Items filtered by date: 24 October 2019

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.

Mexico: Grupo Cementos de Chihuahua (GCC) reported a gross profit of US$188m in the third quarter of 2019, down by 4.8% compared to US$198m in the three months to 30 September 2018. GCC CEO Enrique Escalante stated that the company ‘overcame a difficult start to 2019’ with ‘record cement volumes in an increasingly competitive environment in certain markets’ and strengthened pricing. Sales rose 4.2% year-on-year to US$706m from US$677m, with US sales lagging behind the overall increase at 3.0% to US$515m from US$500m.

Peru: Cementos Pacasmayo recorded a net profit of US$40.2m in the three months to 30 September 2019, up by 20% from 33.4% in 2018’s third quarter. The company has said that structural changes, such as the centralisation of type V production at its Pacasmayo plant, and temporary increases in costs slightly restricted this margin. Net sales likewise increased by 20% year-on-year to US$383m from US$319. July and August 2019 set monthly sales volumes records for the company, driven by increased concrete and prefabricated shipments which it forecasts will continue to grow. This is a positive signal for the realisation of Cementos Pacasmayo’s vision of becoming a construction solutions company by 2030.

Australia: Wagners Holdings announced on 23 October 2019 that it will resume the supply of cement products to Boral at an undisclosed price following the suspension of deliveries due to a collapse in relations in March 2019. The companies are due to meet in court in late November 2019.

US: The restoration of Anchorage Petroleum Cement Terminal in Alaska to fully functioning docking capabilities for oil well cement offloading operations after its ruin in an earthquake of 30 November 2018 will cost US$81m. At a special meeting on 23 October 2019, the port Commission voted to petition the Anchorage Assembly for a progressive tariff increase on all petroleum imports over 10 years to US$399/t from US$116/t.

The works are scheduled for completion by January 2021, with the possibility of a reduction in the rate of tariff increase subject to grants received from the state.