Cement News tagged under: corporate
Inchini Bedrock Cement is investigated for tax evasion26 March 2018, Published under Cement NewsEthiopia-based cement producer, Inchini Bedrock Cement Plc, is being investigated by the Office of the Attorney General for alleged tax evasion of ETB133m (US$4.8m) over the span of six years. The Ethiopian Revenues & Customs Authority (ERCA) reports that the company is liable for ETB276m (US$10m), says All Africa. Inchini has declared losses in all but two of its years since its establishment seven years ago. But the Authority's Large Taxpayers Office (LTO) refuted these claims and conduc... |
Cemex not to pursue capital increase23 March 2018, Published under Cement NewsCemex announced it will not pursue its earlier-announced planned capital increase following consultation with its shareholders. “As we discussed on Cemex Day, our management team’s priority is to achieve an investment grade capital structure, as the foundation of our value creation strategy” said CEO, Fernando Gonzalez. “We are highly focussed on our long-term strategic objective of maximising shareholder value. After listening to the feedback from our shareholders, we have decided not t... |
Sephaku Cement posts 16% fall in profits in 201723 March 2018, Published under Cement NewsDangote-owned Sephaku Cement has posted a 16 per cent drop in its full-year profit, despite revenue increasing by 3.7 per cent to ZAR2.37bn (US$201.1m) in 2017. The South Africa-based company turned a profit of ZAR73.9m in the 2H17, compared with a loss of ZAR16.1m in 1H17, resulting in full-year profit of ZAR58.7m. This was a 16 per cent decrease on the previous year’s profit of ZAR68.9m. EBITDA for the full year was 21.3 per cent, compared with 23.1 per cent in 2016. Sephaku Cement stat... |
Third line finance for Ciments du Sahel23 March 2018, Published under Cement NewsThe West African Development Bank has approved a XOF25bn loan to help fund a third production line at Ciments du Sahel’s plant in Kirène, near Rufisque, Senegal. The new integrated line will have a capacity of 2.7Mta and increase current capacity at the plant to 5.9Mta. Currently, Dangote Industries Senegal is building a 1.5Mta expansion at its 1.5Mta Pout works. When both projects come to fruition, Senegal’s total cement capacity will rise to 12.4Mta. Domestic cement demand is ex... |
Anjani Portland Cement plans to expand capacity23 March 2018, Published under Cement NewsIndia’s Anjani Portland Cement has approved plans to construct an additional clinker production unit at its plant in Suryapet, Telangana. The project will see an investment of INR4bn (US$61.49bn) to expand the facility’s capacity from 1.16Mta to 2.31Mta, according to India Infoline. The expansion is expected to be completed by December 2019, and will be funded through either internal accruals, inter-corporate deposits or bank loans. |
China Tianrui records revenue increase for 201723 March 2018, Published under Cement NewsChina Tianrui Group Cement has announced that its profit attributable to owners rose 238.6 per cent YoY for the full-year 2017 period, increasing to CNY1bn (US$158.47m) from CNY295.8m. Revenue advanced 40.1 per cent on the previous year, reaching CNY8.42bn. Gross profit grew by 58 per cent YoY to CNY2.40bn, while the gross profit margin rose to approximately 28.5 per cent. This has been attributed to a greater increase in cement and clinker prices than in production costs. |
RAK White Cement to pay dividends worth AED25m23 March 2018, Published under Cement NewsUAE-based RAK White Cement has approved the Board’s recommendation to distribute five per cent of capital as cash dividends for the FY17. The company will pay five fils per share to the entitled shareholders, amounting to a total of AED25m (US$6.81m). RAK’s preliminary financial results for the FY17 show a 27.6 per cent YoY fall in profits to AED30.42m, compared to AED42m of FY16. The company’s capital currently stands at AED500.16m, according to Mubasher. |
HeidelbergCement reports record 201722 March 2018, Published under Cement NewsDespite a challenging environment, HeidelbergCement has announced at 14 per cent YoY increase in revenues to EUR17.3bn in 2017 from EUR15.2bn in 2016 although on a pro-forma basis, ie taking into account the contributions of Italcementi for the 1H16, the increase was more modest at two per cent. The company's sales volumes of cement, aggregates and ready-mixed concrete increased significantly and reached new records, particularly due the acquisition of Italcementi. Total cement sales reac... |
Dangote receives approval to raise NGN300bn in local-currency bonds22 March 2018, Published under Cement NewsDangote Cement Plc has announced that it received approval from the Securities and Exchange Commission (SEC) and other regulators to raise NGN300bn (US$833m) in local-currency bonds, according to This Day. The bond will be issued in stages of NGN50bn whenever interest rates are favourable. The company plans to use the fund to finance its expansion and refinance its debt. Dangote is expected to spend US$350m on capital projects this year, which includes building export facilities at Nigeria... |
Raysut Cement to look at 1Mta plant in Georgia22 March 2018, Published under Cement NewsOman’s Raysut Cement Co is planning to carry out an initial study for a 1Mta plant in Georgia, according to Muscat Daily. The company’s subsidiary, Pioneer Cement Industries Georgia Ltd, already owns a mine with over 30Mt of limestone reserves, located 60km from Tbilisi. According to a disclosure filed to the Muscat Securities Market, Raysut Cement has begun discussions with possible partners for both equity participation and engineering, procurement and construction contracting. A decisi... |