Cement News tagged: Corporate
Saudi Cement's 1H12 sales surge 45%
Saudi Cement Company (SCC) said that its net profit for the six months through June 2012 rose 45 per cent YoY to SAR615.8m (US$164.2m) from SAR424.6m a year earlier. The company attributed the increase to rising local demand. Operating profit increased to SAR623.4m for the first half of 2012 from SAR440.5m a year ago. Earnings per share (EPS) stood at SAR4.02, up from SAR 2.78.
Eastern Province Cement 1H12 net profit rises 12.5 per cent, Saudi Arabia
Eastern Province Cement Company (EPC) recorded a SAR207m (US$55.2m) net profit for the first half of 2012, up from SAR184m a year ago, an increase of 12.5% YoY. The company attributed the increase to a rise in sales as a result of rising local demand, along with higher investment income and lower sales and distribution costs. Earnings per share (EPS) stood at SAR2.41, compared with SAR2.13. ...
FLSmidth acquires market-leading technology for unmanned operation
FLSmidth has acquired the market-leading technologies and products related to unmanned operation and process optimisation of stackers/reclaimers and train loading systems from the German company iSAM AG. The technologies and products acquired will enable FLSmidth to offer and supply complete, unmanned integrated bulk handling solutions to mining, stockyard and port facility customers in line...
TRIS assigns TPIPL at BBB+/Stable, Thailand
TRIS Rating Co Ltd has assigned the company rating of TPI Polene PLC (TPIPL) at BBB+ with stable outlook. The rating reflects a strong position of TPIPL in domestic cement market as the third largest cement producer, its leading status in LDPE Homopolymer (LDPE) and LDPE Copolymer (EVA), product diversification, expected benefits from cost saving initiatives, and currently low financial lever...
Nigeria eliminates need for imports in first nine months
The Cement Manufacturers Association of Nigeria (CMAN) has stated that Nigeria has not imported cement since the beginning of the year, thus helping the Federal Government’s aim of making the country self-sufficient in cement. Speaking at a forum in Calabar, Cross River State, at the weekend, president of CMAN, Joseph Makoju, lauded the Federal Government for policies that have prevented the...
PPC clears second phase of BEE deal, South Africa
South Africa-based Pretoria Portland Cement (PPC) said on Friday that all conditions set for the ZAR1.1bn (US$131.7m) second phase of its broad-based black economic empowerment (BEE) transaction had been fulfilled. The deal, which was announced in July, will give the cement and lime producer an effective 26 per cent black ownership, as required by the mining charter, enabling it to convert it...
Novacem enters liquidation, UK
Novacem, the carbon negative cement company, announced today that it was suspending operations and entering a Creditors’ Voluntary Liquidation. Novacem co-founder and former Chairman Stuart Evans said “Novacem has been tackling an enormous opportunity but unfortunately we have not been able to raise the necessary capital to continue developing the technology. We had built a terrific team tha...
Yanbu Cement sees 22 per cent rise in 3Q net profit, Saudi Arabia
Yanbu Cement’s net profit rose 22 per cent YoY in 3Q12 to SAR152m (US$40.5m) from SAR125m due to increased sales, according to a statement to the Saudi bourse. (Bloomberg)
Bestway Cement's full year profit increases, Pakistan
Pakistan-based cement producer Bestway Cement announced that its profit after tax increased to PKR3.06bn in the year ended 30 June 2012 (FY12) compared to PKR179.230m in the corresponding period in FY11, according to reports in the Business Standard. Earnings per share has increased to Rs 5.29 in the period under review against Re 0.57 in the same period last year. According to the financia...
EAPCC announces new strategy, Kenya
East African Portland Cement Company (EAPCC) of Kenya has announced the appointment of two management positions and revamp its strategy implementation and operations as it aims to increase efficiency. EAPCC has appointed two managers to head its production and human resources departments. Former Bamburi Cement and Athi River Mining employee Engineer Charles Charo is the new Head of Product...
Lafarge divests in US assets to Eagle, market improves
Last week, Lafarge announced the disposal of two cement works and a network of ready-mix concrete plants in Missouri and Oklahoma, USA, to Eagle Materials Inc, adding US$446m (EUR344m) to its coffers. With the deal, Eagle Materials acquires the 1Mta Kansas City (MO) and the 0.6Mta unit in Tulsa (OK) as well as related distribution terminals, two aggregate quarries, eight ready-mixed concrete b...
Texas Industries reduces quarterly net loss, USA
Texas Industries, Inc reported a net loss of US$2.7m for the quarter ended 31 August 2012, against a loss of US$7.4m in the same period of last year as shipments and pricing improve. "Though not back to pre-recession levels, our results reflect improvement in our markets," stated Mel Brekhus, Chief Executive Officer. "Shipments are up, pricing is improving and we are seeing the benefits of o...
Dalmia Bharat to buy Adhunik Cement for INR5.60bn
Dalmia Bharat Enterprises Ltd said Friday it has signed an agreement to acquire Adhunik Group's cement unit for about INR5.60bn (US$106.3m). Under the deal, Dalmia Cement Bharat Ltd. will acquire Adhunik Cement Ltd., the company said in a regulatory filing. Adhunik Cement sells cement under the Adhunik MSP brand and has a manufacturing facility with a capacity of 1.5Mta in the Jaintia Hil...
Jiangxi Wannianqing cement approved to issue corporate bonds
Jiangxi Wannianqing Cement Co Ltd, a manufacturer and distributor of Portland cement and cement clinker, said on September 27th that it won approval from China Securities Regulatory Commission to issue up to CNY1bn (US$159m) worth of corporate bonds. (Source: China Business Newswire)
China Resources Cement to issue US$400m credit enhanced senior bonds
China Resources Cement said it has priced the US$400m 2.125 per cent credit enhanced senior bonds due 2017 following a book-building exercise conducted by DBS as sole global coordinator and bookrunner. The bonds will be issued at an issue price of 99.75 per cent and will bear an interest rate of 2.125 per cent per annum payable semi-annually in arrears. CR Cement currently intends to use the...
Fecto Cement's profit after tax increases, Pakistan
The profit after tax of Pakistan cement producer Fecto Cement Ltd increased to PKR346.729m in the year ended June 30, 2012 (FY12) compared to PKR65.433m earned in the corresponding period in FY11. The board of directors declared that the company's earning per share has increased to PKR6.91 in the period under review against PKR1.30 in the same period last year. According to the financial resu...