Displaying items by tag: UAE
Fujairah Cement’s loss grows in 2023
28 March 2024UAE: Fujairah Cement’s revenue fell by 8% year-on-year to US$93.6m in 2023 from US$102m in 2022. It reported a net loss of US$72.3m, up by 85% from a loss of US$39.2m. The company blamed the situation on higher production costs due to rising coal and fuel prices. It said that it plans to increase its cement sales volumes domestically and internationally to improve its capacity utilisation rate. It operates an integrated cement plant at Dibba in Fujairah Emirate.
Fujairah Cement faces losses
27 March 2024UAE: Fujairah Cement has reported accumulated losses reaching over a third of its capital, primarily due to inflation and decreased revenue, according to Zawya. The total accumulated losses for the 2023 financial year stood at US$35.5m, equating to 36.68% of the company's capital, as disclosed on the Abu Dhabi Securities Exchange.
The company attributes the increase in losses to various factors, including the rising cost of coal and energy, lower clinker selling prices, a decline in revenue, and higher logistics and finance costs. The company is currently in advanced talks to appoint a renowned financial advisor for assistance in restructuring and exploring other potential options to mitigate these losses.
A separate disclosure highlighted that the major challenge faced during the year was the escalated production costs, primarily driven by increased coal and fuel prices.
Iraq/Jordan: Saudi Arabia-based Northern Region Cement has agreed to sell its 50% stake in Jordan-based Cement Experts for Development and Investment to UAE-based AMP Global Trading. In a statement to Tadawul, the producer said that the deal is valued at US$55m. Cement Experts for Development and Investment owns 51% of the joint investment in the Al-Kubaisa cement plant in Iraq.
Al Jabor Cement appoints Rizwan Khan as General Manager
06 March 2024Qatar: Al Jabor Cement has appointed Rizwan Khan as its General Manager.
He previously worked as the chief financial officer for Al Jabor Cement. Prior to this he held financial and analytical roles for LafargeHolcim in the UAE and Saudi Arabia from 2009. Earlier in his career he worked for Emirates Flight Catering from the late 1990s. Khan holds a master in business administration qualification with a focus on finance from the University of Bradford in the UK.
Al Jabor Cement has been an affiliate company to Holcim since 2003 when it formed a strategic partnership. It also uses the name Holcim Cement Qatar.
Ignacio Arroyo appointed plant director at Aalborg Portland
21 February 2024Denmark: Aalborg Portland has appointed Ignacio Arroyo as its plant director.
Arroyo started his career working for Holcim in 1998 as a project manager at the Carboneras Plant in Spain. Other roles in Spain followed before he became the Operation Manager at the Yeles plant in 2012. He then worked as Technical Director and Plant Manager at Holcim’s National Cement Factory in Abu Dhabi, UAE. Subsequent roles included Plant Manager positions in Holcim Romania and Lafarge Canada.
Magsort to help decarbonise slag processing at Emirates Steel Arkan's Al Ain Cement plant
20 February 2024UAE: Emirates Steel Arkan has concluded a partnership for the deployment of Finland-based Magsort’s technology in steel slag processing at its Al Ain cement plant. ZAWYA News has reported that the partners expect the technology to help reduce the plant’s limestone and fuel consumption. This will reduce its CO2 emissions by 15%.
Emirates Steel Arkan CEO Saeed Ghumran Al Remeithi said "Green solutions such as this will help decarbonise the sector's value chain."
Sharjah Cement’s sales slip in profitable full-year 2023
19 February 2024UAE: Sharjah Cement’s sales were US$172m in 2023, down by 0.2% from US$173m in 2022. Mubasher has reported that the company successfully turned a profit of US$308m, compared to a US$10.8m loss in 2022.
India: Toshali Cement has appointed Dhiren Nayak as its Vice President – Works.
Prior to this, Nayak worked as the plant head of an unspecified cement plant in Odisha in 2023, having earlier worked as a cement sector consultant. He notably held the position of Head of Operations at the Saudi Cement Company in Saudi Arabia from 2013 to 2019 and was a Technical Works Manager at Fujairah Cement Industries in the UAE from 2010. Earlier in his career he worked for FLSmidth, Lafarge Cement, Tata Steel and OCL India.
Toshali Cement operates an integrated plant at Ampavalli in Odisha and a grinding plant at Bayyavaram in Andhra Pradesh.
Sumitomo Mitsui Banking Corporation provides credit facility for UltraTech Cement Middle East Investments
05 January 2024UAE: India-based UltraTech Cement has issued a guarantee of US$147m in favour of the Singapore branch of Sumitomo Mitsui Banking Corporation. Reuters has reported that the guarantee is for a credit facility in favour of the producer’s UAE subsidiary UltraTech Cement Middle East Investments.
UltraTech Cement Middle East Investments obtained a majority stake in Duqm Cement in Oman in 2023.
World Cement Association calls on cement industry to promote low-carbon development through enhanced connectivity and communication
03 January 2024UK: The World Cement Association (WCA) marked the achievement of an ‘historic’ global consensus for decarbonisation at the COP28 climate change conference in the UAE in December 2023 with a new call to global cement producers and suppliers. The association called on all participants in the industry to help promote developments in reduced-CO2 cement production through enhanced connectivity and communication. It said that technologies like alternative raw materials and alternative fuels (AF), efficiency-enhancing process changes and carbon capture and utilisation (CCU) are widely applied, but unequally, applied in the global cement industry.
Regarding the disparity between different markets, the WCA said “This imbalance underscores the critical need for more research and development funding in emerging markets, where there is real demand for this kind of support as a crucial enabler of progress.” It added “We will join hands with our members and stakeholders to advance the low-carbon and sustainable development of the industry and contribute to building a clean, safe and beautiful world.”