25 July 2024

Thailand: Siam Cement has reported its results for the first half of 2024. Sales stood at US$13.9bn, slightly down from US$14bn previously. Net income declined threefold to US$340m compared to US$1.36bn a year ago.

For the quarter ending 30 June 2024, the company recorded sales of US$3.5bn compared to US$3.45bn in June 2023, and a net income of US$102m compared to US$223m.

Argentina: InterCement, the Brazilian group owning Loma Negra, has extended an exclusivity period with Companhia Siderúrgica Nacional (CSN) until 12 August 2024 to finalise the sale of its assets. Despite no firm commitment to sell, this move sidelines local investor Marcelo Mindlin's bid.

InterCement said in a statement "There is no signed document that generates any firm obligation or commitment on its part, its shareholder, and/or its subsidiaries in connection with the potential transaction."

According to CE Noticias Financieras, InterCement is under financial strain with debts of US$1.6bn. It is continuing to negotiate with creditors and strategise asset divestments.

Saudi Arabia: Al Jouf Cement has entered an agreement with Italy-based Webuild to supply cement worth US$27.7m for various projects in the upcoming NEOM city. The contract spans 41 months from signing, with potential for increased quantities. Al Jouf Cement anticipates a profitable impact on its financial statements from the third quarter of 2024 until the contract's conclusion.

Spain: Cement consumption in Andalucía decreased by 7% in the first half of 2024 to 1.54Mt. In June 2024, consumption dropped 7.6% to 271,415t. This decline extends to exports of clinker and cement, which fell by 24% to 247,805t, as reported by the Andalusian Cement Manufacturers’ Association (AFCA).

Carmen Díaz, president of AFCA, said "The first half figures are negative due to a slowdown in planned infrastructure execution. Considering the daily consumption in June, having two fewer business days this year than in 2023, the monthly figure would be positive, indicating potential recovery in the construction sector in the second half of 2024."

Rwanda: Cimerwa has completed its acquisition of Prime Cement. Cimerwa stated that the purchase of Prime Cement’s assets was an ‘off-market transaction’, denoting a private deal directly with the company. The company will acquire all operational assets of Prime cement, while the government retains any outstanding liabilities.

A statement from Cimerwa reads "Under this agreement, Cimerwa will acquire all assets of Prime Cement, thereby committing to ensuring cement sovereignty in Rwanda."