Cement News tagged: Corporate
CEMEX restarts line in Dominican Republic
CEMEX has restarted the 0.5Mta Line 1 at its San Pedro de Macorís plant in the Dominican Republic. The US$34m upgrade project began in 2021 and forms part of the company’s expansion plans to help support local cement demand in the country. The next stage of the expansion plans includes increasing production and dispatch capacity, as well as augmenting the use of waste-derived fuels, sta...
Cemento Polpaico reports 17% rise in 1H revenues, 1H profits are down
Cemento Polpaico SA reported revenues of CLP178.053bn (US$201.8m) in the January-June 2022 period, up 16.9 per cent when compared with CLP152.376bn in the January-June 2021. The Chilean cement producer has attributed the increase in revenues mainly to “the updating of the price level in all businesses as a result of the strong increase in the costs of production and distribution resulting fr...
Cherat Cement greenfield project likely to be delayed
The management of Cherat Cement Ltd informed that a letter of credit for the 8000-9000tpd greenfield project at Dera Ismail Khan in Khyber Pakhtunkhwa, Pakistan, has not been opened yet and may be delayed. It added that new letters of credit cannot be opened currently due to State Bank of Pakistan restrictions and economic instability. The cost of the project will be decided once the PKR-U...
Asia Cement posts TWD59bn revenue in 8M22
Taiwan-based Asia Cement Corp reported a 1.7 per cent drop in revenues to TWD7.069bn (US$228.5m) in August 2022 when compared with the TWD7.193bn posted in August 2021. In the first eight months of 2022 revenues saw a 8.1 per cent YoY advance from TWD54.657bn to TWD59.103bn.
Carthage Cement reports 5% fall in 1H net profit
Tunisia-based Carthage Cement posted a five per cent drop in net profit to TND15.3m (US$4.8m) in the 1H22 when compared with TND16.1m in the 1H21. Revenues in the January-June 2022 period advanced three per cent to TND168.6m from TND163.8m in the year-ago period. Operating expenses increased by three per cent YoY from TND133.6m to TND138.4m in the 1H22. As a result, the company’s operatin...
CEMEX supplies longest bridge in the Philippines
CEMEX has announced that it was the sole supplier of cement for the construction of the longest bridge in the Philippines. The company supplied nearly 70,000t of cement for the construction of the Cebu-Cordova Link Expressway (CCLEX), which was inaugurated in April this year. CCLEX connects Cebu City to the municipality of Cordova on Mactan Island and spans a total of 8.9km, standing on t...
The Ramco Cements Ltd scoops award for Alathiyur plant
The Ramco Cements Ltd has announced that its Alathiyur plant has been awarded “Gold Medal” in the India Green Manufacturing Challenge 2021-22 by The International Research Institute for Manufacturing (IRIM), India. The award recognises manufacturing firms that have shown consistent progress in improving sustainability factors at a given production facility. Established in 1997, the Ala...
Adani Group scouts for M&A chief
The Adani Group is looking to recruit a new chief of mergers and acquisitions, replacing Vinod Bahety, who is moving to a new role within the company. According to Financial Express Online, so far this year the Adani Group has agreed to buy Holcim’s cement business in India in a US$10.5bn deal, has promised to invest US$70bn in green energy, and recently launched a hostile takeover of New...
Holcim closes Brazilian deal
Holcim has closed the sale of its business in Brazil to CSN (Companhia Siderúrgica Nacional) for an enterprise value of US$1.025bn. The deal was closed following approvals from Brazilian authorities. This transaction includes Holcim’s five integrated cement plants, four grinding stations, six aggregates sites and 19 ready-mix concrete facilities. Latin America remains a core strategic gro...
Bestway Cement in profit slides during FY21-22
Pakistan-based Bestway Cement Ltd has reported a 11.6 per cent decline in company profit to PKR10.239bn (US$45.9m) in FY21-22 (July 2021-June 2022) from PKR11.577bn in FY20-21. Net sales in FY21-22 increased 21 per cent YoY to PKR103.1bn from PKR85.197bn in FY20-21. The fall in profits was due to increased sales tax, excise duty, high cost of sales and income tax expenses. Selling and distr...
Riyadh Cement reports drop in 1H profit
Saudi Arabian cement producer Riyadh Cement Co posted a 28.8 per cent decline in 1H22 sales to SAR285.6m (US$76.2m) from SAR401.4m in the 1H21. The company’s net profit after zakat and tax fell by 46.9 per cent to SAR85.1m in the 1H22 from SAR160.4m in the 1H21.
RAK White Cement board approves delisting from Boursa Kuwait
The board of Ras Al Khaimah Co for White Cement and Construction Materials has approved the delisting of the UAE company’s shares from Boursa Kuwait. The company retains its listing on the Abu Dhabi Securities Exchange. In the 1H22 the company reported net profits attributable to the owners of KWD1.41m (US$4.57m), up 22 per cent from KWD1.16m in the 1H21. Total operating revenues expanded...
Larestan plant switches to gas
To reduce the burning of mazut, an eco-unfriendly fuel, at the Larestan Cement Plant in Fars Province, Iran, the works has now been connected to the national gas grid. A 35km-long pipeline will supply the plant with 20Mm 3 of gas each year, reducing the burning of mazut by 25Ml annually, reports the Financial Tribune. Mazut is a low-quality heavy fuel oil containing 2-3.5 per cent sulphu...
CRH welcomes John Lydon as director of group development
CRH has appointed John Lydon as its new director of group development. Mr Lydon joins the building materials group from stockbroking firm Davy where he was head of capital markets. According to The Irish Times, while at Davy he was an influential adviser to some of the largest Irish corporate groups, including CRH, on mergers and acquisitions and capital raising. Prior to joining Davy in ...
Australia's BGC Group pulls out of sale
Australia’s BGC Group has pulled out of plans to sell the business, marking the second time in the past five years the group has attempted to sell the company with no luck. According to Financial Review, the group’s home building division is its weak spot with tight labour supply and rising costs hitting Australia’s construction industry hard, particularly housebuilding. Although the grou...
Riyadh Cement reports 47% profit fall in 1H22
Saudi-based Riyadh Cement has reported a 47 per cent YoY decline in profit to SAR85m (US$22.67m) in the opening six months of 2022. Over the same period, the company saw its revenue contract by 35 per cent to SAR258m, reports Arab News. The fall is being blamed on lower cement sales. According to the company, which operates an integrated plant in Muzahmiyah , it plans to pay SAR0.75/s...