Displaying items by tag: GCW635

Malaysia: Hume Cement Industries recorded US$65.5m in sales during the first quarter of the 2024 financial year (beginning 1 July 2023). This represents 48% year-on-year growth from US$44.2m one year previously. The producer’s profit was US$10.3m, against a US$2.57m loss in the first quarter of the 2023 financial year.

Bernama Daily Malaysian News has reported that Hume Cement Industries expects domestic cement demand to rise throughout the 2024 financial year. Nonetheless, the company said “The board remains cautious, as the uncertainties arising from geopolitical pressures continue to challenge the cement industry's input costs. The group is increasing its focus on developing sustainable construction materials in this growing economy, while continuing its efforts to enhance operational excellence.”

UAE: The first nine months of 2023 brought sales growth of 39% year-on-year for National Cement Company, to US$36.8m from US$26.7m. Meanwhile, the company reversed nine-month 2022 losses of US$5.45m to record a net profit of US$13.7m during the first nine months of 2023.

India: ABG Shipyard plans to sell Vadraj Cement, which owns a decommissioned clinker unit and grinding unit, as well as quarries and a jetty, in Kutch, Gujarat. The National Company Law Tribunal took over winding up proceedings for the former cement producer in September 2023. The Economic Times newspaper has reported JSW Cement, Adani Group and steel producer ArcelorMittal Group as potential buyers for the business. It expects Vadraj Cement to attract a price of US$240 – 300m, against debts of US$841m.

Spain: Cementos Molins has renewed a Euro75m loan and Euro225m credit line with lenders. The renewal extends the company’s financing buffer until the end of 2028. Expansión News has reported that Cementos Molins plans to use the total Euro300m renewed financing towards advancing its investments in sustainability, and possibly for other corporate purposes.

South Korea/Egypt: The South Korean government’s 72% ‘anti-dumping duty’ on imports of white cement from Egypt entered force on 17 November 2023. Yonhap English News has reported that the measure will remain in force for four months, until 17 March 2023.

Egypt exported 9240t of white cement to South Korea in 2022, up by a factor of nine from 2021 levels.

North Macedonia: Titan Cement Group subsidiary Cementarnica USJE has secured the approval of its shareholders to take two new loans. In a submission to the Macedonian Stock Exchange, the company said that it plans to take one loan of between Euro9m and Euro18m from Titan Global Finance, and another of not more than Euro9m from Sharrcem Kosovo.

India: JSW Group subsidiary JSW Infrastructure has won a contract to build a new deep-water port at Keni in Karnataka on a public-private partnership (PPP) basis. India Blooms News Service has reported that the port will support export terminals for local cement plants and limestone mines, alongside other industries.

Vietnam: Siam Cement Group Vietnam’s sales dropped by 30% year-on-year in the first nine months of 2023, to US$901m. Việt Nam News has reported that this corresponds to 8.4% of Siam Cement Group (SCG)’s consolidated sales. Vietnam is SCG’s main overseas market, ahead of Indonesia, where it recorded US$760m (7.1%) of sales.

India: ICICI Bank has made an invocation of Jaiprakash Associates’ shares in relation to its debts. The Economic Times newspaper has reported that the producer owes US$360m to the bank. ICICI Bank is part of a consortium of banks owed a total of US$3.52bn by Jaiprakash Associates.

Denmark: The first nine months of 2023 brought 1.8% year-on-year growth in FLSmidth’s consolidated sales, to Euro767m. The contribution from its cement business declined by 17%, however, to Euro188m, 24% of total sales. The division’s order intake dropped by 24% to Euro164m.

The group said “Our cement business continued to be adversely affected by the global slowdown in market demand. Consequently, we continue to take the steps necessary to preserve the long-term profitability of the business, including a significant rightsizing of the organisation. Further, our pure play strategy is progressing according to plan, and the ongoing operational and legal separation of the cement business is expected to be finalised towards the end of 2023.”