Displaying items by tag: GCW518

India: Birla Corporation’s revenue rose by 42% year-on-year to US$237m in the quarter of 30 June 2021 from US$167m in the same period in 2020. Sales volumes of cement increased by 38% to 3.35Mt from 2.42Mt. However, it noted that its sales volumes were 8% lower than the same period in 2019. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 40% to US$47.6m from US$34.0m. The cement producer said, “Better management of the lockdown this year, both by the company and the [government] administration, helped mitigate the effects of restrictions imposed in the areas of operations of the company relative to last year.” It added that construction work had continued to be delayed on its new 3.9Mt/yr integrated cement plant in Mukutban, Maharashtra due to the second wave of coronavirus.

US: Summit Materials’ net revenue grew by 11% year-on-year to US$882m in the first half of 2021 from US$794m in the same period in 2020. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 27% to US$209m from US$164m. Cement business revenue increased by 10% to US$126m from US$114m. Cement and concrete sales volumes increased by 10% to 1.05Mt and by 7% to 2.16Mm³ respectively.

"These results reflect our team's commitment to operational and commercial excellence, which delivered volume growth in most lines of business and pricing growth in all lines of business. Demand fundamentals remain strong in our rural and exurban markets, while most of the state Departments of Transportation that we serve have returned to typical letting and operating conditions,” said Anne Noonan, the chief executive officer of Summit Materials.

India: KT Rama Rao, the Industries and IT Minister, has lobbied the central government to help reopen the Cement Corporation of India (CCI) plant at Adilabad in Telangana. In a letter sent to Mahendra Nath Pandey, the Minister of Heavy Industries, Rao noted that several previous attempts had been made to reopen the unit, according to the Hindu newspaper. He added that the plant continues to hold a mining lease for 48Mt of limestone locally, has a dedicated electricity supply and has water resources. The 4Mt/yr integrated plant was originally built in 1984. Operations stopped in 1996 due to a lack of funds and the site was formerly closed in 2008.

Germany: Claudius Peters has reported strong order intake for the first half of 2021. Parent company Langley Holdings said that, “if the forecast to year end is met, [it] will be the highest since 2008.” It added that Claudius Peters’ France-based subsidiary was reorganised during the reporting period. Langley Holdings’ revenue fell by 2% year-on-year to Euro363m in the first half of 2021 from Euro370m in the same period in 2020. However, its operating profit increased significantly and it has forecast revenue growth of 15% for the year as a whole.

Colombia: Cement production grew by 33% to 6.50Mt in the first half of 2021 from 4.89Mt in the same period in 2020. Data from DANE, the Colombian statistics authority, shows that local despatches rose by 34% to 6.20Mt from 4.61Mt.

Thailand: Siam City Cement says that coronavirus-related public health measures reduced demand for cement towards the end of the second quarter of 2021. The group noted that the domestic market for cement ‘softened’ despite strong sales overseas in Vietnam, Sri Lanka and Bangladesh. Its overall net sales fell by 3.6% year-on-year to US$616m in the first half of 2021 from US$639m in the same period in 2020. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) dropped by 4.4% to US$142m from US$149m. It also reported reduced sales from its ready-mixed concrete and aggregate business lines due to the pandemic’s effects on construction markets and the related closures of construction worker camps.

Australia: Sumitomo Osaka Cement has started operating a cement terminal at Port Kembla in New South Wales. The Japan-based cement producer owns a 30% share in the company running the unit, which operates as Falcon CP. The terminal has a silo capacity of 36,000t. Sumitomo Osaka Cement says it plans to use the terminal as a means to increase its activity in the local market. It runs its regional headquarters in Sydney trading as SOC Oceania.

Cameroon: A subsidiary of Ivory Coast-based Atlantic Group has signed an agreement with the Cameroon Investment Promotion Agency giving it tax incentives towards building a new cement plant. It plans to build a 1Mt/yr cement plant in the Port of Kribi, according to Business in Cameroon. Construction work on the plant is scheduled to start in 2021 with completion by 2024 at the latest. The project has an investment of around US$70m. Atlantic Group inaugurated the 1.5Mt/yr Société Ciment Côte d'Ivoire (SCCI) near Abidjan, Ivory Coast in January 2021.

Australia/UK: InterGroup Mining has secured just under Euro60m from Luxembourg-based investment group GEM Global Yield as part of a share subscription facility. The Australia-based mining company says it will use the funds primarily for the ongoing development and commercialisation of its Brilliant Brumby kaolin and gold project in Queensland. The company hopes to sell the kaolin for use in cement and concrete production or as a feedstock for high purity alumina (HPA). It says it will be able to drawdown the funds over a 36-month term following a public listing of its common stock.

Neil Miller, the chairman of InterGroup said, “The GEM facility provides a major accelerator for InterGroup as we continue to prove up the scale of our Brilliant Brumby project and the optimal development path for the co-mining opportunity of kaolin and gold. It likewise enables us to continue our important research and development work into the new carbon reduction markets of potential scale that our minerals serve and which complement their existing known end markets.” InterGroup is currently working towards a potential stock market flotation in the second half of 2021.