Cement News tagged: Corporate
Southern Province sees 63% drop in 1Q profit
Saudi-based Southern Province Cement Co reported a 62.9 per cent drop in profits for the first quarter of 2017, compared to the same period of the previous year, while QoQ profits declined 30.9 per cent. Profits stood at SAR105m (US$28m) in 1Q17, compared to SAR283m in 1Q16, according to a filing to the Saudi Stock Exchange. The company attributed the decrease in profits to a drop in sale...
Cementos Molins to raise capacity by 4.4Mta
In the next three years Cementos Molins plans to invest EUR350m to increase its capacity by 4.4Mta. The company currently has projects in Argentina, Colombia and Bangladesh. In Argentina the company will invest EUR100m in its joint venture with Votorantim, Cementos Avellaneda. The sum represents about half the investment required to add 0.2Mta at the Olavarría unit this year and expand capa...
Lafarge Africa seeks approval to raise NGN140bn
Lafarge Africa plans to seek shareholders' approval next month to raise NGN140bn (US$445.86m) and also convert some loans into equity as part of the capital injection, the company said on Monday. The local business of Lafarge Holcim said it will seek approval to convert loans due from a shareholder to equity under the rights issue. (Source: Reuters)
Najran Cement Co posts lower profits
Najran Cement Company reported a 81.7 per cent YoY decline in its profits during the first quarter of 2017, according to a Saudi bourse filing. Profits reached SAR11.22m (US$2.99m) in 1Q17, compared to SAR61.34m in 1Q16. Net revenues fell 50.4 per cent to SAR111.4m in the period under review, compared to SAR224.4m in 1Q16. The company’s 1Q17 results were weighed down by lower sellin...
Summit full-year income up 32.7%
For the 12 months ended 31 December, Summit Materials Inc reported basic and diluted earnings per share of US$0.53 on net income of US$36.8m up 32.7 per cent YoY. For the same 12-month period, the US-based producer reported adjusted net income of US$98.3m. For the three months ended 31 December 2016, it reported a basic loss per share of ($0.00) on a net loss of (US$0.3). For the same three...
ACC to consider merger with Ambuja Cement
The Board of Directors of ACC, at its meeting on Friday, decided to commence an evaluation of a potential merger with Ambuja Cement. Both Indian cement concerns are part of the LafargeHolcim group. The move is being considered "with a view to combine the strengths of both businesses so as to benefit all stakeholders," ACC said in a statement. A special committee of directors, of which t...
Dalmia top bidder for Chhattisgarh limestone block
Dalmia (Bharat) Cement has emerged as the preferred bidder for the Kesla II limestone block in Raipur district Chhattisgarh, India, which was auctioned by the state government on Tuesday. Business Line (India) reported that an official statement said that with 215Mt of reserves, the block has an estimated value of mineral resource of INR103.67bn (US$1.61bn).
LafargeHolcim reports on positive first quarter
LafargeHolcim on Wednesday release its results for the first three months of the year, reporting improved pricing in a number of markets, encouraging signs in India and parts of Europe but tough market conditions in Malaysia and Indonesia. For the first three months of the year, LafargeHolcim posted a decline in cement shipments of 15 per cent at 48.1Mt. Shipments of aggregates were...
Boral receives final approval for Headwaters acquisition
Australian building materials supplier Boral has received final US approval for its US$2.6bn (AUD3.5bn) acquisition of US firm Headwaters Inc. The US Federal Trade Commission approved the deal, which will result in Headwaters merging with Boral's existing US business to create a new division called Boral North America. Boral expects that the transaction will close within two business days, a...
New CEO for thyssenkrupp Industrial Solutions
Dr Peter Feldhaus, currently CEO of thyssenkrupp Marine Systems, is to be the new CEO of the Industrial Solutions business area. At its meeting earlier this week the Industrial Solutions supervisory board appointed him executive board member and CEO of the business area effective 4 May. “Dr Peter Feldhaus has outstanding strategic skills and experience in various sectors. As CEO he integrat...
N+P opens UK office
N+P announces the appointment of Neville Roberts as Managing Director UK for N+P Alternative Fuels Ltd as well as the opening of a new UK office. The successful expansion strategy of N+P already led to several new contracts for supply of RDF, SRF and Subcoal® in the UK and the European markets. In addition, several new large contracts will be concluded and announced in due course, the compa...
Trinidad Cement revenues down 12%
Trinidad Cement Ltd (TCL) said its revenue for the first three months of the year was down by 12 per cent YoY to TTD422m (US$62.5m) due to a construction slowdown in one of its major markets and tougher regional competition. Group volumes in 1Q17 were down six per cent YoY which the company said reflected a slowdown in Trinidad and Tobago construction activity, compounded by increased comp...
CCNN earnings recover on strong prices
The Cement Company of Northern Nigeria (CCNN) reported sizeable growth across all profit lines in the first quarter of 2017. In line with trend observed across other industry players, strong cement prices (up around 70 per cent YoY) weighed on CCNN’s cement volume but still provided greater positive impact on topline as revenue rose 22 per cent YoY to NGN4.4bn (US$13.9m), Vetiva Research said ...
Northern Region Cement profit drops 61.6%
Northern Region Cement Co reported a 61.6 per cent YoY decline in profits for the first quarter of this year, the Saudi-based cement producer said in a bourse filing on Wednesday. Profits reached SAR16.48m (US$4.4m) in 1Q17, down from SAR42.9m in the comparative period of the previous year. The company attributed the drop in profit to lower volumes and selling prices, as well as higher comp...
Cementir completes refinancing of EUR330m bridge credit
Cementir Holding on 28 April 2017 successfully completed the refinancing of a bridge credit line of EUR330m, which is part of the financing contract stipulated in October 2016, the Italian producer confirmed in a statement yesterday. This credit line was made available by a pool of banks to fund the acquisitions of Compagnie des Ciments Belges (CCB) and the business division of Sacci, to ref...
LafargeHolcim 1Q17 comparable net sales rise
LafargeHolcim reported today that net sales increased by 5.3 per cent on a like-for-like basis driven by favourable pricing and improving volume momentum. Eric Olsen, CEO of LafargeHolcim, said: "Our good Q1 performance has got us off to an excellent start for 2017 and marks our fourth consecutive quarter of earnings growth. "Continued pricing strength, improving volume momentum and syner...