Global Cement Newsletter

Issue: GCW746 / 11 February 2026

Headlines


The long-running debate over the price of cement in Nigeria flared up again once more this week. Think tank Agora Policy published a report on the local cement sector and it blamed the structure of the industry for the situation. What’s more it also presented a compelling range of data backing up its argument. We’ll take a closer look.

Agora Policy published its report entitled ‘Market Power and Failure of Competition Policy in Nigeria’s Cement Industry,’ in early February 2026. It is well worth a read. It questions why the price of cement was so high in a country that had declared itself ‘self-sufficient’ in cement in 2012 and where production capacity was higher than demand. Its data then goes on to show that cement producers in Nigeria appeared to have higher profit margins than producers in Asia, Europe and elsewhere in Africa. It stated that cement producers in Nigeria reported average profit margins of approximately 49% in September 2025 and 34% in 2024. This compared to 20 - 36% in North America, 15 - 25% in Asia, 20 – 30% in Europe and 18 – 30% elsewhere in Africa. It then noted that cement prices in Nigeria had been higher than the average for Sub-Saharan Africa for nine of the 11 years from 2015 to 2025. It acknowledged that input costs such as taxes, negative currency exchange rates, energy prices and transport fees had played a role in pushing up prices. However, it directly blamed the structure of the market citing price leadership, regional dominance and control of critical inputs.

Distinctly from previous rows about prices in Nigeria, the think tank does not call for imports to be allowed in or increased. Instead, it recommends the following measures: access to limestone and clinker to be liberalised; logistics to be improved; regional market share to be scrutinised; operational data to be submitted to competition authorities; and general competition regulations to be tightened.

Notably, one of the things Agora Policy’s report mentions is how it views the use of excess production capacity by the local cement companies to control the market. Its interpretation is that, “incumbents with large unused capacity can credibly threaten to temporarily flood the market and cut prices if a new competitor attempts to enter.” So, plans by producers, such as BUA Cement announcement in January 2026 to build a new 3Mt/yr cement production line in Sokoto State, can be viewed as both addressing a market need and a strategic one. More capacity can potentially relieve price pressure or even reduce it but it can also be used to deter competitors from building plants. Another example of producers building new capacity in a market where capacity is greater than demand occurred in the last week. Lafarge Africa said it plans to expand its Ashakacem Plant in Gombe State and Sagamu Plant in Ogun State.

None of this is to say that the main cement companies in Nigeria appear to have broken any competition laws. They may simply be taking advantage of the existing market structure as most companies would in this situation. The debate on the price of cement in Nigeria has been a recurring one since 2020, with few answers so far. The acquisition of Lafarge Africa by China-based Hauxin Cement in mid-2025 did mark a change to the market composition. Yet, whether Huaxin Cement chooses to follow the logic of the local market situation or do something different remains to be seen. The real question at this point is whether the recommendations that Agora Policy has made are the right ones and if a government would actually want to implement them and be able to. A criticism of Agora Policy’s recommendations might point out that it is simply identifying general features of the cement business. Clinker production requires a high level of capital investment, mineral resources need to be secured, logistics are key for a heavy commodity and so on.

Finally, Arvind Pathak, the Group Managing Director of Dangote Cement reminded investors this week that his company is planning to make all of Africa self-sufficient in cement production. It’s both a noble goal and a commercial prize for a region with Africa’s demographic potential. Yet, if the experience in Nigeria is anything to go by, simply becoming self-sufficient in cement without governments making other changes may not be enough to build the Africa of tomorrow.


US: Mike Ireland has announced his retirement as the president and CEO of the American Cement Association (ACA). He has been in post since 2017. The association has formed a search committee to find a replacement.

Key accomplishments during Ireland’s tenure include the association implementing its Shaped by Concrete campaign to raise awareness of cement and concrete’s benefits in everyday life, launching the Roadmap to Carbon Neutrality and rebranding the organisation from Portland Cement Association to the American Cement Association.

Ireland became the president and CEO of the ACA in 2017. Before this he worked for the American Society of Mechanical Engineers (ASME) from 2015 to 2016 as its managing director and Associate Executive Director. He has also worked for the Association For Facilities Engineering, the National Environmental Balancing Bureau and the American Traffic Safety Services Association. He is a graduate in industrial education from Brigham Young University.


Saudi Arabia: Al Jouf Cement has appointed Bakr bin Atef Sindi as its CEO. He succeeds Samir bin Mohammed Al-Rahili in the role.

Sindi holds 25 years’ of professional experience and has held managing roles for industrial and banking companies. He holds an undergraduate degree in mining engineering from King Abdulaziz University.


US: Amrize has appointed Andres Navarro Martinez as the plant manager of its Hagerstown cement plant in Maryland.

Navarro Martinez has worked as an Area Manager for Amrize since mid-2025. Before this he worked for Holcim since 2008. He started as a process engineer for Holcim Spain. Subsequently, he held process engineering roles for group subsidiaries in Nigeria, France and the US. He became Production Manager for Holcim in the US based at Alpena in 2017 and then an area manager in 2021. Navarro Martinez holds a master’s degree in mechanical engineering from the University of Murcia and an executive master’s of business administration qualification from the EAE Business School.


Austria: Alpacem has appointed Philipp Habjanic as the plant manager of its Peggau plant. He will take responsibility for both Alpacem and InterCal operations at the site. He succeeds Florian Salzer in the role, who had been managing the site on an interim basis since late 2023.

Habjanic has worked for Alpacem since 2020. He started as Project Manager Mining and Processing and became the Head of Process Engineering and Project Planning in late 2023. He holds a master’s degree in mineral processing from the University of Leoben.

Both Alpacem and InterCal are subsidiaries of Wietersdorfer Group. Alpacem produces cement and concrete products. InterCal manufactures lime products. InterCal operates quarries and a lime plant at Peggau. In late 2025 Alpacem, InterCal, and Innofreight announced that they were building an intermodal terminal at the site.


Vietnam: Cement and clinker exports reached 3.42Mt in January 2026, generating US$130m in revenue, according to the National Statistics Office. This marks a year-on-year increase of 57% in volume and 70% in value. The January growth follows a strong 2025, during which Vietnam exported 37.1Mt of cement and clinker valued at US$1.37bn, representing annual increases of 25% in volume and 21% in value.


Peru: Domestic cement shipments reached 1.13Mt in January 2026, up by 14% year-on-year and 9% higher on a 12-month cumulative basis, according to the Association of Cement Producers (Asocem). The January 2026 total marked a continued slowdown from October 2025’s peak of 1.23Mt. Of the total shipments, 996,000t came from Asocem member companies, while 132,000t were attributed to non-associated producers.

Cement production stood at 975,000t for the month, reflecting a 12% increase compared to January 2025. Clinker production rose by 24% to 742,000t. Cement exports grew by 23% year-on-year to 12,600t, though no clinker exports were recorded, resulting in a decline of 100% from January 2025. However, clinker exports remained up by 30% on a 12-month rolling basis.

Cement imports rose by 36% to 68,800t, with 88% arriving via the Port of Chancay from Vietnam and 12% entering through the Tacna land terminal from Chile. Clinker imports more than doubled to 91,300t, a 108% year-on-year increase.


Türkiye: Medcem Group has added a Mercedes-Benz eActros 600 electric tractor unit to its fleet, reportedly the first in Türkiye, according to a social media post by the producer. The eActros 600 will be used on the company’s export route from its production facility to the port.

The delivery ceremony was attended by Mehmet Ali Ceylan, CEO; Serra Yeşilyurt, Truck Product Management Group Manager at Mercedes-Benz Türk; and Alper Kurt, Truck Marketing and Sales Director at Mercedes-Benz Türk.


Qatar: Al Khalij Cement Company (AKCC) has signed a memorandum of understanding with Qatar’s Public Works Authority (Ashghal) to recycle 100% of the sludge generated by the country’s wastewater treatment plants into alternative fuel for cement production. The five-year agreement aims to convert between 744,000t and 1.29Mt of sludge into alternative fuel. According to Mohammed bin Abdulaziz Al Meer, president of Ashghal, treated water will be reused for irrigation and cooling, while solid byproducts like sludge will be used as fuel catalysts and inputs in cement manufacturing. The use of the sludge-derived fuel will reportedly reduce natural gas consumption and lower greenhouse gas emissions. AKCC said that the use of alternative fuels under the agreement will reduce CO₂ emissions by around 40,000t.


India: The Ahmedabad Bench of the National Company Law Tribunal (NCLT) has cleared the proposed merger of Sanghi Industries Limited with Ambuja Cements Limited, a crucial step in Adani Group's rapid consolidation of its cement business. The appointed date for the merger is 1 April 2026. The scheme will become effective once all procedural formalities are completed and statutory filings are made.

With the merger now approved, Sanghi Cement's assets, liabilities and authorised capital will be fully absorbed into Ambuja Cements. The company stated that the consolidation will enable better resource utilisation, cost efficiencies, elimination of overlapping functions, and improved shareholder value.

Ambuja Cements acquired a controlling 56.74% stake in Sanghi Industries in August 2023, marking Adani's first major deal in the cement sector after acquiring Ambuja and ACC in 2022. The Sanghi buyout was aimed at strengthening the group's manufacturing footprint in western India, especially Gujarat, and securing access to Sanghi's valuable limestone reserves and port infrastructure.


Spain/Mexico: Waste to Energy Advanced Solutions (WtEnergy), in collaboration with Cemex Ventures, has received the support a €4.4m EU Innovation Fund grant that aims to develop its advanced waste-to-fuel conversion technology. The companies say that the financial backing highlights the potential of the solution as a clean and scalable energy alternative for the cement industry.

WtEnergy’s technology upgrades waste into low-CO2 syngas, clean hydrogen and other bioproducts. It will help to accelerate the integration of clean energy sources into Cemex’s global clinker and cement manufacturing operations.

WtEnergy has separately received funding under the EU Horizon Europe HYIELD Project, which was recently awarded a €10m grant by Horizon Europe to develop hydrogen fuels at Cemex’s Alcanar cement plant in Spain.


India: JK Lakshmi Cement has introduced Green Pro LC3, one of India’s first commercially-available limestone calcined clay cement (LC3) products, which it says marks a key step towards expanding its low-carbon construction materials portfolio.

The company will produce the LC3 cement at its integrated Jaykaypuram plant in Sirohi, Rajasthan. Commercial dispatches are scheduled to begin in February 2026, with the initial rollout focused on institutional and project-led demand across northern and western India.

According to JK Lakshmi Cement, Green Pro LC3 enables a 40% reduction in CO2 emissions compared with ordinary Portland cement. The cement has been developed to improve durability, reduce permeability and enhance performance in large-scale and high-exposure construction applications. The LC3 formulation combines clinker, calcined clay, limestone and gypsum. The company said this composition offers higher resistance to chloride ingress and sulphate attack, lower heat of hydration and improved lifecycle performance, particularly in marine, coastal and high-temperature environments.


US: Fuller Technologies, formerly operating as FLSmidth Cement, has announced that it will move its headquarters to Allen Township, Pennsylvnia. The century-old industrial equipment manufacturer said that it was returning to its Pennsylvania roots following its acquisition by private equity firm Pacific Avenue Capital Partners and is seeking to expand its workforce at its 11,300m2 manufacturing facility in Northampton County. A news release did not specify how many new job openings the expansion will create.

“We are committed to creating quality employment opportunities here in Pennsylvania, as we expand our operating presence in the key American cement market," said Dennis Cassidy, Fuller's CEO. “With many manufacturers facing challenges in attracting skilled workers, workforce development is a strategic priority for us."

Founded in 1926 by Colonel James Wheeler Fuller III in the Lehigh Valley, the company’s equipment is present in more than half the world's cement plants outside of China. The company also serves the lime, minerals and bulk materials handling sectors, with plans to expand those complementary operations.

“Fuller Technologies is proud to be a global company while returning to its deep roots in Pennsylvania's industrial heritage with the relocation of its headquarters to the US," continued Cassidy. “The Lehigh Valley shaped our identity and capabilities and we are proud to be a part of its future.”


Russia: Topkinsky Cement, the main cement plant operated by JSC Sibirsky Cement Holding Company produced over 1.7Mt of cement in 2025, a 19% year-on-year fall compared to 2024, according to a company press release. The decrease in production was associated with a significant drop in demand for cement.

"The situation in the cement market remains challenging,” said Topinsky Cement’s Managing Director Alexei Ospelnikov. “Much depends on accelerating the pace of housing construction, launching new projects and implementing significant federal, regional and national projects.”


Japan: Taiheiyo Cement has announced its consolidated financial results for the nine months to 31 December 2025. Its net sales for the period were US$4.3bn, a 1.6% year-on-year fall from US$4.4bn in the first nine months of 2024. Its profit attributable to the owners was US$114m, a 66% fall year-on-year from US$336m in the same period of 2024.


India: UltraTech Cement has commissioned an additional 2.7Mt/yr of grinding capacity at its Aligarh plant in Uttar Pradesh. Following the upgrade, the unit now has a total cement grinding capacity of 4Mt/yr. The company says it has a total capacity of 13.1Mt/yr in the state and around 191Mt/yr in the country.


India: Indian Railways says that changes to its pricing and other measures have made bulk transportation more attractive to cement producers. The Container Corporation of India (CONCOR) has also started installing more silos at its terminals to make bulk cement handling easier. As well as reducing the transportation price, Indian Railways has introduced discounts for empty return movements to originating terminals. The changes are intended to reduce the overall freight cost for bulk cement movement. The response so far has been described as ‘very good” but no data has been released by the government organisations so far.


Nigeria: Agora Policy has blamed market concentration for the high price of cement in the country. In a report published in early February 2026 it concluded that, “…the industry operates as a spatially fragmented oligopoly where price leadership, regional dominance, and control of critical inputs have neutralised the competitive discipline expected from surplus capacity.” It acknowledged that input costs such as taxes, negative currency exchange rates, energy prices and transport fees also played a role.

The report noted that Nigeria achieved formal self-sufficiency in cement production in 2012 and that installed production capacity now exceeds domestic demand. The sector had benefited historically from import restrictions, tax incentives, access to foreign exchange, and exclusive mining rights before 2012. However, the report said that subsequently “the market has consolidated into a highly concentrated oligopoly with persistently high prices and margins, raising legitimate questions about whether infant-industry policies have outlived their purpose.”

Agora Policy said that domestic cement prices have remained high with “industry profitability consistently above levels observed across Sub-Saharan Africa and comparable emerging markets.” It stated that cement producers in Nigeria reported average profit margins of approximately 49% in September 2025 compared to 20 - 36% in North America, 15 - 25% in Asia, 20 – 30% in Europe and 18 – 30% elsewhere in Africa.

The think tank has recommended that government policy should shift from capacity expansion to competition enhancement. It suggests treating “logistics as a tool for market integration, limestone mineral access as a lever for fair competition and regional dominance as a legitimate target for antitrust scrutiny.” It argued that its proposed reforms are ‘essential’ to realign private profitability with the public interest.


Nigeria: Lafarge Africa says it plans to expand its Ashakacem Plant in Gombe State and Sagamu Plant in Ogun State. Upon completion, the cement plants will have a production capacity of 2Mt/yr and 3.5Mt/yr respectively. The company said that investments “reflect the Company’s strategic focus on supporting Nigeria’s infrastructural growth, improving product availability and delivering long-term value to shareholders.”

China-based Huaxin Cement completed its US$1bn acquisition of Lafarge Africa from Holcim in August 2025.


Paraguay: Industria Nacional del Cemento (INC) has targeted 0.6Mt production of cement in 2026. Company president Gerardo Guerrero Agusti told La Nación newspaper that the organisation had a strong start to the year in January 2026. It is also aiming produce 0.58Mt of clinker in the coming year. Cement production increased by 8% year-on-year to 0.58Mt in 2025 from 0.53Mt in 2024. INC plans to upgrade a separator at its grinding plant in 2026 to increase production.


Denmark: Aalborg Portland has officially submitted a bid for the Danish CCS pool. The project aims to capture up to 1.4Mt/yr of CO₂. Approximately a further 100,000t will be displaced through secondary effects, including the use of excess heat from the capture process for a district heating scheme in Aalborg. If accepted, the project is expected to be commissioned as early as 2030. The results of the latest bidding round are expected to be announced in April 2026.

Aalborg Portland’s CO₂ capture project, named ACCSION (Aalborg Portland Carbon Capture & Storage using Infrastructure Onshore in North Jutland) has been established in collaboration with Air Liquide.

Søren Holm Christensen, the CEO of Aalborg Portland’s said “This is not just about Aalborg Portland and Denmark’s climate goals. It is about showing the rest of Europe that the transition of heavy industry is possible while maintaining European competitiveness, security of supply, and jobs.”


Mexico: Cemex has issued a press release regarding its fourth quarter and full-year results for 2025, although it has not yet released full figures. It said that, for the full year, earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 1%, supported by its Project Cutting Edge savings programme. It reported that its fourth-quarter net income was impacted by goodwill and asset impairments, while full-year net income increased by 2%. Adjusting for these impairments, net income would have increased by 41% to US$1.5bn for the whole year.

With momentum building in the second half of the year, supported by a recovery in Mexico and ‘solid performance’ in Europe, the Middle East and Africa, fourth-quarter net sales and EBITDA increased at a double-digit rate. Full-year EBITDA margin remained stable with a significant expansion in the second half of 2025. All regions reported relatively flat-to-improved EBITDA margins in 2025.

“I am proud of what we have accomplished so far and expect even better results in 2026, supported by our transformation plan, improved market demand and operating leverage available to us in most markets,” said Jaime Muguiro, CEO of Cemex. “I want to recognise our teams across the organisation. 2025 was a demanding year, with the introduction of our transformation plan, and required discipline, resilience and a strong execution mindset.”

In Mexico, fourth-quarter results strengthened, with year-over-year sales and EBITDA growth, margin expansion and continued recovery in demand conditions. The US delivered record fourth-quarter EBITDA and higher margins, supported by operating efficiencies and Project Cutting Edge. Europe, the Middle East and Africa reported solid full-year performance, led by higher volumes, pricing and cost efficiencies, while South, Central America and the Caribbean achieved a third consecutive year of EBITDA growth, despite fourth-quarter weather disruptions.

Cemex also reported that its consolidated gross CO₂ emissions declined by 2% year-on-year, primarily driven by further reductions in its clinker factor. Cemex’s operations in Europe reached the Cement Europe association’s 2030 gross CO₂ emissions reduction target five years ahead of schedule, while operations in Mexico and South, Central America and the Caribbean profitably achieved record low clinker factor levels during the year.


Germany: The Verband Deutscher Maschinen und Anlagenbau (VDMA), which represents 3000 mainly small and medium-sized engineering companies in Germany and elsewhere in Europe has stated that the construction equipment industry is starting 2026 with a ‘mixed picture.’ In a press release it said that, even though the figures are ‘more positive than in previous years,’ the industry continues to face a ‘difficult’ political and economic environment.

The VDMA reported that, while order intake picked up noticeably towards the end of the 2025 and was up by 18% overall in 2025 compared to 2024, the industry recorded a 1% price-adjusted decline year-on-year.

Construction equipment suppliers expect nominal sales growth of 5% for 2026. However, this only represents a moderate recovery after a decline of 21% in 2024 (compared to 2023) and a little year-on-year change in 2025.

At the annual meeting of the specialist group VDMA Construction Equipment on 30 January 2026 in Frankfurt, the mood was reportedly optimistic. Orders in public construction are picking up thanks to €500bn in infrastructure investments, but the current political and economic situation is causing noticeable uncertainty. The dominant issues continue to be what members perceive as overregulation in Europe and unfair competition. Pressure is growing due to uncontrolled cheap imports from China, which are increasing due to significant local overcapacity. The unpredictability of the US administration and the massive expansion of steel tariffs in the US are also causing concern. European construction equipment exports to the US fell by nearly 30% in 2025.


Trinidad & Tobago: Trinidad Cement (TCL) has announced a 15% cement price increase, which will be implemented on 9 February 2026. It blamed higher natural gas prices for the increase, the sixth in as many years.

"As the National Gas Company's previously announced increase in natural gas prices has now been confirmed retroactive to 1 January 2026, this is having a direct and significant impact on TCL's production costs," TCL noted in a statement. "TCL remains firmly committed to maintaining its operations in the country, supporting more than 350 direct employees and over 400 local contractors and suppliers, and continuing its contribution to the economy as a leading foreign exchange generator, with exports expected to exceed US$40m in 2026."
TCL also highlighted wider pressures on the manufacturing sector, saying it has experienced significant increases in manufacturing costs, including raw materials, packaging, and general inflationary pressures, which it said had already ‘materially impacted’ production costs.


Morocco: Cement deliveries were 1.04Mt in January 2026, a decrease of 19% compared to January 2025, according to the Ministry of National Territorial Planning, Urban Development, Housing and Urban Policy.

By segment, deliveries intended for distribution were 533,870t, followed by deliveries to ready-mix concrete plants of 374,256t, to precast concrete plants of 119,500t, to building sites of 35,080t, to infrastructure of 76,023t and to mortars plants of 5565t.

These statistics come from internal data from members of the Professional Association of Cement Manufacturers (APC), namely Asment Temara, Ciments de l’Atlas, Ciments du Maroc, LafargeHolcim Maroc and Novacim.


France: Vicat Group has received two 100% electric trucks from Renault Trucks, which will operate from SATM Transport, the group’s transport and logistics subsidiary in Chambéry, Savoie, south east France. SATM Transport will use the trucks to transport cement and aggregates – without CO¬2 emissions – in the Rhône-Alpes and Savoie regions.


Sweden: The Land and Environment Court of Appeal has ruled in favour of the county administrative board in a dispute over bottom sediment in the bay outside Heidelberg Materials' Slite cement plant on Gotland.

The county administrative board has demanded investigations into levels of, among other things, per- and polyfluoroalkyl substances (PFAS – so-called ‘forever chemicals’), uranium, dioxins, furans, aliphatic hydrocarbons, poly-aromatic hydrocarbons (PAHs), and heavy metals such as chromium in the bay. The authority assesses that the area is contaminated and that this may pose risks to both the environment and human health, with links to the cement plant's historical and current operations in Slite.


Philippines: Holcim has signed a deal with Singapore-based Peak Energy, committing to procure electricity from a 25MW behind-the-metre solar park in the Philippines.
The 20-year power purchase agreement (PPA) will facilitate the construction of two plants with capacities of 13MW and 12MW, according to Peak Energy.

The renewables developer and power producer, itself owned by US investment firm Stonepeak Infrastructure Partners, will build, install, operate and maintain the facilities, while Holcim Philippines will use the power at its cement manufacturing plants in Bacnotan, La Union, and Norzagaray, Bulacan.

Once commissioned, the photovoltaic farms will be capable of producing around 40GWh of electricity annually, mitigating around 28,500t/yr of CO2. Together, they will create the largest behind-the-meter industrial solar complex in the Philippines.


Italy: Members of three unions at Buzzi’s cement plants staged assemblies and strikes on 4 February 2026 after the death of a worker at its Guidonia Montecelio plant in Lazio, on 2 February 2026. Around 1500 workers will collectively donate their pay for the hours not worked to the 55-year old's wife and two children.

The deceased worker, Diego Paniccia, was employed by an external contractor that has a long-term contract to clean the plant’s raw meal silos. He was inside one of them when he was buried by material. Other workers attempted to assist him, but he died from his injuries.

The FeneuUil, Filca-Cisl and Fillea-Cgil Unions said that Paniccia was ‘another victim of duty’ and a ‘grave loss that affects not only the family, but the entire working community.’ They jointly called on Buzzi to pay at least the same amount to the family, and said that the assemblies and strikes would be a ‘valuable opportunity to reflect and discuss the incident.’ “We want to remember what happened, strengthening prevention, safety, and health protection in the workplace," they said.

Natale Di Cola, General Secretary of the Fillea-Cgil union in Lazio and Rome, noted that Paniccia’s death was the third industrial fatality in Lazio so far in 2026 and called for ‘widespread improvement’ of safety. “Stopping workplace carnage must be a priority for society as a whole, starting with institutions, which, including local ones, must step up and do everything possible to stop this disgrace,” he said.


Philippines: Holcim Philippines has completed a US$6m investment in a new alternative fuel feeding system at its La Union plant, strengthening its push to cut emissions and align with the industry's decarbonisation road map. The producer said that the installation would allow the plant to increase its use of alternative fuels, cutting CO2 emissions by 12%.

“This investment reflects our commitment to decarbonizsing our operations while ensuring we remain ready to serve the market as demand recovers," said Holcim Philippines’ President and CEO Nicolas George. Holcim Philippines added that the initiative supports its long-term goal of reaching net-zero CO2 emissions by 2050.


India: JSW Cement reported a net profit of US$14.5m for the three months ending 31 December 2026 – the third quarter of the 2026 Financial Year (FY2026). This represented a stark turnaround from a US$8.9m loss in the third quarter of FY2025. The company’s revenue from operations rose by 13.2% year-on-year to US$179m in the third quarter of FY2026, primarily driven by volume increases, according to a statement.

Sales volumes reached 3.56Mt for the quarter, up by 3.6% from 3.1Mt a year earlier. However, cement prices dropped by 3.9% on a quarter-on-quarter. Total expenses rose by 1.5% year-on-year, reportedly due to higher fuel costs and an increase in inter-plant transfer of raw materials.