10 December 2015
Wastecycle expands site and takes on 20% more staff 10 December 2015
UK: Wastecycle's recycling facility in Colwick, Nottinghamshire is now one of the largest in the UK after an expansion of the site. By acquiring seven acres of property, which the company previously leased, and buying an additional four acres, Wastecycle has extended its site to nearly 20 acres.
"It's an exciting time for us because this expansion provides us with the platform we need to reach the next stage of growth as a company," said Financial Director Nathan Cole. "Over the long term, we plan to use the additional land to expand our extensive recycling and resource management activities. This will help us broaden the services we offer our customers while improving the quality and sustainability of the recycled products we manufacture."
The company has also completed an expansion of its main office to accommodate its growing workforce. After a 20% growth in staff 2015, it now employs almost 300 people across its Colwick site and its two sites in Leicestershire. "Ensuring our teams are comfortable in their working environments is very important to us because, not only does it increase productivity, but it also creates positive morale," said Cole. "Larger premises also provide the opportunity to open up new jobs, while improving the quality of service we can provide to customers."
Wastecycle separates 500,000t/yr of waste, including 18,000t/yr of recycling from 126,131 homes in the Nottingham City Council area. Some of the waste is turned into refuse-derived fuel (RDF) for use at cement plants. It also sorts through the rubbish of thousands of businesses across Nottinghamshire, runs a skip hire service and operates a wallboard recycling facility, which it developed with British Gypsum.
In 2014, Wastecycle's turnover increased to Euro42.8m from Euro35.9m in 2013. In 2015, it won four awards, including a bronze environmental best practice accolade at the Green Apple Awards in November 2015. It was recognised for the success of its wallboard recycling scheme, which has prevented more than 30,000t/yr of wallboard from reaching landfill.
Qalaa Holdings’ net loss rose to US$16m in the third quarter of 2015 10 December 2015
Egypt: Qalaa Holdings' revenue grew by 19% year-on-year to US$262m in the third quarter of 2015. In the first nine months of 2015, its revenue rose by 31% to US$777m. The growth was attributed to ASEC Cement and energy distribution business TAQA Arabia. ASEC Holding saw its top line grow by 30% to US$299m.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the third quarter of 2015 fell by 9% to US$27.4m. The decrease comes on the back of several factors; Qalaa's exit from Misr Cement Qena, which had been positively contributing to EBITDA; the third quarter of 2015 having two Eid Holidays (Eid El Fitr and Eid El Adha) leading to less working days; and Sudan's Al-Takamol facing temporary fuel shortages during the third quarter of 2015. These factors affected cement revenues and EBITDA. In the first nine months of 2015, Qalaa's EBITDA grew by 71% to US$99.5m.
Qalaa has continued to press forward with its strategy of divesting non-core investments, with several exits concluded during the first nine months of 2015 and more recently in the fourth quarter of 2015. In the second quarter of 2015, Qalaa concluded the sale of its 27.5% stake in Misr Cement Qena, while in the fourth quarter of 2015, the company further reduced its exposure to the cement industry with its business unit ASEC Cement divesting its stakes in subsidiaries ASEC Minya Cement and ASEC Ready Mix.
"We are pressing ahead with plans to divest assets that will allow us to deleverage and devote maximum attention to high-growth businesses in sectors that are vital to the development of our region such as refining, energy distribution and transportation and logistics," said Qalaa Holdings Chairman and Founder Ahmed Heikal. "We remain firmly committed to growing our investments in ERC, Egypt's largest in-progress private-sector megaproject due to begin production in 2017, and TAQA Arabia, which is pursuing exciting new opportunities in gas distribution, electricity generation and renewable energy. In parallel, we are also looking for opportunities to unlock shareholder value at subsidiaries, including ASCOM and Rift Valley Railways, which have strong growth outlooks."
"The sale of ASEC Cement's Egyptian assets alongside other transactions will fundamentally re-shape Qalaa's financials, giving more weight on both our income statement and balance sheet to ongoing operations at our energy and mining units and setting the stage for the transformative impact of ERC," said Qalaa Holdings Co-Founder and Managing Director Hisham El-Khazindar. "The near-full impact of the substantial deleveraging that accompanies these transactions will be felt in our fourth quarter 2015 and first quarter 2016 financials."
The company reported a net loss after tax and minority interest of US$16m in the third quarter of 2015, a two-fold increase compared to the net loss of US$7.59m in the same period of 2014. On a nine month basis, however, bottom-line losses narrowed by 31% to US$41.2m compared to US$60m in the same period of 2014
Ambuja Cements appoints Suresh Joshi as CFO 10 December 2015
India: Ambuja Cements, part of LafargeHolcim, has appointed Suresh Joshi as its Chief Financial Officer (CFO) with effect from February 2016. This followed the resignation of Ambuja Cements' former CFO Sanjeev Churiwala in October 2015.
In addition, Christof Haessig was appointed as an Additional Director (Non independent - representing the Promoter Group) on the Board of Directors with effect from 9 December 2015. Haessig, at present, is the Head of Corporate Strategy and Mergers and Acquisitions at LafargeHolcim.
Ambuja Cements reported a 36% decline in its standalone net profit to US$23m for the quarter that ended on 30 September 2015, compared to a net profit of US$35.8m in the same period of 2014. Its total standalone income fell by 4% to US$316m in the July - September 2015 quarter compared to US$330m in the same quarter of 2014.