Displaying items by tag: Sanghi Industries
India: Sanghi Industries has posted a 234% increase in net profit to US$7.65m for the third quarter of its 2012 – 2013 financial year, compared to US$2.28m for the same period in 2011 – 2012. Net sales remained stable at US$54.4m.
For the financial year to date, profit after tax rose to US$14.9m in 2012 – 2013 from a loss of US$3.98m in 2011 – 2012. Net sales rose by 17.3% to US$146m from US$124m.
Commenting on the financial performance of the company, director Alok Sanghi said that the company's strategy of diversifying sales to markets in Maharashtra and Rajasthan outside of its core market of Gujarat had begun to pay off as the company operated at near full capacity. Additional cost saving measures such as debt reduction, higher captive power generation and increasing utilisation of cheaper sea route for transport of cement had further boosted profit margins.
Investor battles to revive Rift Valley project
10 August 2011Kenya: Investors behind the US$148m plant in the Pokot region of Kenya have pledged to go ahead with construction, which has failed to take off 14 months after the ground-breaking ceremony. Directors have blamed the delay on various studies required before the investment.
“The Chinese contractors will be on the site soon,” said project director Rajeshkumar Rawal. “A general manager is already on the ground.” He rebuked industry talk that Indian plant builders Sanghi Cement had approached a local cement industry player insisting that local investors still held 26% of the stake with the Indian group taking the balance. Mr Rawal, a shareholder in the project, was in the thick of the battle to secure rights and licences for the project but he could not give a specific time frame promising more details in late August 2011 when Sanghi chiefs visit Kenya.
Some industry players have doubted the viability of setting up a factory in the remote area with poor infrastructure despite its proximity to the South Sudan which has strong potential for cement consumption.