Cement News tagged: Corporate
Sinai Cement sees net loss widen 30% YoY
Egypt’s Sinai Cement has seen its net loss widen 30 per cent YoY to EGP331.22m (US$20.53m) during the first nine months of 2019, compared to EGP293.14m in the 9M18. The cost of sales also showed a modest 3.7 per cent increase to EGP699.931m from EGP675.11m. In the 1H19 the company’s consolidated loss widened to EGP187.23m from EGP155.74m in the corresponding period of 2018.
Thai Boon Roong Cement plant is inaugurated
Cambodia inaugurated its fifth cement plant yesterday when Thai Boon Roong Cement plant's start-up was celebrated in southwest Kampot, Cambodia. The US$110m intergated cement plant will add 1Mta or 2500tpd to the country's cement capacity. The plant is built on 678ha of land. The inauguration was carried out by Prime Minister, Samdech Techo Hun Sen, who said "It is the fifth cement plant in...
Misr Cement (Qena) records 67% net profit decline
Egypt’s Misr Cement (Qena) has recorded a 67 per cent YoY net profit fall to EGP29.7m (US$1.84m) during the first nine months of 2019, compared to EGP89.42m in the year-ago period. However, sales increased 5.9 per cent YoY to EGP2.36bn from EGP2.22bn. In its standalone results, the company saw a 68.9 per cent YoY decline in net profit to EGP21.8m in the 9M19.
Cementir sales advance in most areas, but net profit falls
Cementir's turnover for the first nine months of 2018 improved by 1.5 per cent to EUR906.12m and EBITDA advanced by 11.6 per cent to EUR181.84m. However, the trading profit eased by 2.8 per cent to EUR103.5m reflecting the application of IFRS 16. After a net financial charge profit of EUR19.8m compared with a EUR32.4m profit, the pretax profit fell by 39.7 per cent to EUR83.7m. Net debt at the...
CRH reportedly looks to sell Philippine operations
CRH is reportedly considering a sale of its Philippine cement business as the company seeks to raise cash by selling non-core assets, according to the Irish Independent. JP Morgan Chase is said to be assisting with finding a buyer for the operations, which could be valued between US$2-3bn. The company is currently receiving bid interest from Asia and Europe. However, the plans are still at a...
Alexandria Portland Cement sees net losses narrow in 9M19
Egypt’s Alexandria Portland Cement has seen its consolidated net losses narrow by 61 per cent YoY to EGP96.58m (US$5.98m) during the first nine months of 2019, compared with losses of EGP245.7m recorded in the year-ago period. However, sales decreased by 26 per cent YoY to EGP1.636bn from EGP2.21bn. The company’s standalone losses also improved from EGP162m to EGP72m in January-September 2019.
Bestway Cement to appoint new directors
Bestway Cement Ltd of Pakistan has announced holding of extraordinary general meeting of the company on 5 December 2019 to elect eight directors for the next term of three years. The new eight member’s team of directors would replace retiring directors namely, Mohammed Anwar Pervez, Muhammad Irfan Anwar Sheikh, Muhammed Younus Sheikh, Haider Zameer Choudhrey, Zameer Mohammed Choudhrey, Dawo...
Varied results for PSX listed cement producers in 1QFY19-20
The financial results of eight cement companies of Pakistan for the July-September 2019-20 period reveals that their profits shrank owing to weak sales, high financial charges and other unavoidable factors, with a few of them also sustaining losses. Industry overview In the 1QFY19-20 Pakistan's cement industry posted a marginal growth of 2.6 per cent, amounting to 11.13Mt compared with 10...
Lebap Cement Factory exports 0.24Mta
Turkmenistan-based Lebap Cement Factory, owned by Polimeks Insaat, exported around 0.24Mta of cement, or 32.5 per cent of its production, in the first 10 months of 2019, according to Business Turkmenistan. The 1.4Mta cement plant also achieved an output of 0.739Mt, valued at over TMT109m, between January-October 2019. It produces sulphate-resistant M-400 and M-500 cement. Last year, it produ...
Heidelberg Cement Bangladesh announces acquisition of ECBL & EPCL
Heidelberg Cement Bangladesh Ltd has informed the Dhaka Stock Exchange that the company's Board of Directors has approved the acquisition of 100 per cent of the shareholding of Emirates Cement Bangladesh Ltd (a private company limited by shares incorporated in Bangladesh and engaged in cement production) and Emirates Power Co Ltd (a private company limited by shares incorporated in Bangladesh ...
MI Cement announces formation of the three subsidiary companies
MI Cement Factory Ltd, manufacturer of cement in Bangladesh has informed that the Board of Directors of the company has approved formation of the three subsidiary companies fully owned by MI Cement Factory Ltd namely, Ocean Voyager Shipping Lines Ltd, Ocean Victory Shipping Lines Ltd and Ocean Vision Shipping Lines Ltd. According to a notification of MI Cement Factory Ltd to the Dhaka Stock...
Dangote plans to construct 1.5Mta plant in Togo
Nigeria’s Dangote Industries Ltd has reportedly signed a contract with the government of Togo to build a cement factory in the country. The 1.5Mta grinding plant is expected to represent an investment of US$60m. The project will be constructed in Lomé and use clinker produced in Togo and Nigeria, according to a statement. Construction of the facility has been scheduled for the 1Q20.
Taiheiyo sees 7% drop in 1H net profits
Taiheiyo Cement reported a 1.7 per cent decline in group revenues to JPY431.39bn (US$3.95bn) in the first half of FY19-20 (ended 30 September 2019) from JPY438.7bn in 1HFY18-19. The company’s operating profit decreased 18 per cent to JPY22.46bn YoY while pretax profit fell 17.1 per cent to JPY22.47bn over the period when compared with April-September 2018. Net profits edged down by 6.6 per ...
The India Cements Ltd may put capex plans on hold
The India Cements Ltd said it may need to put its capital expenditure plans on the backburner if the current economic slowdown persists, reports The Times of India. "We may hold back capital expenditure," said N Srinivasan, The India Cements Ltd’s vice chairman and MD. "I want to expand. I want to go there (Madhya Pradesh). But, I want to be sure before I go there," he added. The southern I...
Chia Hsin Cement reports 1% fall in revenues in Oct
Taiwan-based Chia Hsin Cement Corp posted a revenue of TWD176.789m (US$5.8m) in October 2019, slipped 0.9 per cent when compared with TWD178.401m reported for October 2018. In the first 10 months of 2019, revenues fell six per cent to TWD1.573bn from TWD1.674bn in January-October 2018.
Kuwait Portland Cement 3Q profit down 75%
Kuwait Portland Cement Co reported a 75 per cent decline in net profit in the third quarter of 2019. The company achieved profits of KWD605,600 (US$2m) in the 3Q19, compared with KWD2.42m (US$7.98m) in the 3Q18, Mubasher reports. In the first nine months of 2019 there was a 21 per cent drop in profit to KWD6.18m, from KWD7.82m in the previous-year period.