Cement News tagged: Corporate
Fitch Affirms Votorantim Cimentos' IDR at 'BBB-'; Outlook remains Negative
Fitch Ratings has affirmed the Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) of Votorantim Cimentos SA (VCSA) at 'BBB-' and its National Scale rating at 'AAA(bra)'. The Rating Outlook for the IDRs remains Negative while the Outlook for the national scale rating has been revised to Negative from Stable. The Negative Outlook reflects the challenges VCSA and its parent Voto...
Spain: Cementos Cosmos stops cement exports
Cementos Cosmos is ceasing cement exports from its Niebla plant. The company has attributed the move to rising petcoke prices that are eroding the competitiveness of the works in the international market. However, the company has been undertaking steps to increase its use of alternative fuels to 20 per cent of the fuel mix. This would allow the plant to reduce its EUR7m fuel bill. Votoranti...
Côte d'Ivoire: LafargeHolcim plans to double output potential from May
As of May, LafargeHolcim intends to double its production capacity in Côte d’Ivoire to 2Mta. The expansion will primarily be the result of a new crusher with a capacity of 1Mta, which is currently being installed. "Lafarge Holcim CI is now, more than ever, organised to meet the increasing demand of the market. The construction of our new crusher will be completed within a month. It's a b...
CIMAF Cameroon to triple production capacity
CIMAF Cameroon has announced that it will triple its current 0.5Mta production capacity to 1.5Mta by 2018 on the back of domestic market growth. "At the end of this extension, CIMAF Cameroon intends to consolidate its position as a major player in the local and sub-regional market," according to the company’s statement. The project will put the Moroccan-owned cement producer on a par wi...
Holcim (Argentina) approves clinker imports
Holcim (Argentina) has approved the import of up to six vessels of clinker for the period up to April 2018 via LH Trading, according to a company statement. The shipments represents some 250,800t of clinker with an approximate value of US$16.3m. The imports, which are expected to start in May, will help the company to meet growing demand as the country sees increased construction activity. ...
Yamama Saudi Cement quarterly profit down 66%
Yamama Saudi Cement reported a net profit of SAR50.8m (US$13.5m) in the first quarter of 2017, translating into a YoY drop of 66 per cent due to a decline in operating profit. Gross profit in the period was also down by 66 per cent YoY to SAR63m on the back of lower sales volumes and average realised price per tonne. Revenue fell 41 per cent YoY to SAR220m. Cement volumes amounted to 1.24...
Ecocem appeal likely to be heard next month
Ecocem’s appeal agains a US authority’s decision to refuse it planning permission for a EUR45m mill could be heard next month, the Irish Times reports. The planning commission in Vallejo, California, recently refused Ecocem’s subsidiary, Orcem Americas, permission to build on the city’s waterfront based on environmental concerns. Orcem subsequently appealed the ruling with Vallejo city co...
Votorantim sees cement revenues fall 10% YoY in 2016
Votorantim, formerly Votorantim Industrial, generated a turnover 8.7 per cent lower at BRL26,738m (EUR8046m) and EBITDA declined by some 38 per cent to around BRL4300m (EUR1,294m) in 2016 when compared with 2015. Although the net interest charge declined by 9.9 per cent to BRL1731m, there was a net loss of BRL1295m compared with a the net profit fell of BRL387m (EUR116.5m). Group capital expen...
Steppe Cement 1Q17 volumes down as Kazakh market contracts
Steppe Cement reported a 35 per cent YoY decline in cement sales volumes to 124,669t in the first quarter of 2017 as cement consumption in Kazakhstan fell five per cent YoY. In March 2017 alone, domestic consumption was down by 12 per cent, partly due to extended holidays, Steppe Cement said in a trading update released last week. The company added that it continued its strategy of incr...
Fauji Cement 9M net profit down 54%
Pakistan producer Fauji Cement Company Ltd (FCCL) reported a 54 per cent drop in net profit for the first nine months of the current fiscal to PKR1.972bn (US$18.8m). Nabeel Khursheed, analyst at Topline Securities, said gross margins were down considerably to 21 per cent due to the purchase of raw material at higher prices. “FCCL procured clinker from other cement players due to the non-func...
Mitsubishi Materials withdraws from China market
Mitsubishi Cement plans to pull out of the Chinese cement market as tighter environmental regulations take their toll and the supply glut hurts the company’s profitability, according to Nikkei Report. The Japanese nonferrous materials maker signed an agreement on 30 March to sell a cement company in Shandong Province for an undisclosed sum to an affiliate of state-run cement giant China Nat...
Oman: Raysut Cement gross profit falls 39% in 1Q17
Raysut Cement posted a 38.7 per cent decline in gross profits in 1Q17 as profits reached OMR6.29m (US$16.3m), down from OMR10.26m in 1Q16, according to the company’s statement to the Muscat Securities Market. Revenues were down 23.2 per cent to OMR19.43m in the first three months of the year, copared to OMR25.3m in 1Q16. Profit before tax reached OMR4.56m in 1Q17, a 48.6 per cent YoY decrea...
Nigeria: Ashaka Cement sees 27% profit drop in 2016
In its audited results Ashaka Cement reported revenues slipping to NGN17.351bn (US$56.8m) in 2016 from NGN17.145bn the previous year. Profit before tax fell from NGN3.209bn in 2015 to NGN2.663bn in 2016. Profit after tax saw a 27 per cent decrease from NGN2.76bn in 2015 to NGN2.01bn one year later. The company applied for a voluntary delisting from the Nigerian Stock Exchange following ...
Cemex divests of its Pacific Northwest Materials business in the US
Cemex announced that one of its subsidiaries in the US has signed a definitive agreement for the sale of its Pacific Northwest Materials Business to Cadman Materials Inc, a LehighHanson company and US subsidiary of HeidelbergCement Group, for approximately US$150m. The proceeds obtained from this transaction will be used mainly for debt reduction and for general corporate purposes. The ...
UAE: Fujairah Cement to pay AED 21.35m dividends
UAE-based Fujairah Cement Industries Co on Thursday approved the recommendation of distributing six per cent of the capital as cash dividends for fiscal year 2016. The company will pay a total of AED21.35m (US$5.81m) as cash dividends to entitled shareholders, according to a bourse statement issued on Sunday. During FY16, Fujairah Cement achieve a net profit of AED56.72m, up 12 per cent o...
India: Sagar Cements to invest another INR280m in power projects
Sagar Cements has announced that it is to invest a further INR280m (US$4.35m) to complete the construction of a captive power plant and finance a new solar project, according to reports in the Hindu. The extra money will go towards raising the capacity of the coal-fired captive power plant being built at the firm’s Mattampally plant from 15MW to 18MW. In addition, Sagar is to install a 1...