Cement News tagged: Corporate
Fuel and power costs soar in Nigeria
Dangote Cement and BUA Cement spent a combined NGN173.54bn (US$413.8m) on fuel and power in the first half of 2022, up 38.3 per cent on the same period a year earlier. Fuel and power accounted for 41.3 per cent of the total cost of sales reported by the two cement firms over the six-month period, according to Nairametrics. Taking each company in turn, Dangote spent NGN129bn on fuel and ...
CCI approves Adani acquisition of Ambuja and ACC stakes
The Competition Commission of India (CCI) has approved the acquisition of Holcim ’s stake in Ambuja Cements Ltd and its subsidiary ACC Ltd by the Adani Group. The deal, which was initially entered into by Adani in May this year, will propel the group to become India’s second-largest cement producer. Holcim currently holds a 63.11 per cent share in Ambuja Cements and a 4.48 per cent...
Arabian Cement sees revenue and profit surge in 1H22
Arabian Cement has reported revenue of EGP2.129bn (US$111.2m) in the first half of 2022, significantly up from the EGP964.9m seen in the same period a year earlier. Consolidated profit also surged, improving from a net loss of EGP23.28m in the 1H21 to a profit of EGP119.49m in the opening six months of this year, according to Mist News.
West China Cement issues profit warning
West China Cement has issued a profit warning for the six months ended 30 June 2022. According to the company, net profit attributable to shareholders is expected to fall by 40-45 per cent compared to the same period a year earlier. One of the reasons for the decline is the group’s foreign exchange gain which came in at CNY27.5m (US$4.05m) in the first six months of 2022, compared to a gain ...
Votorantim Cimentos records strong performances in Brazil and North America in 2Q22
Votorantim Cimentos’ regional results in the 2Q22 recorded strong revenues despite inflationary pressures. The domestic market of Brazil and operations in Europe, Asia and Africa were the highest performing areas with a decline in Latin American revenues. In Brazil net revenue was BRL3.2bn (US$620.2m) in the second quarter of 2022, a 24 per cent increase compared to the same period las...
Loma Negra posts 8% increase in 2Q revenues
Argentina-based Loma Negra , part of InterCement do Brasil SA , reported an eight per cent YoY increase in net sales revenues to ARS25,268m in the second quarter of 2022. The company attributes the improved turnover to an increase in cement sales and a good performance in other segments, particularly in concrete and aggregates. Furthermore, the company achieved a 2.6 per cent YoY uptick in...
Grasim Industries sees 41% YoY rise in revenue in 1QFY23
Grasim Industries has reported a 41 per cent YoY increase in consolidated revenue in the 1QFY23. The three-month period saw revenue of INR280,420m (US$3518m), compared to INR199,190m in the 1QFY22. EBITDA advanced by 10 per cent YoY from INR47,360m to INR52,330m, while profit after tax saw a 19 per cent YoY rise from INR16,670m to INR19,330m on a consolidated basis. Despite inflationary cost p...
Asia Cement reports TWD4458m net profit in 2Q22
Taiwan’s Asia Cement Corp posted revenues of TWD24,488m (US$816.3m) in the second quarter of 2022, up 9.2 per cent when compared with the 2Q21. Pretax profit came in at TWD5620m in the period under review, down 17.4 per cent from TWD6805m in the year-ago period. The company also saw a net profit of TWD4458m in the 2Q22, representing a 1.3 per cent decrease when compared with the 2Q21, wh...
India Cements doubles 1Q net profit
India Cements Ltd (ICL) reported that net profit for the 1QFY2023 more than doubled to INR760m (US$9.54m) over the year-earlier period. Revenue from operations rose by 41 per cent to INR14,460m and total expenditure increased by 57 per cent to INR152,60m, the company said in a filing. Total comprehensive income more than doubled to INR800m. During the quarter, clinker production was u...
Ghori Cement completes phase 2 of modernisation
Ghori Cement in Afghanistan has increased production with the start of Phase 2 of its modernisation programme, raising cement output from 350tpd to 520tpd, according to local officials. Abdul Wakil Qauomi, financial manager of Ghori Baghlan cement factories, told Bakhtar Agency that the factory is able to export more cement across the country or abroad. After handing over the Ghori cem...
Votorantim Cimentos earns revenue of BRL6.7bn in 2Q22
Votorantim Cimentos ended the 2Q22 with consolidated net revenue of BRL6.7bn (US$1.3m), an increase of 15 per cent compared to the same period last year. This result was primarily due to favourable price dynamics, in addition to the positive impact of additional sales resulting from the acquisitions concluded in 2021, said Votorantim. The company’s global cement sales totalled 9.6Mt...
Holcim Philippines sees net profit slump in 1H22
Holcim Philippines Inc has reported revenue of PHP12.2bn (US$219.2m) in the first half of 2022, down from PHP13.7bn in the same period a year earlier. EBITDA has declined from PHP3.2bn to PHP2.1bn over the same period, with net profit falling from PHP1.6bn to PHP661m. In the second quarter, ended 30 June 2022, revenue came in at PHP5.4bn, compared to PHP6.9bn in the 2Q21. Operating EBITDA sl...
Fujairah Cement sees narrowing 2Q loss
UAE-based Fujairah Cement Industries Co reported a loss of -AED14.2m (US$3.86m) in the second quarter of 2022, an improved result when compared with a loss of -AED21.1m in the equivalent quarter of the previous year. Second-quarter revenues came in at AED88.7m, down from AED90.8m in the 2Q21.
Sumitomo Osaka Cement reports JPY1bn loss
Japan-based Sumitomo Osaka Cement Co Ltd reported a 1QFY22-23 revenue of JPY45.5bn (US$337.4m), up from JPY43.78bn in the 1QFY21-22. The company posted an operating loss of JPY3.15bn in the 1QFY22-23, in contrast to a 1QFY21-22 operating profit of JPY2.92bn. There was a pretax loss of JPY2.8bn, when compared with a pretax profit of JPY3.99bn in the equivalent quarter of the previous financi...
Keerthi Industries reports revenue fall
India-based Keerthi Industries Ltd, formerly Suvarna Cements Ltd, has reported unaudited revenue of INR571.67m (US$7.2m) in the quarter ended 30 June 2022, compared to INR714.18m in the same period a year earlier. Although total expenses over that period have fallen from INR622.71m to INR554.25m, power and fuel costs expanded from INR230.08m to INR290.74m, and cost of materials jumped from ...
FLSmidth to complete ThyssenKrupp Mining acquisition in August
FLSmidth has announced that all conditions and requirements for the acquisition of thyssenkrupp’s Mining business (TK Mining) have been met. In accordance with the sale and purchase agreement, final closing of the transaction will take place on 31 August 2022. All regulatory clearances have been obtained without imposition of any competition related remedies. The combination of FLSmidth a...