Cement News tagged under: corporate
Pakistan attracts less FDI in cement and construction during 7MFY1926 February 2019, Published under Cement NewsForeign direct investment (FDI) into Pakistan during July 2018-January 2019 declined by over 17 per cent compared to same period last year, according to data released by the State Bank of Pakistan (SBP). The SBP data shows that the country received investments worth US$1.451bn during the first seven months of current fiscal year, down 17.6 per cent from US$1.761bn in the same period last year. Moreover, cement and construction sectors have also contracted. Out of total FDI, Pakistan's c... |
Raysut Cement of Oman to acquire Sohar Cement25 February 2019, Published under Cement NewsRaysut Cement Co SAOG has informed Muscat Securities Market (MSM) that it has signed a letter of intent (LoI) with the shareholders of Sohar Cement Factory LLC of Oman, with respect to the purchase of all its shares. According to Ghose Jotirmoy Pratul Krishina, CEO of Raysut Cement, the parties are currently discussing the terms of the proposed acquisition and company will keep its shareholders informed of any significant future developments as and when they happen. With a 240tph gr... |
Bestway Cement earns higher profit in 1HFY1925 February 2019, Published under Cement NewsBestway Cement Ltd (BCL) has announced its financial results for the half year ended 31 December 2018. BCL declared earnings of net profit of PKR6.88bn (US$49.7), increased by 11.07 per cent YoY, as compared to PKR 6.19bn earned in the same period last year. Muhammad Irfan Anwar Sheikh, Bestway Cement's director and CFO, has informed the Pakistan Stock Exchange (PSX) that net sales of BCL during the 1HFY18-19 increased to PKR40.34bn from PKR38.44bn during this period. It incurred a hi... |
New cement plant for Aktobe, Kazakhstan25 February 2019, Published under Cement NewsA new 1.8Mta cement plant will be built in Kazakhstan’s Aktobe region, according to the head of SEC Aktobe, Anuar Makhanov. Representing an investment of KZT101bn (US$268.8m), the production facility will be located in Baiganinsky district by Turkey-based Dal Holding Investment Co. “A joint venture of Aktobe Cement was established, a Roadmap was signed. Construction and installation work will begin in April 2019. In the course of cooperation between SEC and DalHolding Investment Company, ... |
Fecto Cement profit shrinks by 53.75 per cent in 1HFY1925 February 2019, Published under Cement NewsFecto Cement Ltd (FCL) has announced its financial results for the half year ended 31 December 2018 today. It declared earning of net profit of PKR105m (US$0.75m) decreased by 53.75 per cent YoY, as compared to PKR227m earned in the same period last year. FCL informed the Pakistan Stock Exchange (PSX) that net sales of the company during the half year 2018-19 slightly increased to PKR 2.483bn from PKR 2.470bn during this period. It incurred higher administrative expenses of PKR143m agains... |
HeidelbergCement reduces its stake in Ciments du Maroc22 February 2019, Published under Cement NewsAs part of its action plan to optimise its portfolio and improve cash generation, HeidelbergCement is its reducing stake in Ciments du Maroc. HeidelbergCement announces the sale of around 1.1m shares, representing 7.8 per cent of Ciments du Maroc's share capital, for an aggregate amount of approximately EUR140m. The shares were sold to Moroccan institutional investors through an off-market block trade. Following this transaction, HeidelbergCement retains a controlling stake of 54.6 per ce... |
Fujairah Natural Resources Corp begins construction of new plant22 February 2019, Published under Cement NewsThe UAE’s Fujairah Natural Resources Corp has launched an AED550m (US$149.74m) three-stage project in Habbab, Fujairah. The new facility will produce clinker, with production commencing following the completion of stage one in December 2019. Ali Qasim, company director, has stated that the project will boost the cement industry in Fujairah, adding value to the UAE’s national industry. |
Holcim Philippines completes La Union expansion22 February 2019, Published under Cement NewsHolcim Philippines has reported the completion the expansion project at its plant in La Union, Luzon, increasing capacity to 1.8Mta from 1Mta previously. The company completed the installation of new grinding equipment and storage facilities two months ahead of schedule. "With our expansion and efficiency initiatives, we can better provide a reliable supply of high-quality cement to help our partners advance the region's development," said John Stull, Holcim Philippines president and CEO.... |
JK Cement announces two grinding projects22 February 2019, Published under Cement NewsIndia's JK Cement is expected to invest around INR4.5bn (US$63.24m) to set up two cement grinding units. Approximately INR2.5bn will be spent on a 0.7Mta unit in Balasinor, Gujarat, while the remaining amount will be invested in a facility in Aligarh, Uttar Pradesh. |
Cementos Argos' revenues slip in 201821 February 2019, Published under Cement NewsCementos Argos has posted its full-year 2018 results and reported that cement and ready-mix volumes fell in 4Q18 by three and seven per cent, respectively. The company pointed to unfavourable weather conditions in the USA and higher electricity and fuel costs in Colombia that were only partially offset by stronger sales in the Caribbean. Full-year 2018 results Cement volumes in 2018 slipped to 16.02Mt from 16.19Mt in 2017, down -1.1 per cent. Ready-mix volumes for the full year 2018 v... |