Cement News tagged: Corporate
Chinese producers report declines in net profit
Three China-based cement producers have reported declines in net profit and operating revenue for 2012. China Shanshui Cement reported a 31.8 per cent decline in net profit to CNY1.52bn during the year. Operating profit slid 4.2 per cent YoY to CNY16.16bn, with basic earnings per share of CNY0.54. United Cement Group Corp, a centrally government-run cement company, saw a 65 per cent drop...
Nigeria considers new tariff on imports to protect local producers
The Nigerian government is considering imposing a new tariff on imported bulk cement following an influx of volumes which are said to have caused a glut in the market. The current duty on imported bulk cement is 10 per cent, but no levy is imposed on the commodity. Dr Olusegun Aganga, Minister of Trade and Investment, said during a meeting with select ministers on Nigerian business competi...
TPCC reports 22% rise in net profit, Tanzania
Tanzania Portland Cement Company Ltd (TPCC), part of HeidelbergCement, posted a 22 per cent increase in net profit despite competition from regional imports. Net profit for the year to December 2012 rose to TZS1.57bn (US$968m) from TZS50.6bn in 2011. Turnover increased 15 per cent to reach TZS249.11bn compared to 217.25bn recorded in the year before. The cost of sales was pushed up by double ...
Dyckerhoff net profit down on European markets
Buzzi Unicem's subsidiary Dyckerhoff has confirmed that net profit in 2012 fell as declines in Europe could not be offset by volume increases in Russia and the USA. The German-based cement major said in a release on Friday that net attributable profit for the year fell 59.2 per cent from the year before to EUR26.9m. Group EBITDA of fiscal year 2012 amounted to EUR 284.2m including one-time on...
Lafarge Zimbabwe to reduce foreign shareholding
Lafarge and the Zimbabwe government have agreed on Lafarge reducing its shareholding in the Zimbabwean cement manufacturer to 49 per cent. “We have agreed with the relevant authorities on the indigenisation modalities to bring down foreign shareholding to 49 per cent, in line with the indigenisation and economic empowerment [policy]. To this effect, our indigenisation plan was approved,” acc...
Clinker import tax hike threatens small, medium-sized producers in Assam, India
Medium and small-sized cement producers in Assam have criticized a proposal by the state government to raise the import tax of clinker by four per cent. The new proposal will see the entry tax on clinker raised from two to six per cent, applicable only to small and medium units, according to reports in the Economic Times. Industry sources said the proposal to raise the entry tax would adv...
Panel to review Egypt gas price hikes
A panel of judges is set to review an appeal made by five cement producers over gas price hikes by the Egyptian government, a Cairo administrative court said. According to reports by Bloomberg, a panel is to look into appeals by Tourah Portland Cement, Suez Cement, Alexandria Cement, Beni Suef Cement and Helwan Cement against the fuel price incrased that was started by Prime Minister Hisha...
Cemex prices US$600m in notes, Mexico
Cemex on Thursday priced six-year secured notes for US$600m to pay down debt. The notes, due 2019, to be issued at par, will pay annual interest of 5.875 per cent and will be callable after three years. It expects the sale to close on 25 March, the Mexican cement major said in a statement. The company plans to use about US$55m to pay off a 2009 financing agreement and the rest for other p...
HSBC Global increases stake in India Cements
HSBC Global Investment Funds has purchased 384,345 shares of India Cements Ltd for an undisclosed sumy, the cement producer said in a notice to the stock exchanges. Following the acquisition, HSBC Global Investment's stake in the company has risen to 5.12 per cent, India Cements noted.
Cementos Molins to reduce workforce
Spain-based cement producer Cementos Molins is to cut 56 jobs at its St Vicenc dels Horts works due to the ongoing crisis in the domestic construction market. The cutbacks will reduce the total number of employees at the plant by 29.3 per cent, according to reports in Cinco Días.
HeidelbergCement reduces debt, profit edges ahead
German cement major HeidelbergCement reported increases in revenue and operating income in 2012 as well as a significant reduction in net debt. Revenue for the 12 months to December 2012 improved by nine per cent to EUR14bn. Operating income climbed nine percent to EUR1.613bn, benefiting from price increases, exchange rate effects and the successful implementation of the "FOX 2013" savings ...
Moody’s upgrades Holcim outlook
Moody’s Investors Service has upgraded Holcim’s outlook to stable, ending 15 months on a negative watch. Moody’s said it changed the outlook citing cash generation as cement sales in the US and emerging markets improve, according to reports by Bloomberg. Holcim maintained its investment-grade rating throughout the European financial crisis. Holcim’s Leadership savings program should gain...
PT Indocement net profit rises 32.2%, Indonesia
PT Indocement Tunggal Prakarsa, part of the HeidelbergCement group, has reported a 32.2 per cent rise in net profit for 2012. The country’s second-largest cement producer saw net profit rise to IDR4.76trn (US$491m) through the year while net income grew to IDR17.20trn, a rise of 24.5 per cent YoY. Indocement is currently working on adding some 6.3Mta of additional capacity by 2015. Pro...
PPC Zimbabwe secures funding for new project
PPC Zimbabwe has secured US$200m to build a second plant, according to local press reports. Chief executive, Zak Limbada, said: “We have secured US$200m for the projects but I cannot disclose the source at the moment,” All Africa press quoted him as saying. “Drilling is ongoing and we hope to have sample results (of limestone) in the next two months. With the permission of various regula...
China's cement sector faces impact of new property control policies
The Chinese cement sector recovery is likely to face further headwinds in the near-term given stricter property control policies announced on 1 March. The government is to initiate an array of measures including higher transaction duties, increased down payments and mortgage interest rates and strict purchase qualifications, as it tightens its grip on the real estate sector. China...
Lucky Cement appoints new CFO
Lucky Cement has appointed Muhammad Faisal to be its chief financial officer. ??He replaces Muhammad Abid Ganatra.