Cement News tagged: Corporate
Jidong Cement profit warning, China
Tangshan Jidong Cement Co Ltd, a Hebei Province-based cement producer, predicted on 13 April that its net loss widened to CNY200-250m in the first quarter of this year from CNY11.27m a year earlier.
Sichuan Shuangma Cement Co net profit drops
Sichuan Shuangma Cement Co net profit dropped 32.5% in 2011 to CNY162.65m (US$25.8m), from an adjusted 2010 net profit of CNY240.97m. The company's shares are down 1.4% at CNY8.48, but Dongxing Securities analyst Zhao Junsheng says he sees a longer-term upside. "The fall in profit was expected, and the overall cement sector is facing some pressure right now. If you look in the longer term, ...
Cimpor defence document rejects Camargo Correa bid
The Cimpor defence document claims that the Camargo Correa bid significantly undervalues the company. It points out that the EUR5.50 per share offer compares poorly with the EUR6.50 per share paid by Camargo Correa for the shares it acquired from Teixeira Duarte and from Bipadosa in 2010. Not only that, it is also lower than the failed EUR5.75/share bid for Cimpor by the steel company Compan...
Shuangma Cement 28.23% drop in net profit, China
Shuangma Cement’s net profit fell 28.23% YoY to CNY331m (US$52.4m) last year, due to higher fuel and raw material costs, China Knowledge Press reported. The company, controlled by Lafarge China Offshore Holding, saw operating profit rise 17.44% year on year to CNY2.03bn last year. . Basic earnings per share were CNY0.26 in 2011, down 33.33% year on year. Sichuan Shuangma Cement produced 6.58...
Holcim Indonesia boosts dividend payout, Capex plans
Holcim Indonesia plans to distribute IDR425bn (US$46m) in dividends, or the equivalent of 40 per cent of its 2011 net income, its chief executive has said. Speaking to the Jakarta Globe, Eamon Ginley said: “This plan has received approval from shareholders," adding "that would be equivalent to a dividend of IDR/share." Holcim posted IDR1.06trn in net income last year.??The 2011 dividend d...
Tanga Cement: full-year 2011 down on rising production costs
Tanzanian cement producer, Tanga Cement, reported a 32 per cent drop in 2011 net profit due to the depreciation of the local currency, erratic power supply and rising costs of imported clinker. The company, part of South Africa’s AfriSam group, said net profit fell to TZS21.93bn (US$13.9m) last year from TZS32.2bn the year before despite positioning itself well to meet rising cement demand, a...
Saudi Cement Co 1Q net rises, Saudi Arabia
Saudi Cement Co posted a 53.4 per cent rise in first-quarter net profit of SAR325.6m (US$86.8m) in the period, compared with SAR210.8m a year earlier, the company said in a statement to the Saudi bourse.
Asia Cement issues profit warning, China
Asia Cement China said it expects the group to record a substantially lower net profit for the first quarter of 2012 compared to the same period of last year. The decrease is primarily attributed to seasonal and climatic factors and a decrease in the demand for cement leading to a drop in sales. The average selling price of Asia Cement’s product’s was also down in the first quarter of 2012 c...
SOTACIB’s new Kairouan cement plant begins production
A new cement plant located in the Rouissat region, Kairouan governorate, by the Société Tuniso-Andalouse du Ciment Blanc (SOTACIB), has begun producing its first cement according to a statement from Tunisia’s Ministry of Industry. The new facility has a capacity of 1.2Mta of cement and will strengthen total domestic cement production of 7.2Mt to 8.4Mt in late 2012. Abstracted from Business...
Raysut Cement to get US$166.2m loan to refinance debt, Oman
Oman's largest cement company by market value, Raysut Cement said its board of directors decided at a meeting on Wednesday to take a OMR64m (US$166.2m) term loan to refinance an existing five-year loan. The new loan, with a tenure of 10 years, will be provided by Oman-based Bank Dhofar. In mid-February 2012, the cement manufacturer said it booked a net profit of OMR14.95m in 2011, down from...
Tongli Cement posts 19.28% net profit fall, China
Henan Tongli Cement Co Ltd said on 11 April that it reaped a net profit of CNY25.99m in the first quarter of 2012, down 19.28% on-year, China Business Newswire reports. Basic earnings per share were CNY0.1. Meanwhile, the company's operating revenue dipped 3.6% on-year to CNY869m,
Hail Cement gets government fund for new plant, Saudi Arabia
Hail Cement Co said in a bourse statement yesterday that the Saudi Industrial Development Fund (SIDF) had agreed to extend a SAR300m (US$160m) loan. The Saudi Arabian cement producer will use the funds to complete the construction of its cement plant in Turbah, which is scheduled for completion in the first quarter of 2013. (Source: SeeNews Middle East and Africa).
Indian cement corporate announcements
UltraTech Cement has informed that the NJ Jhaveri has resigned from the board of the company with effect from 4 April, 2012, according to a filing to the Bombay Stock Exchange (BSE). Meanwhile, Shree Digvijay Cement Company has also informed the BSE that Alvaro Joao Serra Nazare, a director of the company has resigned from his directorship with effect of 1 April 2012.
East African Portland Cement shares reinstated, Kenya
Kenya's Capital Markets Authority has re-admitted shares of East African Portland Cement after a two-month suspension, saying doubts about the firm's ability to run its business had been quashed by continuous operations over the period. The shares had been suspended from trading on 17 January, to protect shareholders from a dispute between its board and the government, a 25 per cent sharehold...
Eurocement increases stake in Holcim, Switzerland
Russia's largest cement maker Eurocement has increased its stake in Holcim to 10.8 per cent, newspaper Handelszeitung reports in article to be published Thursday. Eurocement's owner, Filaret Galchev-Kaltsidis, has spent CHF100m (US$109m) to raise its holding from 10.1 per cent, the paper reports. "Our position in Holcim is now about 35 million shares, or 10.8 per cent. We have taken advant...
Yamama Saudi Cement 1Q12 net profit rises
Yamama Saudi Cement said Tuesday its first-quarter profit surged 54% on the year to SAR278m (US$74.1m) due to higher sales and improved operational efficiency. First-quarter earnings per share were SAR1.37 versus SAR1.33 a year ago, the company said in a statement posted on the Saudi bourse website. Operating profit for the three-month period rose to SAR287m, compared with SAR184m in the yea...