Cement News tagged: Corporate
India: BMM Cements becomes wholly-owned subsidiary of Sagar Cements
Sagar Cements has acquired 100 per cent equity holding in BMM Cements. With this, BMM Cements has now become a wholly-owned subsidiary of the company. The company had earlier received final approval for the acquisition of 100 per cent equity stake in BMM Cements, which owns a cement plant of 1Mta and a 25MW captive thermal power plant in Gudipadu near Tadipatri Anantapur District in the sta...
Cementos Argos’ 2Q EBITDA advances 45% YoY
Cementos Argos’ consolidated EBITDA increased by 45 per cent in the second quarter of 2015, reaching COP371bn. Consolidated revenues grew 26 per cent YoY to COP1.8trn, The US regional devision recorded an EBITDA of US$35m, up 44 per cent YoY. Net income for the quarter jumped 211 per cent to COP142bn. Year-to-date cement dispatches increased by 14 per cent to 6.8Mt while ready-mix conc...
Boral's pre-tax profit rises by 38.9%
Boral's turnover in its financial year to the end of June 2015 declined by 15.2 per cent to AUD4415m (EUR2893m) but the EBITDA improved by 8.8 per cent to AUD605m (EUR396m). The trading profit advanced by 21.4 per cent to AUD357m (EUR234m) and after a net interest charge 22.9 per cent lower at AUD64m (EUR42m) the pre-tax profit rose by 38.9 per cent to AUD293m (EUR192m). The net attributable p...
EAPCC appoints new chief operating officer
Kenya-based East African Portland Cement Co (EAPCC) has appointed Albert Sigei as chief operating officer, effective 24 August 2015. Sigei will be responsible for production operation, production engineering, supply chain management, sales and marketing. He joins EAPCC from Lafarge, Nigeria, where he was vice-president of business support and ready-mix operations. EAPCC has recently undertak...
Bamburi first-half pretax profit jumps 94%
Bamburi Cement reported a 94 per cent jump in first-half pretax profit from a year earlier to KES4.5bn (US$43m). According to Reuters, the company attributed the strong performance to growth in demand in its two main markets, Uganda and Kenya, cost cutting and gains in its dollar-based liquid assets due to a steep weakening of the Ugandan and Kenyan currencies. Turnover grew to KES19.3bn fro...
CRH's first-half driven by the Americas
CRH's first half turnover advanced by 12.6 per cent to €9,370m and the EBITDA improved by 9.9 per cent to €555m. The trading profit increased by 11.2 per cent to €189m and after a net interest charge 8.6 per cent higher at €139m, the pre-tax profit increased by 3.3 per cent to €63m. The net attributable result improved by €1m to €46m. Net debt at the end of June was 67.3 per cent lower at €...
CMS Bhd reports stable earnings, Malaysia
CMS Bhd (CMSB) reported a total revenue of MYR867.84m (US$206m) for the first half of 2015, a rise of 14.7 per cent on the MYR756.6m recorded a year earlier. Pretax profit in the first half of 2015 remained stable at MYR161.72m (versus MYR164.84m in 1H14). The group’s profit after tax and non-controlling interests was MYR98.08m, down 6.7 per cent from the MYR105.11m posted a year earlier whi...
UltraTech reportedly nearing deal to buy Bhilai grinding plant, India
UltraTech Cement is rumoured to be in advanced talks to buy Jaiprakash's 2.2Mta grinding plant in Bhilai, Chhattisgarh state, according to local press. Citing sources familiar with the matter, the reports state that the two companies are waiting for approval from state-run steelmaker Steel Authority of India Ltd (SAIL), which owns 26 per cent of the plant, before finalising the deal. In ...
Semen Indonesia's profit may ease this year
Semen Indonesia expects its net profit to drop this year as slowing demand and rising costs put pressure on the company's margin. "We expect revenue to be maintained [at the same level as last year's]. However, our EBITDA margin might be squeezed by around three per cent and our profit might be lower by about two per cent," Semen Indonesia president director Suparni told the Jakarta Post. ...
FLSmidth updates full-year guidance
FLSmidth’s order intake and revenue showed solid growth in the second quarter of this year supported by currency developments. However, the company noted that the outlook for the global mining industry has deteriorated in recent weeks, which has had an adverse impact on management's assessment of business risks and earnings in 2015. During the second quarter, the order intake increased 13 pe...
New Group CEO for Breedon, UK
Breedon Aggregates Ltd, the UK’s largest independent aggregates business, announced that Pat Ward, currently CEO of Aggregate Industries Europe (a subsidiary of LafargeHolcim), has agreed to join the company as Group chief executive officer. He will succeed Simon Vivian, who, having led Breedon since its creation has indicated his wish to step down as Group CEO and will move to a non-executive...
Higher production costs take toll on TPCC's half-year results
Tanzania Portland Cement Co (TPCC) posted a net profit of TZS22.17bn (US$10.4m), down 18.3 per cent from the TZS27.14bn recorded during the corresponding period last year. First half revenue climbed to TZS135.74bn as sales increased, but the increased cost of sales and insurance proceeds a took toll on profitability. TPCC Chairman, Jean-Marc Junon, said: "The operating profit for the period ...
Semen Indonesia to spend up to IDR1trn on buy-back
Semen Indonesia said it plans to buy back up to IDR1trn (US$70.85m) of its shares as their market value has fallen. "In the near future we will do buy-back because we don't want to lose the momentum," Ahyanizzaman, finance director at Semen Indonesia, told Reuters on Wednesday, adding that the company has yet to appoint the broker that will conduct the buyback. Shares of the cement maker hav...
Aboitiz secures loan to part-fund cement venture
Aboitiz Equity Ventures, Inc. (AEV) has signed an agreement for a US$400m (PHP18.7bn) loan that will partly finance its venture into the cement sector in the Philippines. In a disclosure to the stock exchange dated 20 August 2015, AEV said it "signed a facility agreement with The Bank of Tokyo-Mitsubishi UFJ, Ltd to obtain a bridge loan" of up to US$400m. "The proceeds of the loan will ...
CNBM reports 56% drop in first-half profit, China
China National Building Materials (CNBM) reported a 56 per cent decline in net profit for the first half of 2015, in line with the recent profit warning. JP Morgan's Asia Metals and Mining Analyst, Daniel Kang, notes that excluding a positive contribution from fair value adjustments to financial assets, a loss would have been reported. Operating cash flow fell 16 per cent YoY and restraine...
SCG Cement outlines additional Cambodian spend
SCG Cement has outlined an additional investment of US$200-300m into Cambodia over the next five years, according to Aree Chavalitcheewingul, vice president for regional business of SCG Cement-Building Materials. According to Thai media, the five-year investment plan includes adding a third line to its Kampotcement plant, southern Cambodia, where SCG commenced the second production line in mi...