Displaying items by tag: JK Cement
India: JK Cement’s sales were US$3.31bn during the first quarter of the 2024 financial year. This corresponds to year-on-year growth of 22%, from US$2.73m a year earlier. Nonetheless, its net profit dropped by 29%, to US$136m from US$193m.
India: JK Cement has secured in-principle approval from its board of directors to enter into a share purchase agreement for 100% of shares in Toshali Cements. The Economic Times has reported the value of the agreement as US$19m.
Toshali Cements operates the 200,000t/yr Ampavalli cement plant in Odisha and the 435,000t/yr Choudwar grinding plant, also in Odisha. JK Cement said that its acquisition of Toshali Cements will help the group to expand into Eastern India.
JK Cement's income rises in 2023 financial year
30 May 2023India: JK Cement's consolidated income rose by 21% year-on-year to US$1.19bn in the 2023 financial year, from US$983m in the 2022 financial year, Accord Fintech News has reported. High costs caused the group's net profit to fall by 38% to US$50.7m from US$82.1m.
JK Cement to raise US$12.1m through bonds issue
17 March 2023India: JK Cement plans to issue US$12.2m-worth of bonds with a five-year maturity. Reuters has reported that the producer will receive bids from 20 March 2023.
Jaykaycem (Central) to merge into JK Cement
08 March 2023India: JK Cement has secured regulatory approval to merge its subsidiary Jaykaycem (Central) into itself. The Free Press Journal newspaper has reported that the Allahabad bench of the National Company Law Tribunal granted the approval on 6 March 2023.
JK Cement to build 2.5Mt/yr Prayagraj grinding plant
09 February 2023India: JK Cement has announced a planned investment of US$60.6m in construction of a new 2.5Mt/yr grinding plant at Prayagraj, Uttar Pradesh. Asian News International has reported that the producer hopes to strengthen its presence in Eastern India. The project increases JK Cement's total investments in Uttar Pradesh to US$145m. It previously inaugurated its 2Mt/yr Hamirpur grinding plant in the state in October 2022. It also operates a 1.5Mt/yr grinding plant at Aligarh.
JK Cement's deputy managing director and CEO Madhavkrishna Singhania said "We are proud to be a part of this dynamic state that not only offers us a geographic advantage but also gives a plethora of opportunities for investment and expansion. With its favourable business environment, abundant resources, and highly skilled workforce, Uttar Pradesh is undoubtedly an ideal location for our expansion plans."
JK Cement commissions new Uttar Pradesh grinding plant
28 November 2022India: JK Cement has commissioned its latest new grinding plant in Uttar Pradesh. Reuters News has reported that the facility has a cement production capacity of 2Mt/yr.
JK Cement is on track to increase its total installed capacity to 23Mt/yr by the end of 2023.
JK Cement increases income as profit drops during first half of 2023 financial year
14 November 2022India: JK Cement recorded US$536m in standalone income during the first half of its 2023 financial year, up by 26% year-on-year from US$427m. Throughout the period, the producer's profit after tax declined by 19%, to US$37.7m from US$46.4m. Also on a standalone basis, the company reported total expenses of US$482m, up by 31% year-on-year from US$368m. JK Cement's consolidated income rose by 23% to US$558m, while the group's expenses rose by 30% to US$509m, resulting in a 20% consolidated net profit drop to US$33.5m.
Jaykaycem commissions grinding unit of Panna cement plant
04 November 2022India: JK Cement subsidiary Jaykaycem has commissioned the 2Mt/yr grinding unit of its upcoming Panna cement plant in Madhya Pradesh. The producer expects to commission the plant's clinkerisation unit later in the 2023 financial year.
JK Cement inaugurates Hamirpur grinding plant
31 October 2022India: JK Cement has successfully inaugurated its new 2Mt/yr Hamirpur grinding plant in Uttar Pradesh's Kanpur District. The Indian Express newspaper has reported that the facility will produce grey cement.
Managing director Raghavpat Singhania said "The Hamirpur plant is a significant milestone. The commissioning of this plant has enabled a new growth engine for our grey cement business."