Cement News tagged: Corporate
ACC appoints Neeraj Akhoury as MD and CEO
Neeraj Akhoury took office on 7 February as new managing director and CEO of ACC. Mr AKhoury joins ACC from Lafarge Surma Cement, where he was CEO. "This is an exciting phase for the company and the cement industry as the government moves ahead with its agenda for transformative economic growth," he was quoted as saying. Mr Akhoury added he will focus on customer service, operating perfo...
India: Ramco Cements reports 28% rise in 3Q net profit
India’s Ramco Cements has reported a 28 per cent YoY increase in net profit to INR1.519bn (US$22.6m) in 3Q16. The company attributes the rise to a reduction in operating costs and lower finance costs at a time when cement sales improved. The companies net revenues rose 17.6 per cent to INR9.647bn in 3Q16 when compared with the same quarter in the previous year.
Zimbabwe: PPC sales to December up 9%
PPC says sales at its Zimbabwe unit rose by nine per cent in the nine months to December 2016 after commissioning its Harare plant. The Harare plant was commissioned in November last year and doubled its total output to 1.4Mt of cement. In a trading update, PPC however, said liquidity challenges in the country continue to harm efforts to import key raw materials. "…management is exploring v...
FCC triples loss but cuts debt by third in 2016
Spain’s FCC closed 2016 with a net loss of EUR165.2m, trebling losses when compared with the previous year. The result was attributed to the impact of the cement business and the exchange rate on the environmental services business the company owns in the UK, the company’s second-largest source of income after Spain. For the company it means the fifth-consecutive year of losses. FCC attribu...
India: ACC reports 2.7% advance in net profit in 2016
The Indian LafargeHolcim subsidiary ACC Ltd reported a 2.7 per cent reduction in cement deliveries for 2016 to 22.99Mt, while in the 4Q16 the reduction was 9.1 per cent to 5.45m, slightly less than the 9.6 per cent to 5.07Mt seen in the 3Q16. Ready-mixed concrete deliveries, however, rose by 10.7 per cent to 2.59Mt. Volumes are expected to show increases during 2017. The turnover declined...
India: Dalmia Bharat and Shree Cement to battle for Binani Industries
Dalmia Bharat and Shree Cement are among at least three companies that have expressed interest in buying Binani Industries’ subsidiary Binani Cement's 6.25Mta cement manufacturing capacity in India, according to Moneycontrol. "Dalmia Bharat and Shree Cement are interested. There's one MNC [multinational cement company] as well that has a large presence in India which is interested in buying...
Mixed bag for Turkish cement producers in 2016
Several cement producers in Turkey have released their results for 2016, showing a mixed performance in the year. Unye Cimento saw its net profit rise from TRY48.3m (US$13m) in FY15 to TRY58.3m in FY16. The company reported a rise in revenue from TRY222.3m to TRY250.7m over the same period. Meanwhile, other Turkish cement producers have seen profits fall. Bolu Cimento’s net profit slip...
LafargeHolcim expected to announce merger deal for ACC and Ambuja Cements
LafargeHolcim, the parent company of ACC and Ambuja, is considering merging its two Indian cement majors, sources told CNBC-TV18. LafargeHolcim owns 63 per cent in Ambuja Cements. In November last year, the parent company had increased its stake in ACC and Ambuja Cements by four and two per cent, respectively. Ambuja Cements, already owns a 50.05 per cent stake in ACC. LafargeHolcim said it...
India: Orient Cement reports loss of US$166.9m for 3Q ended 31 Dec
CK Birla group firm Orient Cement today reported narrowing of its net loss on standalone basis to INR11,210m (US$166.9m) for the third quarter ended on 31 December 2016. It had reported a net loss of INR12,910m in the year-ago period, Orient Cement said in a BSE filing. The firm's total income jumped 33.7 per cent to INR529,260m during the quarter under review from INR395,850m last fiscal...
India: five cement producers to appeal the CCI order
Five of the seven cement companies which were fined by the Competition Commission of India (CCI) in January, for alleged bid rigging of a 2012 tender put out by the Haryana government, will appeal to the Competition Appellate Tribunal. Shree Cement, JK Cement, Ambuja Cements, ACC Ltd and JK Lakshmi Cement will contest the CCI order as they are of the view that they have a ‘good case for succ...
USA: Essroc-Lehigh acquisition
Following a US$4.2bn acquisition deal in June 2016, Essroc's Nazareth plant in Pennsylvania will feature signs saying it is now part of Lehigh Cement Co. The acquisition combined Lehigh Hanson Inc and Essroc Cement Corp, which were then owned by parent companies HeidelbergCement AG and Italcementi SpA, respectively. Now, HeidelbergCement AG is the owner of both Lehigh Hanson Inc and Essroc....
Hyundai Cement posts better revenues but net losses increase
South Korean cement producer Hyundai Cement Co Ltd saw improved revenues in 2016, rising from KRW363.19bn (US$319m) in 2015 to KRW378.86bn, according to the country’s Financial Supervisory Service. Operating profit rose 1.6 per cent from KRW52.52bn to KRW53.37bn, but net losses increased from KRW10.98bn to KRW143.46bn. These are preliminary, unaudited results.
Portland Valderrivas notes 7.6% fall in turnover in 2016
Portland Valderrivas saw its turnover decrease 7.6 per cent YoY to EUR536.2m in 2016. The company recorded a net loss of EUR-120.4m, from a net profit of EUR28.6m in 2015. In addition, an EBITDA of EUR-226.4m was posted at the end of 2016, exacerbating the loss of EUR-73.2m reported the prior year. Cement sales slipped 1.7 per cent from 7.3Mt in 2015 to 7.2Mt in 2016 while the concrete divi...
Trinidad Cement upgraded by ratings agencies
Ratings agencies Fitch and Standard and Poor’s have upgraded their evaluations of the credit-worthiness of Trinidad Cement Ltd (TCL), the Trinidad Express reports. Fitch moved its rating up two places, from B- to B+, while Standard and Poor’s moved the company to B grade. Fitch explained that Cemex’s decision to increase its stake in the firm to 67 per cent would have a positive impact o...
Tunisia: Carthage Cement reports positive 2016
Tunisia's Carthage Cement saw its revenues increase seven per cent YoY from TND184.2m (US$80.7m) to TND197.4m in 2016. Domestic sales advanced 13 per cent from TND114.7m to TND126.4m. The company’s market share is estimated at around 19 per cent, up from 16.8 per cent in 2015. Exports reached TND22.175m with Carthage Cement accounting for a 17.8 per cent market share. Cement production ...
Bhutan: Dungsam Cement resumes cement supplies to dam projects
Dungsam Cement Corporation (DCCL) has resumed the supply of cement to two major hydropower projects in Bhutan after deliveries were halted for 10 days, Kuensel Online reports. Contractors working on the Mangdechhu and Punatsangchhu hydropower projects had complained about the quality of cement being supplied by Dungsam and rejected deliveries totalling around 300-450t. Another customer in I...