Displaying items by tag: GCW225
West China Cement to buy Yaowangshan Cement for US$121m
02 November 2015China: West China Cement has agreed to acquire the entire equity interest of Tongchuan Yaowangshan Ecological Cement Co Ltd as well as shareholder's loan of US$121m. The Yaowangshan cement plant in Yaowangshan, Tongchuan, Shaanxi has 2.2Mt/yr of cement production capacity.
China Conch Venture and Red Day Limited, which is owned by West China Cement's Non-executive Director Ma Zhaoyang, agreed to inject US$14.2m and US$4.73m into Xi'an Yaobai Environmental Technology Engineering Co Ltd. Upon completion, Yaobai Environmental will be 60% owned by Conch Venture, 20% by Red Day and 20% by West China Cement.
West China Cement expects to record a US$63,096 loss as a result of the transactions. The parties agreed to develop Yaobai Environmental into the only platform for the treatment of dangerous and hazardous waste for the parties within China. West China Cement believes that the investments from Conch Venture and Red Day, which will provide additional financial resources to Yaobai Environmental, is an important step towards this goal and paves the way for further collaboration among the parties.
CRH to leave Belgard Castle headquarters
02 November 2015Ireland: CRH is leaving its Belgard Castle headquarters in Tallaght, Dublin, after 40 years. The company is moving to a former GlaxosmithKline building in Rathfarnham, Dublin, bringing together 250 staff now at Belgard Castle and Cabinteely, Dublin. It will continue to own Belgard Castle, an 18th-century building and will use it for group functions and facilities. The group office at Stone-mason's Way is undergoing refurbishment and will provide CRH with 'a world-class facility.' CRH expects to complete the new offices by the end of 2015.
Egypt: ASEC Cement, a subsidiary of Egypt's Qalaa Holdings, has announced plans to sell its stakes in ASEC Minya and ASEC Ready Mix to Misr Qena Cement for US$125m. The respective stakes are 46.5% and 55%. The deal is expected close on or before 20 November 2015.
India: JK Cements has reported a 58% fall in its consolidated net profit to US$2.09m for the quarter that ended on 30 September 2015. However, its total standalone income rose by 5% to US$133m. The company's total expenses grew to US$122m from US$11.7m.
Shree Cement commissions 2Mt/yr grinding plant in Uttar Pradesh
02 November 2015India: Shree Cement commissioned a new 2Mt/yr grinding plant in Bulandshahr, Uttar Pradesh on 30 October 2015.
Lucky Cement reports US$28.2m net profit for the first quarter of its 2016 fiscal year
30 October 2015Pakistan: Lucky Cement's net profit rose by 11.2% year-on-year to US$28.2m during the first quarter of its 2016 fiscal year, which ended on 30 September 2015. On a consolidated basis, its net profit rose by 13.8% to US$31.3m.
The company's net sales revenue declined by 1.2% to US$98.1m during the quarter. This was primarily attributed to a 2.7% decrease in sales volume, which was partially offset by a 1.5% increase in net retention due to an improved sales mix. Lucky Cement's domestic sales volume grew by 11% to 1.07Mt, whereas export sales volumes fell by 23.2% to 490,000t.
The Board of Directors have also decided to set up a 2.3Mt/yr capacity greenfield cement manufacturing plant in Punjab. The expected project cost is US$200m and construction work is expected to start in the first quarter of the 2016 calendar year. It is expected that plant will become operational in the second quarter of the 2018 calendar year. Lucky Cement also reported progress on its key foreign and local projects; namely an integrated cement plant in the Democratic Republic of Congo; a 660MW, supercritical, coal-based power project; a 50MW wind farm, electricity supply to the Peshawar Electric Supply Company (PESCO); and a waste heat recovery unit at its Pezu power plant.
Vietnam: Vietnam is estimated to have produced 54.8Mt of cement in the first ten months of 2015, up by 10.4% year-on-year, including 6.1Mt in October 2015, up by 10.8% year-on-year, according to the government-run General Statistics Office. Vietnam currently has 76 cement production lines with a combined output of 81.6Mt/yr.
Holcim more than doubles profits in the third quarter of 2015
29 October 2015Philippines: Holcim Philippines' profits more than doubled in the third quarter of 2015 due to strong sales from sustained construction activity into the rainy season. Its net income grew to US$32.5m from US$15.3m in the same period of 2014. Its net sales rose by 23.2% year-on-year to US$212m.
Holcim Philippines' profits for the first nine months of 2015 grew by 12.7% to US$96.7m. This brings the company's sales for the first nine months of 2015 to US$595m, some 9.44% higher than in same period of 2014. Cement demand was healthy nationwide and strongest in Visayas and Mindanao, with no let-up in the building activity by both the private and public sectors.
Holcim Philippines Country CEO Eduardo A Sahagun said that the company's third quarter results were made possible by the improved performance of the plants, which can now operate longer before maintenance activities. "Demand usually dips during the rainy season but this time, we experienced even stronger demand in the third quarter. Under these conditions, it is critical to sustain operations to support the market and we did so due to the steady investments for better plant performance," said Sahagun. Sahagun said that logistics operations also improved with more flexibility to supply the National Capital Region through its newly-acquired Holcim Manila Terminal.
Ambuja Cements’ third quarter 2016 net profit falls by 36%
29 October 2015India: Ambuja Cements reported a 36% decline in its standalone net profit at US$23.6m for the third quarter of its 2016 fiscal year, which ended on 30 September 2015, due to an additional depreciation charge, among other factors. Its total standalone income fell by 4% to US$324m during the quarter.
China: Anhui Conch Cement's operating profit fell by 31% year-on-year to US$1.1bn in the first nine months of 2015 as weak demand and price competition took a toll. Its revenue dropped by 13% to US$5.96bn.
Chinese demand for cement has languished following a rush of infrastructure building. Domestic cement production shrank by about 5% year-on-year to roughly 1.7Bnt during the first nine months of 2015, according to the National Bureau of Statistics.