. Cemex will shortly commence a process of collective consultation with affected employees. A final decision will be announced whe... |
Buzzi Unicem records 1Q20 net sales of EUR688.5m12 May 2020, Published under Cement NewsBuzzi Unicem has released its 1Q20 results which saw net sales reach EUR688.5m, up 4.9 per cent on 1Q19. Cement sales rose by 0.4 per cent to 6Mt, while concrete volumes fell by 3.5 per cent to 2.5Mm 3 , compared to 1Q19. Net debt as at 31 March 2020 amounted to EUR525.2m, EUR46.6m lower compared to the year-end 2019. Since March production and business activities have been severely hampered by the outbreak of COVID-19 in Italy, Luxembourg and eastern Europe. Buzzi Unicem reports construct... |
Loma Negra reports 30% decline in revenue12 May 2020, Published under Cement NewsArgentina’s Loma Negra has reported a 29.6 per cent fall in net revenue to ARS7.77bn (US$122m) in the first quarter of 2020, compared to ARS11bn in the year-ago period. The company’s net profit saw a 44.4 per cent YoY decline to ARS881m from ARS1.58bn. Consolidated adjusted EBITDA was down 17.9 per cent YoY to ARS2.60bn, while the adjusted EBITDA margin increased to 33.5 per cent from 28.7 per cent. "In this unprecedented COVID-19 situation, we are proud of the resilience and ingenuity... |
Votorantim sells Canadian quarry to Sunrock Group12 May 2020, Published under Cement NewsVotorantim Cimentos' North American business unit, St Mary's Cement, has sold an existing quarry with 1400 acres of high-quality aggregate reserves located in Burnt River, Ontario, Canada, to The Sunrock Group, a privately-held construction materials supplier headquartered in Raleigh, NC, USA. According to Bryan Pfohl, the Sunrock Group’s chairman and CEO: "The Sunrock Group is looking forward to building a strong Canadian company in the Greater Toronto Area that is poised to supply high qu... |
Shree Cement posts 58% increase in profit12 May 2020, Published under Cement NewsIndia’s Shree Cement has seen a 57.6 per cent rise in consolidated net profit to INR5.36bn (US$70.78m) in the quarter ending 31 March 2020, compared with INR3.12bn in the year-ago period. The company’s total income remained largely consistent with last year at INR35.13bn from INR35.38bn. In the 4QFY19-20, the company’s fuel and power expenses declined 19.8 per cent YoY to INR6.98bn. During the full FY19-20 period, Shree Cement’s net profit advanced 52.1 per cent YoY to INR15.44bn from ... |
LafargeHolcim Bangladesh 1Q20 net profit rises 46%11 May 2020, Published under Cement NewsLafargeHolcim Bangladesh sustained its profitability during January-March 2020, despite the ongoing COVID-19 pandemic. LafargeHolcim Bangladesh's net profit surged about 46 per cent YoY to BDT522.45m (US$6.2m) in the 1Q20, against earnings of BDT357.81m in the 1Q19. The rise in profit can be attributed to a decrease in cost of goods sold, alongside a reduction in finance cost and lower income tax during this accounting period. However, the company said hat the increase of revenue for Januar... |
Arabian Cement sees 22% rise in profit11 May 2020, Published under Cement NewsSaudi-based Arabian Cement Co has recorded a 21.6 per cent increase in net profit to SAR45.1m (US$12.03m) for the first quarter of 2020, compared to SAR37.1m in the year-ago period. The company also reported an 8.2 per cent YoY rise in quarterly sales to SAR204.6m from SAR189.1m. |
Gazakh Cement plant output stable in 4M2011 May 2020, Published under Cement NewsGazakh Cement Plant LLC in Azerbaijan reported a stable output in the first four months of 2020. The company produced over 209,000t of cement and 273,000t of clinker. This represents an increase of 20 and 10 per cent, respectively when compared with 2018. |