Global Cement Newsletter

Issue: GCW785 / 11 November 2026

Headlines


Kuwait: Kuwait Portland Cement has announced its financial results for the third quarter of the 2027 financial year, up to 30 September 2026. The company reported sales of US$44.4m, down by 48% year-on-year from US$85.7m in the corresponding period of 2025. Net income was recorded as US$517,000 compared to a net loss of US$494,000 in the third quarter of 2025.


Nigeria: Dangote Cement postponed its plans for a secondary listing in London on 10 November 2026, citing deteriorating market conditions. In an update to the Nigerian Stock Exchange, Dangote Cement said it was no longer pursuing a UK listing “at this time,” blaming the decision on “current market conditions and the company's strategic priorities.”

Dangote Cement, which listed on the Nigerian stock market in 2010, said in May 2026 that it ​was in early talks over a potential US$18bn London listing, a move that would have widened its access to overseas investors and capital.


Japan: Sumitomo Osaka Cement has announced its financial results for the second quarter of the 2027 fiscal year, from 1 July 2026 – 30 September 2026. The consolidated ordinary profit for the second quarter of the fiscal year ending March 2027 rose to US$40.2m, an increase by 51% year-on-year compared to the same period in 2025, exceeding the previous forecast of US$27m.

The full-year 2026 forecast for consolidated ordinary profit has been revised upward by 2.1% year-on-year, from the previous forecast of US$91.2m to US$93m, increasing the growth rate from 0.7% to 2.7% year-on-year.


Egypt: Misr Beni Suef Cement reported a 2% year-on-year increase in consolidated net profit during the first nine months of 2026, according to the financial statement filed to the Egyptian Exchange on 11 November 2026. Net profit was US$39.3m in the nine-month period ending 30 September 2026 compared to US$38.5m in the corresponding period of 2025. Sales amounted to US$88.5m, growing by 16.6% year-on-year from US$75.9m in the same period of 2025.


US: Titan America lowered its 2026 growth outlook on 4 November 2026, amid higher costs and unplanned maintenance outages. The company expects slower revenue growth and a greater decline in its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) than previously forecasted.

For 2026, the company expects year-on-year revenue growth in the mid-single digits. Titan America had formerly forecast high-single-digit revenue growth. The company attributed the revised outlook to higher energy and materials costs, subdued residential construction activity and operational disruptions.


India: According to a report by Jefferies, India’s cement industry is witnessing demand growth, but rising input costs are putting pressure on profitability. The report highlighted that cement industry volumes grew by 9% year-on-year in the second quarter of the 2027 financial year, up to 30 September 2026. Higher operating costs weighed on margins, however, with earnings before interest, taxes, depreciation and amortisation (EBITDA) declining by US$1.3/t to around US$8.5/t.

Rising input costs were a major factor behind the margin pressure. Average cost per tonne increased 5-6% quarter-on-quarter, driven by higher variable expenses. The report noted that cement companies have indicated a further increase of US$1/t in variable costs during the current, third quarter of the 2027 financial year. “Cost inflation remains the major drag, with further pressure likely if fuel prices remain elevated,” Jefferies said.


Italy: Cementir Holding reported its third quarter results for the 2026 financial year on 5 November 2026, with revenue up by 7.8% year-on-year to €455.2m. It recorded a 10.8% year-on-year increase in earnings before interest, taxes, depreciation and amortisation (EBITDA) to €124.7m. Cement and clinker volumes reached 2.9Mt/yr, down by 6.3% year-on-year. Cementir Holding reiterated its 2026 full-year guidance, targeting approximately €1.7bn in revenue and €400-420m in EBITDA.


India: The JSW Group will invest close to US$5.3bn in West Bengal in the power, power equipment, port and cement sectors, its chairman Sajjan Jindal said after meeting chief minister Suvendu Adhikari in Calcutta on 4 November 2026. Jindal said US$4.3bn was for power, while another US$1.1bn was for other areas.

JSW, one of the country’s largest industrial groups, is a long-time investor in West Bengal, where it operates a cement plant and a steel unit. It is also in the process of building a power plant at Salboni in West Midnapore district.


Saudi Arabia: Riyadh Cement reported its financial results for the nine-month period which ended on 30 September 2026, on 5 November 2026. Net profit was recorded as US$36.2m, down by 8% year-on-year compared to US$39.4m in the same period of 2025. According to the company, the decline was driven by lower sales volumes and selling prices of grey cement, partially offset by an increase in sales volumes and selling prices for white cement.  


Argentina: Loma Negra, the leading cement producer in Argentina, has announced results for the three-month period that ended on 30 September 2026. The company reported net sales of US$177m, down by 3.2% year-on-year. The decline was driven primarily by a 23.2% year-on-year drop in the concrete segment and a 1.8% year-on-year decrease in the cement sector. It recorded a 16.2% year-on-year increase in adjusted earnings before interest, taxes, depreciation and amortisation (EDITDA) to US$42m. Sales volumes for cement, masonry cement and lime decreased by 6.3% year-on-year to 1.28Mt/yr, heavily impacted by winter rains in July and August 2026.


India: Ramco Cements reported its financial results for the second quarter of the 2027 financial year which ended 30 September 2026, on 5 November 2026. The company recorded a 9% year-on-year decline in net profit to US$7.6m, compared with the US$8.3m generated in the corresponding quarter of 2025. Revenues increased by 10% year-on-year from US$238m to US$262m. It reported a 15.8% year-on-year decline in earnings before interest, taxes, depreciation and amortisation (EBITDA) to US$34.7m in the second quarter, compared to the US$41.2m recorded in the same period of 2025. This was as a result of higher fuel and packaging material costs linked to the Iran war conflict.

Cement sales volume rose by 8% year-on-year from 4.4Mt/yr to 4.7Mt/yr recorded in 2025 despite monsoon-related demand disruptions in Kerala, Karnataka, Odisha and West Bengal.


Australia: Holcim has completed the acquisition of Burdett Group to expand its aggregates and circular construction footprint in Australia. Burdett Group is a supplier of aggregates, recycled construction demolition materials and sand. The financial details of the deal were not disclosed. The deal will support Holcim in reaching its target to recycle over 20Mt/yr of construction demolition materials globally by 2030.


US: Titan America announced its third quarter results for 2026 on 4 November 2026. The company reported a revenue of US$461.6m, up by 5.7% year-on-year compared to the US$436.8m in the corresponding period of 2025. Net income was recorded as US$39.8m compared to the US$57.4m noted in the third quarter of 2025. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) also decreased, with US$95m recorded compared to the US$116.7m recorded in the same period of 2025.

A combination of heightened market headwinds, increased energy costs and unfavourable weather conditions pressured margins during the third quarter. Bill Zarkalis, President & CEO of Titan America, said "In response to current deteriorating near-term market conditions and ongoing cost headwinds, we have intensified our focus on cost reduction and productivity initiatives."


US: Eagle Materials announced its second quarter results for the 2027 fiscal year which ended on 30 September 2026. Revenue in the heavy materials sector, which includes cement, concrete and aggregates, joint venture and intersegment cement revenue, increased by 2% year-on-year to US$477.8m. Heavy materials operating earnings declined by 12% to US$113m, reflecting higher operating costs in both cement and concrete and aggregates.

Cement revenue for the quarter, including joint venture and intersegment revenue, rose by 1% to US$390.5m, while operating earnings were down by 9% to US$108.8m. The decline in earnings was due to higher fixed costs, including labour and depreciation, increased purchased raw material costs and higher freight expenses driven primarily by rising diesel fuel prices. The average gross cement sales price increased by 1%.


India: JK Lakshmi Cement announced its second quarter results for the 2027 financial year which ended on 30 September 2026. The company reported a net profit of US$2.2m, down by 74.6% year-on-year compared to the US$8.7m recorded in the corresponding period of 2025. Net revenue of the company rose to US$171m in the July-September quarter of the 2026 financial year, up by 5.6% year-on-year from US$162m recorded in the same period of 2025. Operating expenses increased by 10.5% year-on-year from US$140m to US$154.8m registered in the corresponding quarter of 2025.