Cement News tagged under: corporate
Nigeria: Ashaka Cement to delist from NSE18 November 2016, Published under Cement NewsLafargeHolcim subsidiary Ashaka Cement has said that it will voluntarily delist its shares from the Nigerian Stock Exchange (NSE) after the freely-tradable proportion fell below the 20 per cent required by the bourse’s regulations, Vanguard News reports. At present, only around 15 per cent of Ashaka stock is tradable on the NSE. Ashaka made the offer to delist to head off the possibility of the NSE taking regulatory action against it. An extraordinary general meeting will be convened t... |
CRH revenues rise to US$22bn on stronger US construction activity17 November 2016, Published under Cement NewsIn a trading update covering the first nine months of 2016, CRH announced that its sales revenues had reached EUR20.4bn (US$21.9bn) with improved performances in its European, Asian and American operations. On a pro forma basis, accounting for new revenues generated by acquisitions from LafargeHolcim, sales were six per cent higher in the year to September 2016 than they had been in the same period in 2015. The firm’s EBITDA improved by a greater margin – 14 per cent – reaching EUR2.4bn f... |
Brazil: CSN 3Q16 revenue up 13.6% YoY17 November 2016, Published under Cement NewsBrazilian steel and cement maker Companhia Siderurgica Nacional's (CSN) 3Q16 results improved in comparison with the year-ago quarter, primarily due to higher sales volume in the mining segment. The company's net loss contracted 80 per cent YoY to BRL106.6m (US$32.9m). CSN generated net revenue of BRL4469.2m (US$1379.4m) from all its operations, increasing 13.6 per cent YoY. Approximately 47 per cent of CSN's net revenue was generated from domestic markets, while the rest was sourced... |
USA: FTC approves HeidelbergCement divestiture16 November 2016, Published under Cement NewsThe US Federal Trade Commission (FTC) has given its approval to an application from HeidelbergCement and Italcementi for the divestiture of the Essroc Martinsburg cement plant in West Virginia and eight cement terminals, local newspaper the Morning Call reports. The plant and terminals are to be acquired by Cementos Argos for US$660m. The divestiture was required by the FTC to preserve competition in the face of the merger of HeidelbergCement and Italcementi. The deal was originally ag... |
India: LafargeHolcim increases stake in Ambuja and ACC16 November 2016, Published under Cement NewsLafargeHolcim has increased its shareholding in Ambuja Cement through the purchase of an additional 39.1m shares, increasing the Franco-Swiss firm’s stake by 1.49 per cent to 63.1 per cent. LafargeHolcim also increased its stake in ACC – since mid-2016 a subsidiary of Ambuja – with the purchase of 7.9m shares, taking its stake to 4.5 per cent. The cost of the two purchases amounts to CHF325m (US$324m). |
Zimbabwe: PPC commissions its Harare grinding unit15 November 2016, Published under Cement NewsPPC Zimbabwe says it expects to increase exports into the region after commissioning a US$85m grinding plant in Harare which will double the firm’s cement production capacity to 1.4Mta. "We have to intensify our efforts to try capture that market but already we are at a disadvantage because the manufacturing cost in Zimbabwe is pretty high. So to compete in those markets will be pretty difficult but we are looking at the benefits that will come from this increased capacity," said PPC Z... |
UAE: National Cement Co sees 46% fall in 3Q profits15 November 2016, Published under Cement NewsNational Cement reported a 46.2 per cent drop in third-quarter net profits to AED9.85m (US$2.7m) from AED18.31m 3Q15. For the first nine months of 2016, the company posted net profits of AED73.48m, down from AED88.52m reported in the equivalent period of last year. |
FLSmidth MAAG Gear appoint new CEO15 November 2016, Published under Cement NewsHelmut Holz is the new CEO of FLSmidth MAAG Gear. He follows Simon Jensen, who has accepted a new position as Managing Director, Head of FLSmidth Middle East, Group, with base in the United Arab Emirates. Helmut Holz has commenced his work on 1 November 2016. He has 20 years of experience from different companies within the gear business and brings therefore with him an extensive knowledge of the industry. Helmut Holz will concentrate on heading and implementing a new investment programm... |
UAE: Fujairah Cement profits up 59%14 November 2016, Published under Cement NewsFujairah Cement Industries Co reported an increase of 58.9 per cent in profits in 3Q16 as compared with the same period a year ago. Earnings rose to AED12.39m (US$3.37m) in 3Q16 from AED7.8m (US$2.12m) in 3Q15, the company said in a bourse statement issued on Sunday. In the first nine months of this year, Fujairah Cement, which is listed on both KSE and ADX, saw a 84.8 per cent YoY jump in profits to reach AED45.65m when compared with AED24.70m in 9M15. The company attributed the in... |
Kenya: EAPCC profits down 42%14 November 2016, Published under Cement NewsEast African Portland Cement Company (EAPCC) reported a 42 per cent drop in full-year net profit as a result of increased operating costs. Financial statements recently published show the company’s net profit fell from KES7.15bn (US$70.3m) in the 12 months ending June 2015 to KES4.14bn in the year ended June 2016. This drop in net profit has been largely attributed to an increase in operational losses, which climbed to KES1.58bn from KES557.5m. The company issued a profit warning in Fe... |