30 January 2023

China: Jiangxi Wannianqing Cement has become the latest China-based cement producer to report a fall in its profit year-on-year for 2022. It recorded a net profit in the range of US$149 - 168m, down by 63 - 71% year-on-year from US$236m in 2021.

Pakistan: Lucky Cement recorded sales of US$876m in the first half of its 2023 financial year, up by 42% year-on-year from US$616m in the first half of the 2022 financial year. It sold 3.57Mt of cement and clinker, down by 24% year-on-year from 4.7Mt. The producer's costs rose by 50% to US$585m from US$391m. It recorded a profit of US$73.1m, up by 6.8% from US$68.4m.

During the half-year period, total national cement sales dropped by 17% year-on-year to 20Mt, while Pakistan's cement exports fell by 49% to 1.7Mt. The aftermath of flooding, high interest rates, inflation and cost of goods and cuts to government spending all impacted the domestic cement market, while 'global recessionary trends' cut into exports, according to Lucky Cement.

Lucky Cement holds a 15% share in the Pakistan market and a 34% share in the export market.

India: Adani Group has issued a rebuttal against a recent report by Hindenburg Research accusing it of accounting fraud and stock manipulation. In the 413-page rebuttal, the group identifies the report as a 'calculated attack on India.' Adani Group clarified that that its operations complied with 'all local laws' and that it had made necessary regulatory disclosures, according to the group.

BBC News has reported that Hindenburg Research denied the accusation of anti-Indian sentiment, calling the country an 'emerging superpower with an exciting future.' Hindenburg Research said "India's future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation."

Hindenburg Research accused Adani Group in late January 2023 of conducting a 'stock manipulation and accounting fraud scheme' over a period of ‘decades.’ It published its allegations in a report on its website. The investment research firm also disclosed that it had taken a short position on Adani Group, meaning that it might make money should the price of shares in Adani Group drop.

The full rebutal by Adani Group can be read online here

India: Mangalam Cement has secured a lease from the Rajasthan state government for the 204Mt Ninama Dunia limestone mine in Rajasthan's Kota District. Mangalam Cement won the auction with a highest final price offer of 85%, corresponding to a tax revenue of US$1.17m/yr for the state. Throughout the operational life of the mine up to 2073, the Rajasthan state government expects to collect revenues of US$1.22bn.

The Hindustan Times newspaper has reported that the Rajasthan government expects to auction four limestone mines in Banswara District later in 2023.

Rajasthan generates 20% of India's cement-grade limestone.

Philippines: CRH subsidiary Republic Cement and its waste management subsidiary Ecoloop are seeking to establish partnerships with 'sustainability-minded' organisations. BusinessWorld News has reported that Republic Cement and Ecoloop process waste for 12 private companies and 30 local government units. Philippines law will require that large organisations recover 80% of their plastic packaging waste by 2030. For 2023, the minimum is 2023.

Ecoloop managing director Angela Edralin-Valencia said “Our goal is to make our cement a greener and more environmentally friendly product. Our ambition is to replace 50% of our fuel consumption with alternative fuel (AF)." She added "A lot of investments have to be put in place from our end to get to that number, but we are still reviewing our options.”