Displaying items by tag: buyback

Nigeria: Dangote Cement recorded sales of US$609m during the first quarter of 2023, down by 13% year-on-year from US$699m during the first quarter of 2022. The producer reported a 25% decline in its cement sales volumes to 3.6Mt from 4.8Mt. Operating costs rose by 6% to US$355m from US$335m. Dangote Cement said that its earnings before interest, taxation, depreciation and amortisation (EBITDA) fell by 14% to US$458m from US$403m.

Dangote Cement chief executive officer Arvind Pathak said “The cash crunch coupled with the uncertainty around the general elections led to a slowdown in key private and public infrastructure investments in Nigeria. Consequently, our domestic operations recorded a drop in volume." Pathak continued “In fulfilling our commitment to creating additional value for our shareholders, we have received regulatory approval for our second buyback programme. We will continue to monitor the evolving business environment and market conditions in making decisions on tranches."

Pakistan: Kohat Cement has informed the Pakistan Stock Exchange that is has bought back 2.5% of its shares. The value of the transaction was US$191,000.

Pakistan: Lucky Cement bought back more of its own shares on 17 October 2022. The total value of the purchase was US$408,000.

Lucky Cement previously bought back US$212,000-worth of shares earlier in October 2022, under the same resolution of it board from 20 September 2022.

Pakistan: Lucky Cement has informed the Pakistan Stock Exchange of its purchase of US$212,000-worth of its shares. The producer's board of directors passed a resolution for the buyback on 20 September 2022.

Pakistan: Lucky Cement has informed investors that it plans to buy back shares up to an equivalent of 3.1% of its registered share capital, which it has valued at US$417,000. The company will commence the purchase from 29 September 2022, and continue until its completion or 27 March 2023.

Taiwan: Hsing Ta Cement says that it has cancelled a planned repurchase of US$266m-worth of its shares. The purchase was the company’s fourth successive planned transaction of that kind. It retains a total shareholding worth US$114m.

In the second quarter of 2022, Hsing Ta Cement recorded sales revenues of US$100m and a net profit of US$2.23m.

Ireland: CRH bought a further US$300m-worth of its shares between 17 March 2022 and 15 June 2022. The purchases bring the group’s total investment in its on-going share buyback programme to US$3.5bn since May 2018. It will now proceed with a further US$300m buyback, ending on or before 30 September 2022.

On 28 April 2022, CRH’s annual group meeting voted for the group to repurchase a total of 10% of its shares.

Greece: Titan Cement recorded Euro1.71bn in net sales in 2021, up by 6.7% year-on-year from Euro1.61bn in 2020. The company attributed the boost to higher demand and ‘supportive pricing’ in all of its regions. Cement sales volumes were 18.3Mt, up by 7% year-on-year from 17.1Mt. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) dropped by 4.6% to Euro272m from Euro286m, due to an ‘unprecedented’ second-half costs increase. The group’s net profit was Euro89.6m, compared to Euro1.1m in 2020. During the year, Titan Cement increased the digitisation of its cement production and continued its on-going share buyback programme. Its Scope 1 and 2 CO2 emissions declined by 4% year-on-year, in line with its 2030 target trajectory.

Titan Cement said “Having already achieved the 2025 targets for energy efficiency and zero waste-to-landfill certification, the group’s attention is now focused on empowering business ecosystems to incorporate sustainability considerations in their decision making. To ensure that key suppliers meet the group’s environmental, social and governance (ESG) standards, Titan Cement developed a sustainable supply chain roadmap and published the first Titan Group Procurement Policy.” In the coming year, the group plans to ‘continue to harness the advantages offered by decarbonisation, digital transformation and business model innovation to benefit our customers, employees, suppliers and communities, aspiring to deliver to society carbon-neutral concrete by 2050.’

Ireland: CRH says that it completed another phase in its on-going share buyback programme on 16 March 2022. The group purchased US$300m-worth of shares, bringing its total cash returned since the beginning of the programme in May 2018 to US$3.2bn. On 17 March 2022, it concluded an agreement to begin the purchase of a further US$300m-worth of its shares by 27 June 2022. The producer instructed investors that any decision in relation to any future buyback programmes will be based on an ongoing assessment of the capital needs of the business and general market conditions.

Germany: HeidelbergCement plans to proceed with its on-going share buyback programme in early 2022 with a second tranche of purchases worth Euro300 – 350m. The group expects to conclude the tranche in mid-2022. It previously finished buying back 2.7% of its shares in December 2021. On 13 January 2021, HeidelbergCement announced that it had retired all shares purchased under this previous tranche.