01 March 2024

Saudi Arabia: Eastern Province Cement Company has entered into a contract with China National Building Material subsidiary Sinoma CDI to build its Khursaniyah cement plant’s upcoming 10,000t/day Line 5. Mubasher News has reported the value of the contract as US$271m. The contract includes engineering, supply, construction, installation, testing, operation and training services on a complete turnkey basis.

CEO Fahd bin Rashid Al-Otaibi said “The project aims to replace some low-efficiency production lines, enhancing energy efficiency and the company's capacity to meet local demand. This initiative aligns with the kingdom's vision to maximise shareholder returns and support future infrastructure projects that improve quality of life.”

The company secured approval from its board to award the contract to Sinoma CDI in January 2024.

Spain: FCC’s sales rose by 17% year-on-year to €9.03bn in 2023. Meanwhile, the company’s earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 17% to €1.53bn. The company reported a profit growth of 88% to €591m, following the stabilisation of its main business areas, particularly in cement. The cement business registered a 19% increase in turnover. The business includes Cementos Portland Valderrivas.

Ireland: CRH reported a 7% year-on-year increase in revenues to US$34.9bn in 2023. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 15% to US$6.2bn. It attributed its earnings growth to favourable weather conditions that facilitated the clearance of work backlogs. Looking ahead, CRH forecasts EBITDA of US$6.55 – 6.85bn in 2024.

CEO Albert Manifold said “Despite continued inflationary cost pressures during 2023 we expanded our margins and delivered further growth in profits, cash generation and returns.”

Tanzania: Huaxin Cement Tanzania Maweni Company has successfully commenced operations at its new Mavini plant. INPR News has reported that the plant will export cement to other countries. This will generate economic growth whilst also creating 1000 new jobs for local people, according to the company.

Singapore: Hong Leong Asia reported a 5% year-on-year rise in revenue to US$3.03bn and a 19% increase in net income to US$48.3m for 2023. In the second half of the year, the company’s building materials segment raised its sales by 14% to US$256m and more than doubled in profit to US$33.6m. It attributed the growth to its cement and ready-mix operations in Malaysia, which reversed its previous year's losses.

CEO Stephen Ho said "The prices we see in Malaysia now reflect a bit more closely the higher costs of operations. I think we are at a level where profitability starts to kick in for everyone.”