Displaying items by tag: buyback

Pakistan: Maple Leaf Cement recorded US$182m in sales in the first nine months of 2024, up by 8% year-on-year from US$169m in the first nine months of the previous financial year. Its cost of sales also rose by 8%, to US$124m from US$115m. As such, the producer recovered a profit after tax of US$19.3m, down by 13% from US$22.2m.

Maple Leaf Cement concluded a buyback of its shares on 24 April 2024, giving the company revised paid-up capital of US$37.7m.

China: Anhui Conch Cement's turnover was US$19.6bn in 2023, up by 6.8% year-on-year from 2022 levels. Sales of 42.5 grade cement contributed US$8.46bn (43% of turnover), down by 12% year-on-year. Meanwhile, sales of commercial concrete grew by 25% to US$313m (1.6% of turnover). Overall, the producer’s net profit fell by 33% to US$1.48bn.

Anhui Conch Cement commenced a share buyback programme for up to US$83m-worth of its listed stock in November 2023. At the end of the year, it had repurchased 0.3% of its shares.

Switzerland: Holcim launched a share buyback programme on 18 March 2023. The programme, totalling Euro1.03bn, will run until the end of 2024. Share cancellation is scheduled for approval at the group’s annual general meeting in May 2025. Holcim plans to finance the buyback from its existing cash reserves. It says that it remains committed to retaining a strong investment grade credit rating.

Colombia: Grupo Argos launched a buyback of US$10.1m-worth of its shares on 4 December 2023. Local press has reported that the offer covers US$8.33m-worth of common shares and US$1.73m worth of preferred shares. The offer will remain open until 7 December 2023.

Colombia: Cementos Argos has launched an offer to repurchase shares up to a value of US$4.92m, comprising up to US$4.14m-worth of common shares and up to US$787,000-worth of preferred shares. The producer stated that the move aims to increase the liquidity of its shares on the Colombian stock exchange.

China: Anhui Conch Cement plans to conduct a share buyback to repurchase up to US$82.5m-worth of its shares. Dow Jones Institutional News has reported that the group will finance the buyback using its internal funds.

Germany: Heidelberg Materials' consolidated sales rose by 5.3% year-on-year to Euro10.5bn in the first half of 2022. The producer noted a continuing 'downward trend' in its cement sales volumes in the second quarter of the year. The group recorded a net profit of Euro783m, up by 31% year-on-year from Euro597m.

Chair Dominik von Achten said “We have closed the first half of 2023 with a good result. Even in a weaker market environment, with significant declines in sales volumes in some cases, we performed quite well. We remain confident about the second half of the year, and are once again upgrading our outlook for 2023 significantly." He continued "In the first half of 2023, we achieved a further reduction in our specific net CO₂ emissions through numerous measures. With the large number of our carbon capture, utilisation and storage (CCUS) projects, we are aiming at the full decarbonisation of our products. Just recently, one of our pioneering carbon capture and storage projects in Germany was approved to receive funding from the EU Innovation Fund. The continuous reduction of our carbon footprint and strengthening the circular economy are our most powerful levers to offer our customers climate-friendly products on a large scale."

Chief financial officer René Aldach said that the company will demonstrate its financial strength with a third tranche of its on-going share buyback programme, commencing on 28 July 2023.

Nigeria: Dangote Cement has completed the first tranche of its on-going share buyback programme. The Punch newspaper has reported that the producer launched the buyback earlier in July 2023. It bought back 0.7% of its shares for US$51.7m.

Pakistan: Lucky Cement has successfully completed the buyback of US$742,000-worth of its shares. Pakistan Company News has reported that the producer finished buying the shares during the 12 July 2023 trading session of the Pakistan Stock Exchange.

South Africa: PPC has commenced a buyback of US$10.8m-worth of its registered shares, the Cape Times newspaper has reported.

Chief executive officer Roland Van Wijnen said "We have been very conscious of our capital allocation to ensure our debt levels come to acceptable levels and we have finally achieved that." He added "We believe our share price is well below the true value and therefore we believe it is better for our shareholders to initiate a share purchase rather than a distribution through cash."