Cement News tagged under: corporate
APO Cement announces job layoffs14 November 2018, Published under Cement NewsAPO Cement is laying off 30 per cent of their regular employees and up to 40 per cent of their contractual workers. The announcement came as a shock to employees after the workers' general assembly meeting. The lay-offs will come into effect on 13 December 2018 and will last for at least six months. The decision stems from the suspension of the quarry operations of Apo Land and Quarry Corp (ALQC), the main supplier to APO Cement, which suffered a disruption to mining after a landslide in Na... |
UltraTech's bid for Binani approved by NCLAT14 November 2018, Published under Cement NewsA bid submitted by India’s UltraTech Cement to acquire Binani Cement has received approval from the National Company Law Appellate Tribunal (NCLAT). A two-member bench of NCLAT, headed by Chairman Justice S J Mukhopadhaya, approved the company’s resolution plan and said that the plan submitted by Dalmia Bharat’s Rajputana Properties was “discriminatory” against some financial creditors, according to the Press Trust of India. |
WCA General Assembly to be held in December13 November 2018, Published under Cement NewsThe General Assembly of the World Cement Association (WCA) will be held on Wednesday, 5 December 2018 in the Royal Garden Hotel, London. CEOs and senior executives from WCA member companies will come together at its second General Assembly to discuss the global challenges facing the cement industry and to outline a plan for the future. The association, representing a total cement capacity of nearly 1bnta, has recently released its Climate Change Action Plan to lead the cement industry towa... |
Semen Indonesia to buy LafargeHolcim’s Indonesian unit13 November 2018, Published under Cement NewsIndonesia's largest cement producer, Semen Indonesia, is buying the local business of LafargeHolcim for around US$940m. LafargeHolcim is disposing of its entire 80.6 per cent shareholding in Holcim Indonesia. The transaction will merge the operations of Indonesia's largest and third-largest players, representing a significant consolidation in the industry. PT Semen Indonesia currently holds 40.8 per cent of the market while PT Holcim Indonesia has a market share of 14.6 per cent. The deal ... |
Votorantim Cimentos sells 75% share in Shree Digvijay Cement13 November 2018, Published under Cement NewsVotorantim Cimentos has agreed the sale of its 75 per cent stake in Shree Digvijay Cement Co Ltd (SDCCL) to Indian private equity firm True North. The sale requires the completion of a mandatory open offer to the minority shareholders of SDCCL. The acquisition would add to True North's other investments in the building materials sector namely, RDC Concrete (“RDC”), a manufacturer of ready-mix concrete and Robo Silicon (“Robo”), a manufacturer of construction aggregates. Srikrishna Dwaram, ... |
Star Cement records 45% rise in net profit13 November 2018, Published under Cement NewsIndia’s Star Cement Ltd has reported a 28.7 per cent YoY rise in net sales to INR3.62bn (US$49.98m) for the 2QFY18-19 ended 30 September, from INR2.81bn of the year-ago period. Net profit advanced 45.4 per cent to INR381.7m from INR262.6m. In the first six months of the FY18-19, net sales increased 20.2 per cent YoY to INR8.81bn. However, net profit fell 4.6 per cent to INR1.29bn, compared with INR1.35bn of the 1H17-18. |
Gulf Cement 9M profit down13 November 2018, Published under Cement NewsUAE-based Gulf Cement reported a 9.3 per cent fall in revenues in the 9M18 to AED371.7m (US$101.2m) from AED409.8m in the year-ago period. Net profit fell 95 per cent from AED33.1m in the 9M17 to AED1.6m in the first nine months of 2018. The company attributed the decline in its net profit due to rising coal and gas prices. In addition, increased supply to the market resulted in falling selling prices. |
Fujairah Cement Industries (FCI) sees fall in profit13 November 2018, Published under Cement NewsFujairah Cement Industries (FCI) saw its third-quarter profits fall by 95 per cent to AED0.3m (US$ 81,688) in the 3Q18, a sharp drop from AED6.2m reported in the year-ago period. In the January-September period, FCI reported profits of AED12.2m, down 55 per cent from AED27.1m in the 9M17. Earlier this year, the company had posted 1H profits of AED11.9m, representing a 43 per cent YoY drop. |
Titan is looking to move its main quote to Brussels and the management to Cyprus12 November 2018, Published under Cement NewsIn the first nine months of 2018,Titan's turnover declined by 1.8 per cent to EUR1101.9m and EBITDA was down by 8.2 per cent to EUR196.9m, while in the third quarter EBITDA was ahead by 3.2 per cent to EUR74.7m. The pretax profit advanced by 11.5 per cent to EUR65.9m and the net attributable profit recovered strongly, rising by 51.8 per cent to EUR50.2m in the 9M18. Net debt at the end of September was 3.4 per cent higher than a year earlier at EUR784m. The nine months' capital expenditure w... |
Eagle Cement sees 6% rise in 9M net profit12 November 2018, Published under Cement NewsEagle Cement Corp reported in the 9M18 net sales of PHP12.2bn (US$229.2m), up nine per cent YoY from PHP11.2bn in the 9M17. Strong sales and stable prices supported the rise in net sales. Net profit of the Philippine cement producer advanced by six per cent to PHP3.5bn from PHP3.3bn in the year-ago period. Despite higher input costs, EBITDA rose by three per cent while margins increased by 42 per cent. "We remain aggressive and committed in growing our company organically as we are lev... |