Cement News tagged under: corporate
Tunisia: Carthage Cement increases domestic market share19 October 2016, Published under Cement NewsCarthage Cement's turnover for the first nine months ended 30 September 2016 grew 17 per cent, compared to the same period in 2015. It sold cement to the value of TND149m (US$66.2m) compared to TND125.5m (US$55.7m) in Jan-Sep 2015. Product orders increased by 16 per cent. Local market sales reached TND95.12m, compared with TND78.5m in 2015, an increase of 21 per cent. Carthage Cement now has a 19 per cent market share, expanding from 15.47 per cent in 2015. Export sales fell by two p... |
Uganda: Kampala Cement’s investors revealed19 October 2016, Published under Cement NewsKampala Cement, Uganda’s newest cement company and the country’s third, is jointly-owned by two local investors, Charles Mbire and Rajinder Singh Baryan, according to an article in the New Vision newspaper. Baryan’s investment was known from the start as Kampala Cement and from the outset associated with his Multiple Industries Group. Mbire’s involvement was hitherto unknown, and the industrial clout wielded by both men gives Kampala deep pockets. Kampala Cement began production in 201... |
Barbados: Arawak Cement redundancies19 October 2016, Published under Cement NewsArawak Cement Co, St Lucy, Barbados, have formally offered its staff voluntary separation packages as part of a financial and operational restructuring programme that was first put into action October 2015. The company issued a statement last month explaining that the separation packages would be offered as the first phase of restructuring had not yielded the necessary results. The company statement read, ““This is due to the unfavourable economic conditions globally and in the region, th... |
India: UltraTech cement profits up 25%18 October 2016, Published under Cement NewsUltraTech Cement reported that for the quarter ending 30 September its profits rose 25.27 per cent YoY. A consolidated net profit of INR6.14bn (US$92.1m) was announced for the July-September 2016 quarter, compared to INR4.9bn in the same period last year. However, net sales fell 2.53 per cent to INR57bn from INR58.5bn. Despite an increase in net profit, the results were not as positive as expected. According to a Bloomberg poll, analysts estimated consolidated net profit to be reported at... |
Dangote Asian expansion?18 October 2016, Published under Cement NewsAccording to a Ghanaian news source, Dangote Cement is hoping to expand into the Asian market over the next decade. It is reported that the company plans to launch in southeast Asia and Latin America once it is able to consolidate its operations in Africa. Immediate targets for such an expansion are countries such as Nepal, Indonesia, Vietnam and Colombia, according to Armando Martinez Gallegos, director of Dangote’s Ibese plant in Nigeria. Mr Gallegos commented, “Dangote has to first ... |
Saudi Arabia: Yamama sees 41% net profit decrease18 October 2016, Published under Cement NewsYamama Cement Co reported a 41 per cent YoY fall in net profits to SAR56.3m (US$15m) in the 3Q16 from SAR95.53m (US$25.47m). The decrease resulted from a higher cost of sold goods due to increases in fuel prices as well as those of fixed assets, according to a bourse filing. The company also attributed the lower profits to lower value and volume of sales as a result of the pilgrimage season in the current quarter. Yamama's profits retreated 30.14 per cent to SAR323m during the firs... |
Saudi Arabia: Southern Province 3Q16 profit drops 14%18 October 2016, Published under Cement NewsSouthern Province Cement posted a 14.4 per cent YoY decrease in profits from SAR202m (US$53.9m) in 3Q15 to SAR173m in 3Q16. Lower demand and higher depreciation were cited as the key reasons for the decline. In the first nine months of 2016, the cement producer registered net profits of SAR724m, down from SAR739m for the same period of the previous year. |
Nigeria: Lafarge raided and closed for suspected for tax evasion18 October 2016, Published under Cement NewsLafarge Cement Co Ltd in Onne and IGPES, an engineering company, in Port Harcourt, were raided by Nigerian enforcement officers from the Federal Inland Revenue Service (FIRS) on Monday for tax evasion. The leader of the FIRS team disclosed that Lafarge Cement had not paid its taxes since 2012. While the cement company's premises were sealed for failing to pay taxes of over NGN10m (US$31,695), IGPES, an engineering firm, was shut down for allegedly evading tax to the tune NGN1.2bn since 20... |
Saudi Arabia: low demand sees Najran Cement 3Q16 profits halved18 October 2016, Published under Cement NewsLower sales volumes due to a slowdown in construction activity have seen the net profit of Saudi Arabian-based Najran Cement halve YoY from SAR32.07m (US$8.55m) in 3Q15 to SAR15.36m in 3Q16. The profit fall came despite lower selling and distribution expenses, Zakat (tax) as well as higher other revenues. As for the nine-month period ended 30 September 2016, the Saudi cement producer reported a net profit of SAR110m, down 45.5 per cent from SAR201.89m in the same period in 2015. |
China: Taiwan Cement plans price increase17 October 2016, Published under Cement NewsTaiwan Cement announced that it will be increasing its prices of cement products in China by as much as seven per cent by the end of the year as a response to recovering demand in the country. Edward Huang, Taiwan Cement's senior vice president, said, "We are planning to increase cement prices in southern China by [US$2.97] per tonne." Mr Huang went on to say that infrastructure spending in China is expected to experience a double-digit percentage growth on the previous year, with dema... |