Cement News tagged: Corporate
Abdelaziz Assad named acting CEO Arkan Building Materials
UAE-based Arkan Building Materials has appointed Abdelaziz Asad as acting CEO following the departure of Abdellatif Sfaxi to pursue other career opportunities. Under the new arrangement, Mr Sfaxi will continue to work closely with Mr Asad for the next three months to ensure a smooth transition. Arkan Chairman, Engineer Jamal Salem Al Dhaheri, said: "On behalf of Arkan’s board, I would like t...
Simon Willis appointed new MPA chairman
Hanson UK CEO, Simon Willis, has been named as the new MPA chairman for the next two years, succeeding Martin Riley, Tarmac’s vice president. “We are delighted that Simon has agreed to pick up the baton from Martin and become the 8th Chairman of MPA. His wide industry knowledge and experience will be invaluable to the association as we look to play our part in the economic recovery whilst co...
Wagners reports steep drop in profits for 2020
Wagners, the Australian construction materials business, reported a lower after-tax pro-forma profit of AUD3.92m (US$2.9m) for its 2020 annual results, down from the AUD13.7m in the prior year. Company CEO, Cameron Coleman, said the cement pricing dispute with competitor Boral, now resolved, and the loss of major infrastructure projects negatively impacted the company over the past 12 month...
FLSmidth appoints regional presidents for Australia and South America
Tamer Eid has been named by FLSmidth as the company's new president for the Australia region, effective 14 September 2020. Over his career, Mr Eid has held various senior executive and technical roles in the mining and oil and gas sectors. He has also led international service businesses that directly supported the production assets of the world’s leading mining and oil and gas companies. Alo...
FLSmidth's revenue guidance for 2020 is DKK15.5-17bn
FLSmidth's revenue in 2020 is forecast to be DKK15.5bn-17bn (US$2.48bn-2.72bn), says the company. EBITA margin is expected to be 4.5-6 per cent, which takes into account around DKK210m of implementation costs related to business improvement activities. On 23 March FLSmidth's financial guidance for 2020 was suspended due to the global uncertainty caused by the COVID-19 pandemic. On 28 April th...
Bamburi Cement sees surge in profit before tax
Kenya’s Bamburi Cement has announced a 15 per cent YoY decline in turnover to KES16.23bn (US$150m) for the first half of 2020, against KES18.66bn in the 1H19. However, the company saw a surge in profit before tax to KES213m from KES23m in January-June 2019.
Sinai Cement announces widening net loss in the 1H20
Egypt’s Sinai Cement Co has seen its consolidated net loss widen to EGP247.6m (US$15.6m) in the first half of 2020, against EGP187.2m in the year-ago period. Its standalone net loss also expanded to EGP245.7m from EGP186.4m last year. The company attributed its losses in 2019 to the Egyptian pound devaluation on imported fuel, in addition to the higher prices of electricity and oil.
Loma Negra sells majority stake in Yguazú Cementos
Argentina-based Loma Negra (Intercement) has sold its 51 per cent majority stake in Paraguay’s Yguazú Cementos. The value of the deal was not announced, but the company had been valued at US$80m. The buyer was a local shareholder company ConcretMix (owned by Grupo Bogarín), according to a note sent to Argentina’s National Securities Commission. Loma Negra is expected to use the funds from the...
Carthage Cement posts TND3.3m net profit at end July
Carthage Cement posted a net profit of TND3.3m (US$1.2m) as of 31 July 2020, despite at two-month shutdown due to the COVID-19 pandemic. The stoppage led the company to lose nearly TND28.6m, according to company CEO, Brahim Sanaa. Mr Sanaa said that the company targets a net result of TND19.6m by the end of the year, reversing the TND51.3m loss posted in 2019. Carthage Cement carried out ...
City Cement shareholders agree on 26% capital cut
Shareholders of Saudi-based City Cement Co have approved a 26 per cent capital cut to SAR1.4bn (US$8.34m) from SAR1.89bn, on having a capital surplus, during the extraordinary general meeting held on 25 August 2020, the company said. The capital will be decreased as the company has excess capital. The capital reduction will be financed from the company's internal resources. However, the ceme...
CMA raises competition concerns over Breedon and Cemex deal
Breedon’s purchase of certain Cemex assets has raised competition concerns in the supply of building materials in some parts of the UK, the Competition & Markets Authority (CMA) has found. Breedon announced in January 2020 that it had agreed a GBP178m deal to buy approximately 100 Cemex sites, including aggregates quarries, ready-mixed concrete facilities, asphalt plants and a cement terminal...
Lucky Cement profits fall to PKR3.34bn in FY20
Lucky Cement Ltd has announced dismal financial results for FY19-20 (July 2019-June 2020). The company earned an after-tax profit of PKR3.34bn (US$19.8m) as compared to PKR10.49bn, reported during the same period in the previous financial year. The company attributed the drop in the profitability for the last three years mainly to increased capacities coming online locally, which has put dow...
JSW Group to merge its distribution and supply chain segments
India’s JSW Group has announced plans to merge the distribution and supply chain operations of its steel, cement and paint businesses in India for better synergies and to save costs, according to the Times of India. The group has already combined the distribution operations of the three segments in east India and will roll out the initiative across the rest of the country in the coming mont...
Adelaide Brighton returns to profit in the 1H20
Australia’s Adelaide Brighton has posted a net profit after tax of AUD29.1m (US$20.95m) in the first half of 2020, compared with a net loss of AUD17.9m in the year-ago period. The company’s revenue declined seven per cent YoY to AUD700.7m. The company has reported that COVID-19 left operations largely uninterrupted, while the mining sector and the company’s increased exposure to the infrastr...
West China Cement posts 5% fall in net profit
West China Cement has announced a 5.3 per cent YoY decline in net profit for the first half of the 2020, down to CNY752.3m (US$108.7m) from CNY793.5m in the 1H19. Revenue also fell 9.1 per cent YoY to CNY3.01bn from CNY3.31bn. Profits reportedly held up better than revenue due to a slight gross margin expansion on the back of lower coal costs and efficiency improvements.
Ha Tien 1 Cement sees revenue down 14%
Vietnam’s Ha Tien 1 Cement JSC has seen its net revenue decline 14.1 per cent YoY to VND2035bn (US$87.1m) in the second quarter of 2020. Gross profit posted a minor decline of 2.6 per cent YoY to VND419.8bn. The company recorded a pretax profit of VND257.5bn, falling nearly VND3bn compared to the 2Q19. In the first half of the year, net revenue was down 13.7 per cent YoY to VND3767bn whi...