Cement News tagged: Corporate
Adbri provides Kwinana update
Adbri Ltd reported that the upgrade of its Kwinana cement plant in Western Australia, originally budgeted at AUD199m (US$137.3m), is likely to see a 15 per cent hike in costs, taking into account inflationary and supply chain pressures. The upgrade is expected to consolidate most of the cement producer’s Western Australia’s operations at the plant and increase annual production capacity b...
Najran Cement appoints new chairman and vice chairman
Saudi-Arabian cement producer Najran Cement Co has appointed Waleed Bin Abdulrahman Al-Mousa as chairman of the company’s board of directors. Fahd bin Abdullah Al-Rajhi has been appointed as vice chairman of the board.
Gujarat Sidhee Cement reports revenue fall
Gujarat Sidhee Cement Ltd (GSCL) has recorded total income of INR1.89bn (US$23.69m) in the quarter ended 30 June 2022, compared to INR2.04bn in the quarter ended 31 March 2022. Net profit over the same period has advanced from INR32.2m to INR54.9m, according to Construction News. The India-based company runs one plant located in Sidheegram in Sutrapada Taluka, Gujarat State. GSCL also ...
Umm Al-Qura Cement Co posts 55% fall in net profit in 1H22
Saudi cement producer, Umm Al-Qura Cement Co has posted a 55 per cent fall in net profit during the 1H22 owing to lower cement sales, compared to the 1H21. Profits in the first half dropped from SAR49m (US$13m) in the same period last year to SR22m (US$5.9m), according to a bourse filing. The company attributed the decline in net profit to a decrease in sales value and an increase i...
Shiva Cement turnover down 88%
India’s Shiva Cement has reported turnover for FY2021-22 of INR34.65m (US$433,491), down 88 per cent YoY, primarily due to the suspension of plant operations on the back of ongoing project activity. EBITDA over the same period fell four per cent to a loss of INR80.17m, while profit after tax fell 16 per cent to a loss of INR255.2m. This was due to lower sales volumes, which fell 89 per cent ...
FLSmidth increases cement order intake by 8% in 2Q22
FLSmidth’s cement order intake increased eight per cent organically in the 2Q22, as a result of improved underlying performance and improved market conditions. The quarter included one large product order, valued at more than DKK400m (US$54.28m). Consolidated group order intake advanced 20 per cent organically with currency tailwinds supporting order intake in the quarter by eight per cent. ...
JK Cement sees 33% increase in revenue
India’s JK Cement has reported revenue from operations of INR21,664m (US$271.5m) in the quarter ended 30 June 2022. This compares to INR16,336m in the same period a year earlier. Net profit over the same period has fallen from INR2082.6m to INR1811.4m. Total expenses in the quarter ended 30 June 2022 came in at INR19,179m, versus INR13,557m in the comparable period in 2021, with power an...
CSN gets green light to acquire LafargeHolcim Brasil
Brazil’s antitrust regulator CADE has given its approval to steelmaker Companhia Siderurgica Nacional’s (CSN) acquisition of Holcim’s local cement business. The deal is believed to be worth US$1bn, according to Reuters. CSN first announced its acquisition of LafargeHolcim Brasil in September 2021 as Holcim made moves to diversify away from its core business of cement. The board of directo...
Norcem opens Verdal terminal
Norcem ( HeidelbergCement Group ) has opened its new cement terminal in Verdal, Norway. The terminal has been under construction for several years and will take over the duties of the terminal in Levanger, which is scheduled to be demolished. "In the construction process, Norcem has aimed to use as many local subcontractors as possible," said project manager, Asgeir Kvitvik, who ...
UltraTech Cement announces fresh capex plans
UltraTech Cement 's chairman, Kumar Mangalam Birla, addressed shareholders at the company's 22 nd Annual General Meeting (AGM) stating that the company’s Board of Directors approved fresh capex of INR128,860m (US$1623m) towards increasing capacity by 22.6Mta with a mix of brownfield and greenfield expansions. The additional capacity would be created across the country by setting up integra...
Lafarge Emirates Cement uses first-of-its-kind finance facility to install WHR system
Standard Chartered, a UK-based banking and financial services company, has closed a ‘transition trade’ facility with Lafarge Emirates Cement to enable the cement producer to invest in a waste heat recovery (WHR) system. The transition trade facility is believed to be the first of its kind in the Middle East and forms part of Standard Chartered’s commitment to provide US$300bn in ‘green’ and ...
Attock Cement makes loss after super tax
Attock Cement Pakistan Ltd (ACPL) has announced its financial result for 4QFY21-22 (April-June 2022), posting a loss after tax of PKR59m (US$274,781) compared to a profit after tax of PKR149m in the same period last year. The main reason behind this loss has been the recognition of super tax and deferred tax liability, according to AHL Research. This took the FY21-22 (July 2021-June 2023) e...
Misr Qena Cement Co records 24% profit rise in 1H22
The consolidated financial statements of Misr Qena Cement Co revealed an increase in the company's profits by 24 per cent during the first half of this year. The company achieved a net profit of EGP85.69m (US$4.5m) during the period from January to the end of June 2022, compared to EGP69.1m in the same period last year. Misr Qena Cement recorded sales during the 1H22 of EGP1.29bn, compare...
Al Jouf Cement appoints new CEO
Saudi Arabia-based Al Jouf Cement has appointed Abdul Karim Al-Nuhair as CEO, effective from 21 August 2022. Mr Al-Nahair replaces Jamal bin Salem Al-Amer who resigned as CEO on 16 August 2022 but will continue as the company’s president ex-executive advisor, according to Arab News. Prior to joining Al Jouf Cement, Mr Al-Nuhair held a number of leadership roles in joint-stock companies.
Qassim Cement Co sees 73% fall in profits in 1H22
Qassim Cement Co posted a 73 per cent drop in profit during the 1H22, hit by lower cement demand. The Saudi cement producer’s profit fell to SAR54m (US$14m), compared to SAR201m in the prior-year period. The company’s performance declined due to lower sales both in value and volume terms, higher costs of goods sold, as well as lower returns on financial investments, Arab News reported. Com...
Summit Materials Inc records revenue of US$631.9m in 1H22
Summit Materials Inc reported net revenue of US$631.9m in the 1H22, a rise of 2.2 per cent from US$618.5m in the 1H21. This advance is due to increases in average sales prices across all lines of the business which more than offset volume declines due primarily to divestitures. Net income rose to US$111.2m during this period, up from US$95.9m in the 1H21. Adjusted EBITDA increased by US$0...