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News Fujairah Cement Industries

Displaying items by tag: Fujairah Cement Industries

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Fujairah Cement faces losses

27 March 2024

UAE: Fujairah Cement has reported accumulated losses reaching over a third of its capital, primarily due to inflation and decreased revenue, according to Zawya. The total accumulated losses for the 2023 financial year stood at US$35.5m, equating to 36.68% of the company's capital, as disclosed on the Abu Dhabi Securities Exchange.

The company attributes the increase in losses to various factors, including the rising cost of coal and energy, lower clinker selling prices, a decline in revenue, and higher logistics and finance costs. The company is currently in advanced talks to appoint a renowned financial advisor for assistance in restructuring and exploring other potential options to mitigate these losses.

A separate disclosure highlighted that the major challenge faced during the year was the escalated production costs, primarily driven by increased coal and fuel prices.

Published in Global Cement News
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Dhiren Nayak appointed as Vice President – Works at Toshali Cement

10 January 2024

India: Toshali Cement has appointed Dhiren Nayak as its Vice President – Works.

Prior to this, Nayak worked as the plant head of an unspecified cement plant in Odisha in 2023, having earlier worked as a cement sector consultant. He notably held the position of Head of Operations at the Saudi Cement Company in Saudi Arabia from 2013 to 2019 and was a Technical Works Manager at Fujairah Cement Industries in the UAE from 2010. Earlier in his career he worked for FLSmidth, Lafarge Cement, Tata Steel and OCL India.

Toshali Cement operates an integrated plant at Ampavalli in Odisha and a grinding plant at Bayyavaram in Andhra Pradesh.

Published in People
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Fujairah Cement Industries to temporarily suspend cement despatches from Fujairah cement plant

20 December 2023

UAE: Fujairah Cement Industries has announced an upcoming temporary suspension of despatches of cement from its Fujairah cement plant, commencing on 1 January 2024. Sales will remain suspended until at least mid-February 2024 to the start of March 2024. During the suspension, the producer will carry out a ‘major’ refurbishment of the plant.

Published in Global Cement News
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Fujairah Cement Industries appoints ThyssenKrupp Decarbon Technologies to upgrade Dibba cement plant

04 December 2023

UAE: Germany-based ThyssenKrupp Decarbon Technologies says that it has won a new contract with Fujairah Cement Industries. Under the contract, the supplier will carry out an upgrade at the Dibba cement plant to reduce its CO2 emissions.

Published in Global Cement News
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Raysut Cement buys Sohar Cement for US$60m

21 May 2019

Oman: Raysut Cement Company has signed an agreement to buy Sohar Cement for US$60m. The transfer of ownership for all the shares in the company was completed in mid-May 2019, according to the Oman Daily Observer newspaper. Sohar Cement held a 70% stake in a 1.7Mt/yr grinding plant and UAE-based Fujairah Cement Company owned the rest of the shares.

Published in Global Cement News
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Update on the UAE

27 February 2019

The UAE is having a moment. Over the last week Fujairah Natural Resources, a new entrant to cement, said it is going to build a clinker plant at Habbab in Fujairah. It’s also looking likely that Raysut Cement might buy UAE-based Fujairah Cement Company’s shares in Sohar Cement in Oman. Then, Ras Al Khaimah (RAK) Cement announced that it had purchased the Newtech cement plant. What’s happening here?

The last couple of years have been tough ones for Emirati cement producers, which have been fighting falling sales and beleaguered profits. The largest producer, Arkan Building Materials - a group majority controlled by the Abu Dhabi government, reported flat sales growth for the first nine months of 2018. It blamed this on falling sales of clinker due to imports from Iran and a tough pricing environment. Its profits were hit by rising clinker production costs due to its reliance on imported limestone from Oman whilst it resolves problems with its own local quarry. Arkan had closed its Emirates Cement plant in Al Ain following revenue and profit falls in 2016. This story thread reached its end earlier in February 2019 when Arkan sold the closed plant for around US$14m. National Cement reported a similar experience in its nine months results, with growing revenue but sales sapped by mounting costs.

Data from Riyad Capital in early-2018 suggested that the UAE only consumes about half of its own cement production. The rest is exported to the Middle East and North African region, particularly Oman and Egypt, and African countries. The country has 14 integrated cement plants with a production capacity of 31.4Mt/yr and eight grinding plants with a capacity of 10.4Mt/yr. These are owned by a mixture of local companies and multinationals.

The European producers still have a presence through LafargeHolcim’s Lafarge Emirates plant in Fujairah and a grinding plant run by Cemex. Although how long LafargeHolcim will remain seems uncertain given a report by Bloomberg earlier in February 2019 suggesting that the group is seriously looking at exiting the Middle East and Africa. Oman’s Raysut Cement holds a plant too via its Pioneer Cement subsidiary but the majority of the foreign-owned plants are Indian. Their presence has been steadily growing.

Aditya Birla/UltraTech Cement, JK Cement and Shree Cement all run plants in the UAE and JSW Cement said in mid-2018 that it was going to build a 1Mt/yr integrated plant in Fujairah. UltraTech Cement renamed its grinding plant UltraTech Nathdwara Cement in December 2018. This plant was formerly a Binani Cement plant and part of the rancorous bidding war between UltraTech Cement and Dalmia Bharat.

The background to all of this has been a country that is very willing to spend big on infrastructure projects when the need arises. Forbes reckoned, for example, that the UAE had awarded US$20.7bn on infrastructure projects in 2018 in the first nine months of 2018. Impending projects like the Expo 2020 are still generating construction activity and longer ones like Dubai Metro are in progress. However, the country is in a dynamic place geographically between the two-major economic and cement-producing powerhouses of Saudi Arabia and Iran. For the cement industry this explains the prominence of the grinding sector and the growing interest from Indian companies looking to expand overseas. For the new project and acquisition this week it’s looking more like local variation in the market at this stage. In this context though the fourth quarter results from local producers will make interesting reading to see if anything bigger is going on.

Published in Analysis
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Raysut Cement preparing to buy Sohar Cement

26 February 2019

Oman: Raysut Cement has signed a letter of intent with the shareholders of Sohar Cement to buy all of its shares. The terms of the acquisition are being discussed, according to the Oman Daily Observer newspaper. Sohar Cement runs a 240t/hr grinding plant at the Suhar Industrial Estate. Sohar Cement holds a 70% stake in the business, with UAE-based Fujairah Cement Company owning the remaining share.

Published in Global Cement News
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Update on the UAE

22 March 2017

Given the low oil price the economies of the Gulf Cooperation Countries (GCC) (including the UAE) have taken a knock in recent years. So, the news this week that Arkan has closed its Emirates Cement plant in Al Ain for good may not be too surprising. The building materials producer opened its whopping 5.7Mt/yr Al Ain Cement plant in late 2014 and, now that rising energy costs have become too much of a burden it appears to have shut down the older plant for good and moved the production across. Now it says the new unit is operating at nearly full capacity.

Arkan’s cement business saw its revenue fall by 9% year-on-year to US$220m in 2016 from US$239m in 2015. Net profit fell more sharply, by 25% to US$20.6m. The chairman cited a ‘harsh current market cycle’ as the cause of his company’s woes and also blamed a heavy rainstorm in March 2016. The storm caused an interruption in production due to a damaged conveyor belt at its Al Ain Cement plant that stalled the production on half of its raw material handling line. The producer turbocharged its sales and profits in 2014 with the opening of the new plant and managing to continue the growth in 2015 but it slowed down in 2016. Arkan has also been in the alternative fuels news this week with the announcement of plans to test burning spent pot lining. This certainly hints at a producer trying to minimise its fuel spend.

Other local producers have had similar experiences. Fujairah Cement reported that its revenue fell by 2.5% to US$162m from US$167m although it did manage to grow its profit by 12% to US$15.4m. Earlier in the year it attributed the rise in profits to higher prices and cost control on the production side. The producer, a subsidiary of India’s JK Cement, operates a dual Ordinary Portland Cement and White Cement plant. Union Cement’s revenue fell by 10% to US$153m from US$170m and its profit fell by 19% to US$22.9m from US$28.2m.

A report by Deloitte on the construction market in Dubai published in early 2016 showed that the UAE became a net exporter of cement in 2010. Local producers exported 3Mt of cement in 2012 and this was aided by high energy cost subsidies. Prior to this the nation had been importing large amounts of cement and building up its local production capacity to meet its voracious real estate market. However, this previously caused problems in 2007 when the real estate market crashed. More recently the Dubai Chamber reported that the potential value of construction projects awarded in 2016 was US$36.5bn. Overall in the GCC the value of contracts fell by 17% year-on-year. Locally, the Dubai construction sector’s real added value, or its contribution to the national gross domestic product, fell in 2012 before rising slowly subsequently but its growth rate picked up in 2013 and then started to slow down.

Looking at the broader economy the World Bank reckoned in the autumn of 2016 that growth in the UAE was predicted to continue slowing in 2016 before picking up in 2018 due to rising oil prices. In the midst of uncertain times a report by the Dubai Chamber called for cement producers to improve their competitiveness, save on production costs, use more alternative fuels and push exports. To this end Arkan’s trial with spent pot lining and today’s news of a technology start-up promoting a fly ash and slag cement for 3D printing suggest a cement and construction industry marking time before growth returns.

Published in Analysis
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