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Spain: Cementos Molins has posted a net profit of Euro15.4m for the first quarter of 2016, a rise of 1.7% year-on-year. The group’s consolidated quarterly revenue came in at Euro130.7m, 10% less than in the first quarter of 2015.
Cementos Molins suffered a Euro6m negative impact on its accounts due to the depreciation of the Mexican and Argentinian currencies during the quarter, which was compensated by improved margins.
Mykolaivcement cuts loss in 2015 04 May 2016
Ukraine: Mykolaiv-based Mykolaivcement reduced the loss that it made by 25.3% to US$8.75m in 2015, having boosted its net revenue by 31.9% to US$27.2m.
CCNN revenue and income down in first quarter 04 May 2016
Nigeria: The Cement Company Of Northern Nigeria (CCNN) has reported a net revenue of US$17.9m for the first quarter of 2016, compared to US$22.2m in the same period a year earlier. This represents a 19% decrease year-on-year. CCNN’s profit before income tax dropped more dramatically, falling by 61% to US$1.79m from US$4.67m.
Lafarge Africa launches US$302m refinancing bond 04 May 2016
Nigeria: Lafarge Africa is marketing a US$302m bond to refinance some of the US Dollar-denominated debt held by its subsidiary United Company of Nigeria (UNICEM), which it bought in 2015. Chief finance officer Anders Kristiansson said that there was strong interest for the bond and that book-building was expected to open in the second week of May 2016.
The cement maker said it had received approval from Nigeria's Securities and Exchange Commission (SEC) for a US$500m bond, but will issue US$302m for five-years. "We are in the process of restructuring the UNICEM debt,” explained Kristiansson. "We want to refinance the US Dollar borrowings that we have in UNICEM."
UK financier to take 40% stake in ARM 04 May 2016
Kenya: The UK-based development financier CDC is set to acquire a 40% stake in ARM Cement, after the firm injected US$140m into the family-owned Kenyan cement manufacturer.
The CDC funds will allow ARM to retire expensive short-term loans that have been weighing down the company’s earnings. The CDC is owned by the UK’s Department for International Development.
“We are proud to back a founder-led frontrunner in East African manufacturing,” said Mark Pay, CDC’s managing director for equity investments. “This investment will strengthen a company (that is) making a difference to the local economy, bringing jobs and lower-cost raw materials to a region traditionally dependent on imports.”