03 September 2014
Raysut profit rises 6.7% in first half of 2014 03 September 2014
Oman: Raysut Cement Group has seen pre-tax profits for the first half of 2014 rise by 6.7% to US$46m compared with the same period of 2013, according to local media. Demand from the UAE and fierce competition among Omani manufacturers were the main features of the first half, according to Raysut Cement Company's chairman Sheikh Ahmed bin Alawi Al Ibrahim. "Given this background, the company has met with the challenges effectively by holding on to its sales and enlarging the profit for the group as a whole by optimising sales in varied markets," Al Ibrahim added.
Eurocement appeals Uzbek subsidiary privatisation 03 September 2014
Uzbekistan: The Supreme Economic Court of Uzbekistan has received an appeal from the Russian company Eurocement Group asking the court to not annul the privatization of Ahangarancement. The appeal will be considered in the middle of September 2014.
On 21 July 2014, the Uzbek court declared the 2006 privatization of the cement plant invalid. Eurocement, the largest shareholder of the cement plant, dismisses the claims of the Uzbek committee. If the company loses the case, its assets will be nationalised.
Suez Cement's Kattameya plant to use coal by September 2015 03 September 2014
Egypt: The chairman of Suez Cement Group, Omar Mohanna, has announced that his company is planning to start transition processes to use coal in its 3Mt/yr capacity Kattameya cement plant by September 2015. The conversion is set to cost US$23.5m.
UltraTech completes acquisition of cement units of Jaypee Cement 03 September 2014
India: UltraTech Cement has completed the acquisition of cement plants of Jaypee Cement Corporation (JCCL) in Gujarat State. UltraTech informed the Bombay Stock Exchange that the acquisition process had been completed and became effective from 12 June 2014.
In September 2013 UltraTech acquired the cement unit of JCCL, which comprised an integrated cement plant at Sewagram and a grinding plant at Wanakbori, for US$627m. Post-acquisition, UltraTech's total capacity in India stands at 58.8Mt/yr. Including overseas capacity it is 62Mt/yr.
China Tianrui first half 2014 net profit rose by 15.6% to US$53.2m 03 September 2014
China: China Tianrui Group Cement Company has announced that its profit attributable to owners for the six months that ended on 30 June 2014 rose by 15.6% year-on-year to US$53.2m. Revenue was US$699m, an increase of 15.4% from a year earlier. The company's gross profit margin increased to 22.3% in the first half of 2014 from 21.6% in the first half of 2013, which was primarily due to the lower cost of sales and slightly higher cement sales prices.