Displaying items by tag: United Cement Company

Bahrain: Saudi Arabia-based Saudi Cement has increased its share in its Bahraini subsidiary United Cement Company (UCC) by 37% to 100%. The purchase of additional shares cost it around US$7.5m in May 2021. UCC is an importer and distributor of bulk cement. It operates a marine terminal and was founded in 1999.

Nigeria: Financial analysts Cordros Securities have blamed falling earnings at Lafarge Africa on the merger of its Nigerian businesses with Lafarge South Africa. In a research report the analysts found that the merger increased operating costs and reduced shareholder value, according to the Vanguard newspaper. Lafarge WAPCO’s earnings per share, earnings before interest, taxation, depreciation and amortisation (EBITDA) and profit before tax have all fallen since 2013. It also found that operating costs had increased ‘significantly’ following the merger, debt had risen and that earnings had also been hit by efficiency issues.

Lafarge announced plants to merge its businesses in Nigeria and South Africa in 2014. The move saw the consolidation of Lafarge South Africa, United Cement Company of Nigeria, Ashakacem and Atlas Cement to Lafarge WAPCO. It was subsequently renamed Lafarge Africa.

Bahrain: The United Cement Company (UCC) has resumed importing cement from Saudi Arabia to Bahrain. UCC chief executive Faisal Shehab said that since the Saudi government lifted cement tariffs in February 2018 it had imported up to 60,000t of cement, according to the Gulf Daily news newspaper. Shehab estimated that his company supplies 70% of the construction market in Bahrain.

Imports from Saudi Arabia were disrupted when the Saudi government allowed cement to be exported to other countries in March 2017. However, new tariffs were introduced at the same time. Following the opening of exports the price rose and Bahrain was forced to source cement from other countries including the UAE. Previously, Bahrain had exclusive access to imports of cement from Saudi Arabia.