Displaying items by tag: Malaysia
Norges Bank acquires 5% stake in Cahya Mata Sarawak
18 September 2023Malaysia: Norway-based Norges Bank has bought a 5% stake in Cahya Mata Sarawak, Bernama Daily Malaysian News has reported.
The bank said “Norges Bank's mission is to promote economic stability and manage substantial assets on behalf of the Norwegian people.” It added “As part of its investment strategy for the Government Pension Fund Global, Norges Bank seeks to optimise returns within the framework of its investment mandate.”
Associated Pan Malaysia Cement secures right to evict monks from Gunung Kanthan caves monastery
18 September 2023Malaysia: A court has granted Associated Pan Malaysia Cement (APMC) the right to evict Buddhist monks from the Gunung Kanthan caves monastery in Hulu Kinta, Perak. The land is part of a site where APMC has leased 146 hectares of land for limestone extraction. New Straits Times News has reported that the producer operates quarries in Zones A and B of the site, but has yet to commence extraction from Zones C and D. Local authorities had previously given assurance that mining operations ‘would not disturb’ the monastery.
Monks from the Thudong tradition established the Gunung Kanthan caves monastery across two caves in Gunung Kanthan hill in the early 20th century. Today, it contains numerous artefacts and works of art.
Malayan Cement’s sales rise in 2023 financial year
25 August 2023Malaysia: Malayan Cement recorded consolidated sales of US$808m during the 2023 financial year, up by 39% year-on-year from US$583m in the previous financial year. Its net profit was US$34.2m, up by 90% from US$18m. The company partly attributed its sales growth to its incorporation of YTL Cement, which took place in the 2022 financial year on 21 September 2021. It also increased its cement sales volumes and prices.
Looking to the current, 2024 financial year, Malayan Cement said “Non-residential construction activities are expected to benefit from higher investments in manufacturing facilities, given the shift in global supply chains. Nonetheless, the group's optimism is tempered with caution, as inflation and higher interest rates may have a knock-on effect on cement demand.” It added “Our ability to deliver seamless solutions to customers will be optimised, boding well for the positive growth and outlook of the group and the industry going forward.”
Malaysia: Hume Cement Industries’ sales were US$218m in the 2023 financial year, up by 40% year-on-year from US$156m in the 2022 financial year. The producer increased its net profit by a factor of 19, to US$12.9m from US$672,000.
Death at cement plant in Kinta District
17 August 2023Malaysia: Police reported the death of a man at a cement plant in Kinta District on 16 August 2023. The 26-year-old contractor had been cleaning hardened cement from a silo through its manhole, when he fell in and was submerged by cement. Medical staff pronounced him dead after his arrival at hospital. Perak State Occupational Safety and Health Department has issued a stop-work notice to the contractor.
Cement plants in Kinta District include Aalborg Portland Malaysia’s Aalborg Perak plant, Malayan Cement’s Kanthan plant and Tasek Cement’s Tasek cement plant.
Italy: Cementir Holding, a subsidiary of Caltagirone Group, recorded Euro841m in sales in the first half of 2023. This corresponds to year-on-year growth of 1.1% from Euro832m in the first half of 2022. The producer's earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 40% to Euro201m from Euro144m. Likewise, its net profit rose by 36% to Euro90.3m from Euro66.6m
Cementir Holding said that its cement sales volumes fell by 5.5% year-on-year during the half, to 5.1Mt. Volumes growth of 16% in China and Türkiye, and of 8% in Egypt, failed to offset a drop in Belgium, Denmark, Malaysia and the US. In Türkiye, the group increased its focus on the domestic market, and halved its export volumes. Exports also dropped in Malaysia, by 12%, as well as in Denmark.
Chair and chief executive officer Francesco Caltagirone said “The first half of 2023 closed with encouraging results, with significant increase in EBITDA, earnings before interest and taxation and net profit, thanks to careful management of profitability, which offset the general reduction in sales volumes."
Malaysia: YTL Cement and Thailand-based SCG have signed a memorandum of understanding with Innocement, a joint venture between the Sarawak Economic Development Corporation (SEDC) and the Bintulu Development Authority (BDA). The agreement is intended to strengthen the cement supply chain, secure the reliability of supply and stabilise prices in the region, according to the Star newspaper. In January 2023 representatives of the SEDC and the BDA had visited SCG in Bangkok. At this time it was reported that a joint venture between the SEDC and the BDA wanted to import 0.5 – 1Mt/yr of cement from SCG.
Malayan Cement forecasts level sales volumes year-on-year throughout 2023 and 2024 financial years
06 July 2023Malaysia: Malayan Cement expects its sales of cement to remain level at 8Mt/yr throughout the 2023 and 2024 financial years. The New Straits Times newspaper has reported that the producer forecast consistent declines in its cement prices over the period. Meanwhile, it expects the price of Indonesian coal, which it imports for use as fuel, to drop to US$285/t in the 2023 financial year, then by 42% to US$165/t in the 2024 financial year and by 12% to US$145/t in the 2025 financial year.
Malaysia: Cahya Mata Sarawak subsidiary CMS Cement has secured board approval to build a new 1.9Mt/yr clinker line at its Kuching cement plant at Jalan Mambong. This will more than triple its clinker capacity to 2.8Mt/yr. The Star newspaper has reported that construction will continue for 36 months from the date of groundbreaking. CMS Cement expects to invest US$161m in the project.
The Kuching cement plant is reportedly operating at 55% utilisation of its 2.75Mt/yr cement capacity. It currently relies on 40% of its own clinker to produce cement, with 60% of clinker imported. It aims to achieve clinker self-sufficiency to better serve growing markets in Sarawak and elsewhere, including Malaysia’s upcoming new capital city, Nusantara, on the opposite side of Borneo.
Saint-Gobain to acquire Hume Cemboard Industries
19 June 2023Malaysia: Saint-Gobain has signed a definitive agreement to acquire cement boards producer Hume Cemboard Industries. The France-based group said that the company will complement its existing lightweight product offering in Malaysia. Saint-Gobain expects to complete the deal before 1 October 2023.