Displaying items by tag: GCW649
Eastern Province Cement and Sinoma CDI conclude Khursaniyah cement plant Line 5 contract
01 March 2024Saudi 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.
CRH sales grow in 2023
01 March 2024Ireland: 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.
Hong Leong Asia reports revenues growth in 2023
01 March 2024Singapore: 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.”
Cementos Molins’ full-year results show growth in 2023
29 February 2024Spain: Cementos Molins’ revenues were €1.35bn in 2023, marking a 6% year-on-year rise, amid increased cement sales volumes. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 22% to €337m, while its net profit grew by 35% to €151m. The company noted its successes in the face of economic slowdown and supply chain disruptions across its markets.
CEO Julio Rodríguez said “We have achieved record sales and profits in an increasingly complex and uncertain global environment. Moreover, we have once again confirmed the strength of our business model by exceeding our targets.”
Cimaf Gabon plans US$147m Meba cement plant
29 February 2024Gabon: Cimaf Gabon is considering establishing a new $147m cement plant in Meba, Estuaire Province. This will help to end Cimaf Gabon's dependence on clinker imports and raise its total cement production capacity by 18% from 850,000t/yr to 1Mt/yr, against local demand of 600,000t/yr.
Managing director Janah Idrissi El Mehdi said "We currently import €32.6m/yr-worth of clinker. The idea behind this investment is to be able to enhance the local industrial fabric and at the same time enable job creation in the order of 1500 jobs in the project phase and 500 jobs in the operating phase. And also in parallel a stabilisation of cement prices."
Heidelberg Materials Benelux to invest €450m in Antoing cement plant carbon capture project
29 February 2024Belgium: Heidelberg Materials Benelux will invest €450m in its Anthemis project, involving the installation of an 800,000t/yr carbon capture system, at its Antoing cement plant. The project is scheduled for completion in 2029. Captured CO2 will travel by pipeline to the North Sea for storage.
German government launches carbon capture and storage framework
29 February 2024Germany: The German government published its new carbon management strategy and draft carbon storage law (KSpG) on 26 February 2024. The KSpG revises understandings of carbon neutrality to include CO2 savings made through carbon capture and storage (CCS). The government says that the legislation primarily aims to support hard-to-abate sectors like cement, while coal-fired power plants will be barred from future CO2 pipeline access. Heidelberg Materials CEO Dominik von Achten was alongside politicians at the strategy launch. The producer’s Brevik cement plant in Norway is set to become carbon neutral through the capture and storage of 400,000t/yr of CO2.
German Federal Minister for Economic Affairs Robert Habeck said "Achieving our climate targets without CCS is impossible."
RHI Magnesita’s sales and profit rise in 2023suppl
29 February 2024Austria: RHI Magnesita reported 7.7% year-on-year growth in its sales from €3.32bn to €3.57bn in 2023. Its gross profit rose by 12% from €763m to €857m, while its earnings before interest, taxation and amortisation (EBITA) rose by 1.6% from €372m to €378m.