Cement News tagged under: corporate
Pakistan: Flying Cement profits up 24%12 October 2016, Published under Cement NewsPakistan's Flying Cement Co Ltd has reported that it earned profit after tax of PKR145.69m (US$1.38m) in FY16, up by 24 per cent from last year. The cement producer does not announce any cash dividend, according to a company notice to Pakistan Stock Exchange. Company sales increased to PKR2.47bn in FY16 from PKR2.22bn in FY15. Flying Cement has incurred a distribution cost of PKR5.1m and administrative expenses of PKR26.39m, compared to PKR4.7m and PKR25.35m, respectively in corresponding ... |
Semen Indonesia to continue Rembang construction12 October 2016, Published under Cement NewsDespite the decision of Indonesia’s Supreme Court to cancel an environmental permit for Semen Indonesia's Rembang plant, the cement producer will continue the construction of the works. Semen Indonesia's Corporate Secretary, Agung Wiharto, said: "As a publicly-listed state owned company, the management will comply with the legally-binding court decision ...(but,) until we receive the official copy of the ruling, we'll continue construction.” The project represents an investment of ID... |
USA: centenary up for Victorville plant12 October 2016, Published under Cement NewsCemex Victorville has been celebrating its 100th-year anniversary in producing cement in the Victor Valley for customers in California and western USA. The plant, which opened its doors on Labor Day in 1916, was recognised by the San Bernardino County Board of Supervisors for the company's contributions as "a cornerstone" of the local economy and a community partner. "Cemex has been a tremendous company in our community," First District Supervisor Robert Lovingood said. "For a century, gen... |
Oman Cement profit surges 39%11 October 2016, Published under Cement NewsOman Cement Co announced that it has achieved a 38.78 per cent growth in net profit, reaching OMR9.68m (US$25.14m) for 9M16, compared to OMR6.98m for the same period a year earlier. Revenue also grew by 12.45 per cent to OMR43.75m for the period, up from OMR38.9m the previous year. Total expenses increased 5.93 per cent from OMR31.02m to OMR32.86m and sales income grew 12.18 per cent to OMR42.3m in the period under review when compared to OMR37.71 per cent in the year prior. The financ... |
India: Orient Cement will increase debt with acquisition11 October 2016, Published under Cement NewsThe interest burden of Orient Cement is expected to increase following the acquisition of the cement assets of Jaiprakash Associates, valued at INR19.5bn (US$291.48m). The acquisition will, however, help the company's geographical diversification, reports the Economic Times. Orient Cement acquired Jaiprakash Associates' 2.1Mta cement plant at Bhilai and 2Mta grinding unit at Nigri. The enterprise value for the Bhilai asset is US$98/t and the Nigri unit is US$37/t. The deal also includes th... |
Saudi Arabia: Qassim Cement reports lower-than-expected 3Q16 profits11 October 2016, Published under Cement NewsSaudi Arabia’s Qassim Cement reported a profit of SAR70.4m (US$18.8m) in 3Q16 and an operating profit of S AR78.3m. The results were lower than expected, according to Al Rahji Capital, who had estimated them at SAR86m and SAR91m, respectively. "Earnings declined mainly due to sharp drop in gross margin to 49.3per cent (vs 60.1 per cent in 3Q15) which in turn was due to lower sales volume and average realised price/tonne,” Al Rajhi Capital reported. The fall in profits was attributed to... |
China: consolidation on production capacity by 202010 October 2016, Published under Cement NewsThe China Cement Association (CCA) has advised that the merger of leading cement companies will likely concentrate the industry’s capacity, informing that government that by year end 2020 more than 60 per cent of production capacity would be controlled by the top 10 companies. President of the CCA, Qiao Longde, said, “there are too many cement enterprises, which makes it very hard to utilise resources effectively." The industry is experiencing low efficiency and fragmentation as most plan... |
LafargeHolcim exits Chile as it sells Cemento Polpaico10 October 2016, Published under Cement NewsLafargeHolcim will sell its majority stake in Chile's Cemento Polpaico to investment firm Inversiones Caburga Ltda, whose interests include the Chilean ready-mix market through Cementos Bicentenario. Caburga, owned by the Hurtado Vicuna Group, agreed to buy the 54.3 per cent stake, which represents around CHF220m (US$225m), via a public tender offer, according to LafargeHolcim. Cemento Polpaico operates one integrated cement works and two grinding units with a total cement capacity o... |
China: Anhui Conch most shorted stock amid economic concerns07 October 2016, Published under Cement NewsShares in Anhui Conch have become the most shorted on the Hong Kong stock exchange as doubts grow over the sustainability of China’s property boom, Bloomberg reports. Disagreements over the future path of the Chinese property sector have led to Anhui’s shares being shorted at a level five times higher than was the case earlier in the year. While some investors are betting that a cooling property market will bring down the cement firm’s share price, other analysts think the company’s prosp... |
India: Sagar Cement sales rise 29% on consolidated basis07 October 2016, Published under Cement NewsSagar Cement has announced its sales and production figures for September, which saw the former rise by 29 per cent on a consolidated basis, but fall by 15 per cent on a standalone basis, Accord Fintech reports. Consolidated sales amounted to 148,000 tonnes, while standalone sales reached 98,000 tonnes. Production for September was 146,000 tonnes, while standalone production was 94,000 tonnes. For the period April to September 2016, Sagar produced 1.09Mt on a consolidated basis and 0.7... |