Cement News tagged: Corporate
LafargeHolcim reports 2Q earnings growth
LafargeHolcim reported today its fifth consecutive quarter of like-for-like adjusted operating EBITDA growth. Middle East Africa, Latin America and North America regions all contributed to the earnings momentum with the US, Nigeria and Mexico among the notable performers. Net sales were up by 3.6 per cent on a like-for-like basis to CHF6850m (US$7175m) . Despite positive results in Indi...
Binani Cement insolvency petition by Bank of Baroda admitted by NCLT
The Kolkata bench of the National Company Law Tribunal (NCLT) on Tuesday admitted an insolvency petition against Binani Cement based on a referral by one of its lenders, Bank of Baroda, after the cement company failed to repay a sum of INR970m. Bank of Baroda has appointed Vijaykumar V Iyer of Deloitte India as the interim resolution professional (IRP) to oversee the insolvency process. ...
Portland Valderrivas generates EUR21m economic impact in 2016
Cementos Portland Valderrivas generated an economic impact of over EUR21m in Alcalá de Guadaíra, Spain, in 2016, as a result of the activities by its cement plant in this location, said the company in a statement. The figure is attributed to the contracting of services, the payment of taxes and salaries of some 200 workers directly employed by the company as well as other indirect jobs. ...
Anhui Conch issues positive profit alert
In its latest profit alert announcement, Anhui Conch Cement expects to have a significant improvement in results and record an increase of about 90-110 per cent in its net profit for the six months ended 30 June 2017 as compared to that for the corresponding period in 2016. Taking into account the holding of about 36.78 per cent equity interest in Conch Cement by Conch Holdings and the leve...
GCC achieves 23% YoY rise in 2Q sales
Mexican cement producer Grupo Cementos Chihuahua (GCC) announced a 22.6 per cent YoY rise in consolidated net sales to MXN4497m in 2Q17 from MXN3669m (US$242.4m). The company derives the majority of its sales in the US, where net sales advanced 28.9 per cent YoY to MXN3455m in 2Q17. In its home market of Mexico, sales expanded by 5.5 per cent YoY to MXN1042m in 2Q17 when compared with 2Q1...
Ambuja Cements reports 2Q sales rise
Ambuja Cements reported an 11.7 per cent increase in net sale in the 2Q17 as cement volumes and price realisations improved. The pan-Indian cement producer said net sales reached INR28.23bn versus INR25.28bn in the 2Q16. Cement volumes increased to 6.05Mt in the quarter under review compared to 5.76Mt in the April-June 2016 period. For the first six months of 2017, volumes rose to 12.07Mt, ...
Pacasmayo profit decreases 34% YoY in 2Q17
Cementos Pacasmayo, Peru’s third-largest cement producer, posted a 34 per cent YoY drop in profits in 2Q17 as sales fell and El Niño damage increased costs. Cementos Pacasmayo reported a profit of PEN21.4m (US$6.6m) between April and June 2017, compared with a profit of PEN32.5m in 2Q16. This drop in profit was mainly due to "lower sales, higher expenses related to cessions, increases in d...
Qatar National Cement Co sees 35% profit fall in 2Q17
Qatar National Cement Co reported a 34.9 per cent YoY drop in profits for 2Q17, according to a filing to the Qatar Stock Exchange (QSE). Profits declined to QAR83.3m (US$22m) from QAR127.9m reported in the equivalent period of the previous year. In the first half of 2017, the company posted a 33.2 per cent decrease in profits reaching QAR168.1m against QAR 251.7m in 1H16.
Yamama Cement sees 90% profit fall
Saudi Arabia's Yamama Cement Co saw net profits fall 89.5 per cent YoY in 2Q17. Earnings contracted to SAR12.17m in the second quarter from SAR116.3m in 2Q16. The decrease in net profits was attributed to lower sales following a decrease in local demand. Total sales decreased by 30.6 per cent to SAR194.7m in 2Q17 from SAR280.4m in 2Q16.
Hail Cement sees 90% profit slide in 2Q17
Saudi Arabia's Hail Cement Co announced that its net profits decreased by 90.1 per cent YoY to SAR2.66m (US$709,203) in 2Q17 from SAR26.8m in 2Q16. Sales fell 51.2 per cent to SAR32.16m in the second quarter, from SAR75m in 2Q16 as demand in the kingdom fell, competition increased and prices declined. In the first six months, profits fell 81.5 per cent to SAR10.9m from SAR59.13m in 1H16...
Caribbean Cement still has no second director elected to the board
Sunday Finance had reported last week that Colin Steele, a public certified accountant, would assume the position for a second Jamaican domiciled member of the board of directors of the Caribbean Cement Company Ltd (CCCL). However, the position has not been taken up, reports the Jamaican Observer. Colin Steele was lined up to be the second board member after an attempt to remove the obliga...
PPC's CEO is to resign
Darryll Castle, Pretoria Portland Cement's (PPC) CEO, is stepping down to pursue other interests. PPC announced in a statement that Mr Castle will still be available to the group for six months to ensure a smooth handover. Johan Claassen, managing director of the South African cement business, has been appointed as interim chief executive. PPC reported a 93 per cent decline in full-year...
New Salboni cement plant launched by JSW Cement
JSW Cement, part of the JSW Group, has launched its state-of-the-art Salboni cement plant in Bengal. The largest cement plant of its kind in the state, the facility has a cement capacity of 2.4Mta and will produce premium Portland Slag Cement (PSC) grade cement. JSW Cement has targeted the eastern markets gain market share. JSW Cement will market its brand through a TVC campaign. This ...
Qatrana Bank receives US$140.9m loan from Arab Bank Jordan
Jordan-based Qatrana Cement, the subsidiary of the Saudi-based Arabian Cement Co, signed an agreement with Arab Bank Jordan for a loan worth JOD100m (US$140.9m). The loan will be repaid on eight years divided into 16 equal installments, Arabian Cement added in its statement to the Saudi Stock Exchange (Tadawul). The fianl instalment will be on 11 June 2025. The receipts of financing will ...
Breedon 1H17 results boosted by Hope contribution
Breedon Group plc, the UK’s largest independent construction materials group, announces its unaudited interim results for the six months ended 30 June 2017, reporting a strong profit improvement from former Breedon Aggregates business and robust contribution from former Hope Construction Materials. The former Breedon Aggregates business posted a strong profit improvement, even after taking ...
Cemex successfully closes new US$4.05bn bank loan
Cemex announced today that it has entered into a new facilities agreement for a total amount of US$4.05bn with 20 institutions. The 2017 Credit Agreement will be used to refinance the US$3.68bn facilities agreement dated 29 September 2014 (2014 Credit Agreement), and the remaining amount will be used for general corporate purposes, which may include debt repayment. Cemex expects to fully can...