Cement News tagged under: corporate
Fitch Affirms Siam Cement at 'A(tha)'; Outlook Stable31 January 2013, Published under Cement NewsFitch Ratings (Thailand) Limited has affirmed The Siam Cement Public Company Ltd's (SCC) national long-term rating at 'A(tha)', its national short-term rating at 'F1(tha)' and its senior unsecured debentures at 'A(tha)'. The Outlook is Stable. The ratings reflect SCC's well-diversified business which helps support cash flow generation, particularly during the difficult operating period of its chemical unit in the past two years, Fitch said in a statement. Likely strong cement and packaging ... |
Development Bank of Ethiopia withdraws Habesha Cement loan31 January 2013, Published under Cement NewsThe Development Bank of Ethiopia (DBE) has withdrawn an ETB1.52bn (US$82.9m) loan agreement made with Habesha Cement for construction of a new plant. The bank had approved the loan last year which was expected to cover over 70 per cent of the financing for the proposed factory. However, the DBE has now withdrawn the offer on the grounds of inability to disburse funds at this time. It has similarly pulled out of loan agreements with five other companies. The bank has pledged to aid the co... |
Nuh Cimento appoints general manager, Turkey31 January 2013, Published under Cement NewsHayrettin Sener, factory director of Turkey-based cement producer Nuh Cimento company, has been appointed General Manager as of 1 January 2013. |
PPC targets African expansion strategy30 January 2013, Published under Cement NewsPPC said in a trading update that it is pursuing additional buyout opportunities in Africa, which it expects to announce during the year. In its 4Q12 report ended December, it said last year’s 51% acquisition of cement maker Cimerwa in Rwanda for US$69.4m was a 'significant step' in its African expansion strategy. It also said receipt of its Zimbabwean indigenisation certificate in November was an important step into Africa. Group chairman Bheki Sibiya said the quarter was characterised ... |
Siam Cement profits recover in 4Q1230 January 2013, Published under Cement NewsSiam Cement (SCC) said its profits more than doubled in the 4Q12 after sales rebounded from flooding a year earlier and dividend income increased. Net income was THB6.91bn (US$231.7m), or THB5.8 a share, compared with THB3.20bn, or THB2.66, in the same period a year earlier, the company said in a statement. Siam Cement’s profit slumped in the 4Q11 as Thailand’s worst floods in almost 70 years shuttered factories and halted construction projects. Full-year earnings fell 14 per cent in 2012 ... |
Oman Cement posts 4Q12 record performance30 January 2013, Published under Cement NewsOman Cement posted the best quarterly performance in the 4Q12 with sales revenue reaching OMR15.308m (US$39.7m) showing an increase of 31.4 per cent YoY and 11.8 per cent on QoQ. The overall profit after tax for the year ended 2012 stood at OMR17.511m which increased significantly by 37 per cent on year thanks to higher sales and improvement in margins. For the final quarter of 2012, the earnings of the company witnessed a significant jump of 50 per cent YoY and 21.1 per cent on QoQ to OMR... |
Lucky Cement first-half boosted by higher prices, Pakistan29 January 2013, Published under Cement NewsPakistan’s leading cement producer Lucky Cement has recorded a strong rise in profit for the first half of the current fiscal year, driven by higher selling prices. Profit for the first six months of FY12-13 rose 42.15 per cent rise to PKR4.29bn (US$44m). Cement prices during the period rose 13 per cent to PKR465/bag (US$4.76) in the south zone and eight per cent in the north to PKR438. Additional increasing income and declining financial charges supported the company's bottom-line. G... |
Cargotec appoints new president and CEO29 January 2013, Published under Cement NewsCargotec's Board of Directors has appointed Mr Mika Vehviläinen, as its new President and CEO. Mr Vehviläinen will start at Cargotec on 1 March 2013. Tapio Hakakari, Cargotec's Vice Chairman of the Board, will continue as the interim President and CEO until 28 February 2013. Mr Vehviläinen is currently the President and CEO of Finnair Plc. Previously he has held senior leadership positions at Nokia Siemens Networks and Nokia, and has worked in logistics and service development duties i... |
TCL grants contractors waiver on cement hike28 January 2013, Published under Cement NewsTrinidad Cement Ltd (TCL) has granted a 90-day waiver to members of the T&T Contractors' Association (TTCA) on its cement price increase announced at the start of this year, according to local press reports. On 9 January 2013, TCL announced a 9.5 per cent price increaseon ex-factory prices. According to a report in the Guardian Media, TTCA then submitted a proposal to TCL for a temporary waiver on the price hike which has been agreed. Mervyn Chin, TTCA president, said the 90-day waive... |
Yanbu Cement full-year net profit rises 36% YoY28 January 2013, Published under Cement NewsSaudi cement producer Yanbu Cement Co (YCC) reported a surge in full-year net profit thanks to increased demand and a new production line as top capacity players benefit from the country's boom period. The company's net profit rose 36 per cent YoY in 2012 to SAR720.5m (US$192.1m). Earnings per share (EPS) stood at SAR 6.86, up from SAR 5.04. Local cement producers have been riding high on government projects which puts emphasis on improving education, social services and basic infrastruc... |