Displaying items by tag: GCW364

India: Ambuja Cement sales have benefited from more infrastructure projects, improved sand availability and increased government spending. Its sales volumes of cement grew by 6% year-on-year to 26.9Mt in the first half of 2018 from 25.4Mt in the same period in 2017. Its net sales increased by 10% to US$1.89bn from US$1.72bn and its operating earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 7% to US$328m from US$306m.

"Ambuja is well positioned to benefit from the upsurge in rural demand and the encouraging external environment. Our consistent customer-connect initiatives, pursuit of operational excellence and continued focus on the retail segment is helping us reduce the impact of rising cost pressures," said Ajay Kapur, managing director and chief executive officer (CEO) of Ambuja Cement.

Saudi Arabia: Southern Cement’s net profit fell by 31% year-on-year to US$36.8m in the first half of 2018 from US$53.3m in the same period in 2017. The cement producer blamed the fall in profit on poor demand as well as effects from the Ramadan and Eid public holidays.

Saudi Arabia: Production at Tabuk Cement and Hail Cement has risen supporting the construction of the Neom technology city project in the north of the country. Output from the producers has risen by 20% and 55% respectively year-on-year in the first half of 2018, according to Bloomberg. Both companies are located in the north of the country near to the project. Meanwhile, most of the other local cement companies have reported declining production. The Neom project has been backed with an investment of US$500bn.

China: Cement producers will be forced to pay fees for captive power plants under new legislation introduced by the National Development and Reform Commission (NDRC). The move was introduced in a draft plan in March 2018 in order to reduce electricity prices for industrial and commercial users, according to Reuters. The new regulations are also intended to cut down on pollution from coal-powered plants used by the cement sector as well as steel and aluminium producers. The size of fees paid by onsite power plants will be decided by provincial governments.