27 August 2019

Australia: Boral has suffered a decline in full year net profits of 38% to US$184m. This comes following USG-Boral’s statement regarding substantive changes to its gypsum dealings with Knauf.

Nigeria: Dangote Cement’s net first half profits have increased by 5.4% to US$329m from US$312m in 2018. The Cement Company of Northern Nigeria have reported a corresponding increase of 163% to US$40,000 from US$15,000.

Oman: Bank Nizwa has granted US$50.7m to Raysut Cement, the country’s largest cement producer, as part of its commitment to national economic diversification.

Kenya: The Kenyan government have compulsorily purchased the site of the 0.6Mt/yr Athi River cement plant, which it leased to the East African Portland Cement Company for 945 years in April 1960. The Central Organisation of Trade Unions has complained that the National Social Security Fund, representing workers who held 28% of shares in the plant, was not consulted first. The land will be used for affordable housing, manufacturing and other urban uses.

Romania: The national competition authority stated yesterday that it will investigate LafargeHolcim’s deal with Oresa for the latter’s takeover of the precast concrete producer Somaco. LafargeHolcim assumed the asset in July 2019 at an undisclosed price.

Kenya: Bamburi Cement’s first half profits have declined year-on year by 96% to US$0.22 from US$6.99m. Its Building for Growth strategy has seen the topline hold steady amidst setbacks to demand, including higher operating costs and reduced uptake from the Standard Gauge Railway, one of numerous infrastructure projects impacted negatively by rising tensions between Rwanda and Uganda.

Morocco: Morocco’s second largest cement plant in Safi, HeidelbergCement’s largest in the country, is to receive an adjacent algae pond. Environmental innovator Omega Green has estimated the pond’s rate of carbon dioxide removal at 80-100t/yr. The algae can be sold on to food, cosmetics, and animal feed producers.