Spain: Cementos Molins experienced a 1.8% year-on-year drop in sales to €336m in the first quarter of 2024. Sales growth across most regions failed to offset a decline in Argentina. Nonetheless, the company's earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 5% to €90m. Group net profit was €52m, up by 38% year-on-year. Net debt dropped to €46m, positioning the company well to continue to execute new investments under its 2030 Sustainability Roadmap.

CEO Julio Rodriguez said “We have achieved very strong operating results during the first quarter, in line with the company’s strategic plan 2024-26, with great progress in the execution of our net zero roadmap towards decarbonisation. I would like to thank the entire team of professionals at Cementos Molins for their effort, great commitment, and excellent results.”

Malaysia: The state government of Sabah broke ground on the construction of the Kampung Kawayoi Pinangah cement plant in Tongod on 27 April 2024. Bernama Daily Malaysian News has reported the value of investment in the plant’s construction as US$252m. Chief Minister Datuk Seri Hajiji Noor said that it will enrich the local economy with 1000 new job opportunities.

Pakistan: Fecto Cement recorded US$98.5m in sales in the first nine months of the 2024 financial year (FY24). This corresponds to a year-on-year rise of 26%. The company’s cost of sales was US$87.9m, up by 18% from nine-month FY23 levels. Its profit after was tax was US$2.51m, compared to a loss of US$13.8m.

India: Ambuja Cements has awarded a haulage contract to Orissa Bengal Carrier, Reuters has reported. Under the contract, Orissa Bengal Carrier will transport 180,000t of materials for the cement producer.

India: Adani Group subsidiary ACC raised its sales by 13% year-on-year to US$649m in the fourth quarter of the 2024 financial year, Mint News has reported. The company’s operating earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 78% to US$100m, leading its profit to rise by a factor of three to US$89.8m. ACC sold 10.4Mt of cement, up by 22% year-on-year from 8.5Mt, and 660,000m³ of ready-mix concrete, down by 7% from 710,000m³. For the full 2024 financial year, the company produced 36.9Mt of cement and 2.68Mm³ of ready-mix concrete. Its sales were US$2.4bn, its earnings US$368m and its profit US$280m. This was the first full-year financial report for a year ending on 31 March, following ACC’s transition from reporting years ending on 31 December as part of Germany-based HeidelbergCement (now Heidelberg Materials).

CEO Ajay Kapur said “The trust of our customers and our commitment to building a sustainable future with investment in efficiency improvements, green power etc. has furthered our success as we emerge even stronger than before.”

China: Capacity utilisation in the Chinese cement sector has dropped to 50% in April 2024, down from 80% in April 2023. Reuters reported the development, citing data from China Coal Industry. Local coal suppliers reportedly face depressed demand.

India: Dalmia Bharat expects to conclude its acquisition of Jaypee Cement by the end of September 2024, six months later than previously anticipated. The Hindu Business Line newspaper has reported that the group attributed the postponement to ‘procedural delays,’ including pending approvals from banks, on-going arbitration between Jaiprakash Associates and UltraTech Cement and some ‘lack of clarity’ around existing joint ventures between Jaiprakash Associates and state-owned Steel Authority of India.

Dalmia Bharat said “We are progressing in the right direction. These are procedural delays over which we have no control.”

Uzbekistan: Investigative reporting by Radio Free Europe/Radio Liberty (RFE/RL) has found evidence of a company linked to President Shavkat Mirziyoyev's son-in-law carrying out ‘secret state contracts.’ These included a US$36m ‘overpriced’ natural gas supply contract for Qizilqumsement. The company, Ultimo Group, is reportedly without website or public profile and co-owned by a retiree with no business background. RFE/RL described its network of associated international companies as ‘Byzantine.’

US: St Marys Cement won three national awards at the Slag Cement in Sustainable Concrete Awards 2023. The producer won the awards for supplying its slag cement for the construction of Wixom Assembly Park in Wixom, Michigan; of 333 North Water in Milwaukee, Wisconsin, and of Excellerate Manufacturing in Appleton, Wisconsin.

Philippines: Cemex has agreed to sell its business in the Philippines to DACON Corporation, DMCI Holdings and Seminara Mining & Power Corporation. The buyers will acquire assets including Cemex Asian South East Corporation, which holds an 89% majority stake in Cemex Holdings Philippines. The parties will derive a purchase price for Cemex Holdings Philippines by deducting net debt and minority interests from an enterprise value of US$660m. Also included in the sale is a 40% indirect equity interest in both APO Land & Quarry Corporation and Island Quarry and Aggregates Corporation. Both mining companies have a combined enterprise value of US$140m.

Cemex says that it will complete the deal later in 2024, until which time its operations will continue in the ordinary course of attending to all clients, suppliers and other stakeholders. It plans to use the proceeds from the divestment to fund bolt-on acquisitions in key markets, to reduce debt and for other corporate purposes.