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News China

Displaying items by tag: China

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Asia Cement (China) faces first-half sales and profit fall in 2022

08 August 2022

China: Asia Cement (China) reported a 7% year-on-year drop in its first-half sales to US$732m in 2022. Its first-half profit was US$46.1m, down by 70% year-on-year from US$156m. The producer sold 13.4Mt of cement during the half. It plans to achieve full-year cement sales of 29.4Mt.

Asia Cement (China) believes that cement demand in China is now on a ‘downward trend.’ It nonetheless remains ‘cautiously optimistic’ about its full-year 2022 results, foreseeing a degree of demand recovery arising from planned government infrastructure investment in the second half of the year.

The Chengdu-Chongqing Economic Circle (CCEC) in Sichuan province and Chongqing municipality represents a growing market for Asia Cement (China). Of a total of 160 planned key projects in the CCEC in 2022, 152 commenced construction during the first half of the year.

Published in Global Cement News
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China Shanshui Cement’s first-half sales and profit drop in 2022

08 August 2022

China: China Shanshui Cement’s first-half sales fell by 2.5% year-on-year to US$1.5bn. The producer’s net profit for the half was US$70.6m, down by 60% from US$178m.

Published in Global Cement News
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China Resources Cement to acquire 85% stake in Zhaoqing Jingang Cement

01 August 2022

China: Hainan Ruize New Building Material has agreed to sell an 85% stake in its cement subsidiary Zhaoqing Jingang Cement to China Resources Cement. Reuters News has reported the value of the deal as US$80.1m.

Published in Global Cement News
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Anhui Conch Cement and Xinjiang Tianshan Cement to establish joint venture

01 August 2022

China: Anhui Conch Cement and Xinjiang Tianshan Cement plan to launch a joint venture. Reuters News has reported that the companies will inject the joint venture with registered capital of US$297m.

Published in Global Cement News
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Cementir Holding reports sales, earnings and profit growth in the first half of 2022

28 July 2022

Italy: Cementir Holding’s sales rose by 22% year-on-year to Euro811m in the first half of 2022 from Euro665m in the first half of 2021. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 7.7% to Euro144m from Euro134m. Its net profit grew by 39% to Euro66.6m from Euro47.9m. During the half year the group sold 5.41Mt of cement and clinker, down by 0.8% from 5.46Mt. The group attributed this to local sales declines in China, Denmark and Turkey.

Chair and chief executive officer Francesco Caltagirone said, “The first-half 2022 results are aligned with our forecasts. Despite the severe geopolitical tensions and the significant increase in raw materials, energy and logistic costs, the group is showing great resilience thanks to an increased geographical and product diversification and a focused cost management.”

Published in Global Cement News
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Cheetah Cement workers strike

25 July 2022

Namibia: 200 Cheetah Cement employees have gone on strike to protest low wages and lack of pensions and medical aid. The Namibia Press Agency has reported that salaries have fallen behind inflation, having remained level for four years.

Cheetah Cement general manager Kevin Lee called strikers’ demands ‘unrealistic’ and said that the producer had done everything in its power, but now ended in a ‘deadlock’ with workers.

Published in Global Cement News
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Tangshan Jidong Cement to issue US$148m in bonds

22 July 2022

China: Tangshan Jidong Cement plans to raise US$148m through an issuance of bonds. Reuters News has reported that the producer will use some of the funds to repay its debts, and the remainder to replenish its capital.

Published in Global Cement News
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Michele Gatto appointed as managing director of Bedeschi Far East

20 July 2022

China: Italy-based Bedeschi has appointed Michele Gatto as the managing director of its new Hong Kong-based subsidiary Bedeschi Far East. The company is intended to assist local customers and to support the Far East market both commercially and technically.

Gatto was previously the Sales Director East Asia and Asia Pacific for Aumund from 2019 to 2022. Prior to this he worked for Bedeschi in area manager and sales roles with a focus on Asia. He has also worked for Danieli, Brevnini Power Transmission and Carraro.

Published in People
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Tangshan Jidong Cement forecasts first-half profit drop in 2022

15 July 2022

China: Tangshan Jidong Cement expects to record a 3.9 - 12% drop in its net profit in the first half of 2022. This would result in a figure of US$157 - 171m, compared to US$178m a year earlier.

Published in Global Cement News
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West China Cement’s sales forecast to drop in first half of 2022

14 July 2022

China: Fitch Ratings expects West China Cement to record a first-half sales decline of 10% in 2022, due to ‘sluggish’ residential construction, on-going Covid-19 restrictions and high coal costs due to the Russian invasion of Ukraine. The rating agency predicted a ‘mid-single digit’ full-year sales decline in 2022, with a gross profit margin for the group of 28%, compared to 30% in 2021. This probability results from higher costs arising from overseas investments during the year.

Published in Global Cement News
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