Displaying items by tag: Results
Yanbu second quarter profit increases
11 July 2012Saudi Arabia: Yanbu Cement has posted a net profit of US$57.6m for the second quarter of 2012 compared to US$40m for the same period of 2011. This represents a increase of 44% over the US$38.7m made in the previous quarter. The company made a gross profit of US$62.7m in the second quarter, a 48% increase year-on-year.
Over the course of the first half Yanbu's net profit went from US$66.2m in 2011 to US$96m in 2012. Its gross profit for the six months was US$104.8m compared to US$71.7m in 2011, an increase of 46%.
Yanbu said that the the reason for increase in its net profit was an increase in both production and sales, helped by a new cement line and an increase in cement demand.
Jammu & Kashmir has a good year
11 July 2012India: Jammu & Kashmir Cements Limited (JKCL) has reported that it achieved an all time record turnover of US$21.8m in the fiscal year that ended 31 March 2012 compared to US$14.8m achieved in the previous fiscal year. This represents a year-on-year increase of 47%. It announced a bold 2012-2013 turnover target of US$32.5m. The company also announced that it produced 172,300t of clinker and 17,600t of cement during the year. It has targeted 255,000t of clinker and 266,200t of cement in the current fiscal year.
In addition, JKCL announced that its cement grinding and packing unit at Samba, would be put into trial production in November 2012 at a cost of around US$5m.
China Resources shares feel the slowdown
28 June 2012China: Shares in China Resources Cement Holdings fell by as much as 5% on the Hong Kong stock-exchange today after the cement maker warned of a sharp fall in first-half earnings. Its losses demonstrate that weaknesses in the world's second-largest economy are starting to hit corporate profits. An increasing number of companies are feeling the pinch of a slowdown in consumer demand and the economy as a whole.
China's central bank cut its policy rates in June 2012 for the first time since the onset of the global financial crisis because economic data for April and May 2012 suggested that growth was weakening more than previously thought.
Yesterday, Gansu Qilianshan Cement, a small Shanghai-listed cement producer, forecast that its net profit would decrease by at least 50% year-on-year in the first half of 2012. In the first half of 2011 it made a net profit of US$38.9m.
Boral downgrades profit forecast for a second time
27 June 2012Australia: Boral, Australia's leading building materials supplier, has downgraded its overall profit forecast for the second time in two months, saying earnings could be as much as US$75.5m lower than it expected in February 2012. The downgrade comes with predictions that the group will announce asset writedowns when it delivers its full-year result in August 2012.
It is now expected that Boral will post a net profit before significant items for the current financial year in the range of US$100-110m. The company has continued to blame the profit downgrades on bad weather and weak conditions in the property and construction market and said that an early maintenance shutdown at Waurn Ponds Cement Works in Victoria was also weighing on earnings.
Southern Province estimated first half results
26 June 2012Saudi Arabia: Southern Province Cement Company has estimated that its net profit for the second quarter of 2012 will be 9.6% higher than the comparable period in 2011 at US$69.9m compared to US$63.7m.
Its estimated gross profit during the second quarter was US$71.9m compared to US$67.2m, a year-on-year increase of 7.1%. The company estimated its operating profit during the second quarter as US$69.8m compared to US$63.7m for the corresponding quarter of 2011, an increase of 9.6%.
Over the course of the six months to 30 June 2012, Southern Province estimates that its net profit will be in the region of US$154.6m compared to US$124.0m and that its operating profit will be US$146.7m compared to US$125.1m in the corresponding period of 2011.
Southern Province said that the rise in net profit for the second quarter and for the six month period was due to operation of the second production line at its Tahama plant, which had no unforeseen stoppages. There was also an increase in demand for cement in the local market.
The company noted that its second quarter 2012 net profit was marginally weaker than that of the first quarter of 2012 due to industry-wide pressure from the Ministry of Commerce to reduce cement prices.
Kuwaiti cement company results
19 June 2012Kuwait: Several sets of financial results for Kuwaiti cement companies have been released for the year to 31 December 2011.
Hilal Cement has reported that its total revenue increased by 5.8% to US$71.1m and its net profit grew by 70.5% to US$4.4m.
Meanwhile, Kuwaiti Portland Cement saw its total revenue drop to US$174.4m, a drop of 18.4%, with its net profit slumping by 88.6% to US$9.1m.
Kuwait Cement recorded a fifth consecutive year of positive earnings, a 20.8% increase in total revenue to US$215.9m, and a 6.8% improvement in net profit to US$51.2m.
Saudi Cement profit rises in first quarter
12 June 2012Saudi Arabia: Saudi Cement Company (SCC) said that its net profit for the three months to 31 March 2012 surged by 54.4% year-on-year to US$86.8m from US$56.2m in the year to 31 March 2011.
The company attributed the increase to higher sales volumes as a result of rising local demand. Its operating profit increased to US$87.8m for the first quarter of 2012 from US$58.1m a year earlier.
Turkish companies report on 2011
12 June 2012Turkey: Four Turkish cement producers have released annual financial results for the 2011 calendar year. Bolu Cement saw its total revenue increase by 22.2% to Euro79.7m and a net profit increase of 44.7% to Euro8.8m, ensuring profits in each of the last three years.
Meanwhile, Adana Cement saw a total revenue of Euro144.7m in 2011, up by 6.7% year-on-year. It extended its profit run to four consecutive years, although this slumped by nearly a quarter to Euro33.7m.
Cimsa Cimento saw a fifth consecutive year of strong results, with revenue and net profit both up. Revenue hit Euro352m, up 12% year-on-year and net profit was up by 19% to Euro54m.
Baticim Bati Anadolu Cimento also saw an increase in its revenue, a 10.6% increase to Euro158.4m and a near-70% increase in net profit, which rose to Euro11.1m from a low base.
Mozambique production hits record high
06 June 2012Mozambique: Domestic production in Mozambique reached a record high of 0.28Mt in the first quarter of 2012, with imports falling to 79,000t during the same period.
National Director of Industry, Sidonio dos Santos, has attributed this growth to a sharp increase in the availability of cement, although domestic production is yet to meet the demands of the market. Cimento Nacional, a new cement factory, has been commissioned with an installed annual capacity of 0.25Mt/yr. Cimentos de Mocambique, the largest cement factory in the country, has increased its capacity to 0.40Mt/yr with the inauguration of a new mill.
In 2010 total production capacity for the country was estimated at 1.3Mt, which increased to 2Mt in 2011. In January 2012 domestic production reached 79,000t while imports were just 16,000t. In February 2012 production was nearly 90,000t, with imports at 26,000t. In March 2012 production was 0.11Mt, with imports at 37,000t.
"We believe we will meet the government's five-year plan for cement production, because investors are implementing their projects to increase production and build new factories," said Dos Santos.
Currently there are five cement factories in Mozambique. The government expects to inaugurate another three cement factories in the province of Maputo: GS Cimentos, with a capacity of 0.5Mt/yr; ADIL Cement, with a capacity of 0.12Mt/yr; Maputo Cement and Steel Maputo with a capacity of 0.13Mt/yr. In January 2012 Industry and Trade Minister Armando Inroga announced that the government is considering imposing a quota system for imported cement later in 2012 in order to protect Mozambican cement producers.
Vietnam production down 7.2% so far in 2012
30 May 2012Vietnam: Cement producers in Vietnam are estimated to have made 22.5Mt of cement in the first five months of 2012, down 7.2% from the same period of 2011.
In May 2012, the Southeast Asian nation is likely to have produced 5.5Mt of cement, up by 5.5% year-on-year, according to a report from the the government's General Statistics Office. The office also revised down the country's cement output in January to April 2012 to 17.1Mt from earlier estimated figures of 17.8Mt.
In 2011, Vietnam produced and sold 49.3Mt of cement. The country also imported 1.15Mt of clinker and exported 5.5Mt of cement and clinker during the period/
Vietnam's cement consumption is forecast to reach 55 – 56.5Mt in 2012, rising by 11 - 12% compared to 2011. However the country's cement output is expected to rise to 73Mt in 2012 due to the additional operation of eight new cement plants with a combined production capacity of 6.9Mt. Local cement makers are predicted to face huge difficulties due to big surplus of cement.