31 August 2016
Cementarnica Usje profit up 11% 31 August 2016
Macedonia: Cementarnica Usje, Titan Cement’s Macedonian subsidiary, has announced that its first-half consolidated net profit increased by 11% year-on-year to Euro9.3m, mainly due to higher operating revenue and lower financial expenses.
The company's consolidated operating revenue rose by 9% year-on-year to Euro33.1m in the first half of 2016, while operating expenses grew by 10% to Euro23.6m. Operating profit rose by 7% year-on-year to Euro10.2m.
Argos lowers stake in Panama 31 August 2016
Panama: Cementos Argos has sold a 20% share in its Panamanian subsidiary to the Panama-based real estate investment firm Grupo Provivienda for US$126m. The sale of its stake will leave Cementos Argos with 78.57% of shares in the company, an equivalent of US$700m, while the remaining 1.43% will remain under control of minority shareholders.
Overall, the Panamanian transaction is part of the company's US$350m divestment plan that will finance its purchase of the Essroc cement plant at Martinsburg, West Virginia, USA. The Martinsburg plant is being sold as part of divestments resulting from HeidelbergCement’s ongoing acquisition of Essroc’s parent firm Italcementi.
Jiangsu Nan Bi to acquire 35% of Nanjin Jiangnan Cement 31 August 2016
China: Jiangsu Nan Bi Property Development, a China-based property development company, has entered into a framework agreement to acquire a 35% stake in Nanjing Jiangnan Cement from Great Market for US$22.09m in cash.
Great Market is a Hong Kong-based indirect wholly-owned subsidiary of SOCAM Development Limited. Upon completion of the transaction, SOCAM’s equity interest in Nanjing Jiangnan will be reduced from 60% to 25%. Nanjing Jiangnan will cease to be a subsidiary of SOCAM, but will continue to be accounted for as a joint venture of SOCAM.
Adelaide Brighton warns of lower profit in 2016 31 August 2016
Australia: Adelaide Brighton has said its annual net profit is likely to fall in 2016 compared to 2015, mainly on the back of lower income from property deals. However, its management has offered an otherwise bullish outlook, with price rises looming for several key products.
Adelaide Brighton said it expects net profit for 2016 to be US$143-150m. The top end of the range would represent a 3.8% decline year-on-year. It reported that annual sales volumes of cement and clinker were likely to be below 2015 levels, but volumes of premixed concrete, aggregates and concrete products would be significantly higher than a year earlier.
For the first half of 2016, Adelaide Brighton reported a net profit of US$57.8m, a 6.7% decrease compared to the same period of 2015. After stripping out the impact of property transactions, the company's earnings were 7.8% higher year-on-year.