Displaying items by tag: China

China: Huang Ting has ceased to be the chief financial officer (CFO) of China Resources Cement. He will remain as the company’s vice president and has been reassigned as chief procurement officer.

Duan Wanli, the general manager of finance department of the company will take on the duties of the CFO role on a temporary basis. She joined the finance department of the China Resources Cement in 2014. She holds a Master’s degree in accounting from the Macquarie University in Australia and is a member of CPA Australia.

Thailand: Siam Cement Group (SCG) has announced its involvement in the establishment of an innovation hub at the National Science and Development Agency in Pathum Thai. The Bangkok Post has reported that the development will cost US$14.3m. SCG’s partner for the project is the Chinese Academy of Sciences, a 100-site, 70,000-member body established under the Chinese Government’s Belt and Road foreign investment Initiative. When operational, it will market new products, initially consisting of petrochemicals, energy storage and batteries and smart cities.

High-value-added products and services made up 39% of SCG’s total sales in 2018 of US$15.7bn (US$6.11). It spent US$0.15bn on research and innovation over the period, around 1.0% of total revenue.

Cameroon: The Chinese-based Afcham China National Consortium Material Company has signed a memorandum with the Kribi Industrial Cement Plant Company (CmIKri) for the construction of an integrated cement plant with a capacity of over 0.5Mt/yr, and the possibility of an extension to 1.5Mt/yr, in the port of Kribi. The installation, spanning 30ha, will include shipping facilities and an 18,000t clinker silo, and cost US$60m.

China: Anhui Conch’s three-month net profit to 30 September grew by 13% year-on-year to US$602m in 2019 from US$533m in 2018. The company attributed this to a leap in total operating income to US$5.53bn over the period compared to US$4.54bn in the third quarter of 2018, representing an increase of 22%.

China: China Resources Cement (CRC), China’s seventh-largest producer of cement, has reported a net profit for the nine months to 30 September 2019 of US$739m, down by 4.9% year-on-year from US$775m in the corresponding period of 2018. Its third quarter profit in 2019 was US$259m, down by 1.9% year-on-year from US$264m. CRC attributed the fall to lower turnover and the weak performance of the Yuan compared to the Hong Kong Dollar.

China: Huaxin Cement has reported a net profit of US$680m for the period of nine months to 30 September 2019. This represents a 42% year-on-year increase from US$478m in the corresponding period of 2018. Its operating income over the period grew by 18% year-on-year to US$3.18bn from US$2.69bn. Huaxin Cement made several investments in emerging markets over the period, with its Uzbek plant in Zarafabad set to become operation in December 2019.

China: Asia Cement (China) Holdings has reported a net profit of US$320m in the nine months to 30 September 2019, up by 40.2% year-on-year from US$228m. The company attributed this to steady earnings growth.

China: Xinjiang Tianshan Cement has recorded a net profit of US$72.2m in the three months to 30 September 2019, representing an increase of 12% from US$64.5m in the corresponding quarter of 2018. Revenue leapt up to US$464m from US$376m.

Shangfeng Cement also improved its profits in the quarter by 70% year-on-year to US$839m from US$494m in the three months to 2018.

China: Anhui Conch cement made a net profit of US$3.36bn in the nine months to September 2019, up by 15% from US$2.92bn in the corresponding period of 2018. Sales over the period were US$15.7bn, having increased by 42% from US$11.0bn in the first nine months of 2018. The company explained the disparity between revenue and profit in terms of increased operating costs of 32% compared to 2018, “due to the expansion of product sales and trading business.”

China: Gansu Qilianshan Cement Group made a net profit of US$147m in the first nine months of 2019, representing an increase of 89% from its nine-month profit to 30 September 2018 of US$78m. Operating income recorded a comparatively slow growth of 21% to US$737m from US$610 in the corresponding 2018 reporting period. The company attributed its profitable results to tactical divestments.