Displaying items by tag: Loss

Egypt: South Valley Cement more than tripled its sales year-on-year in the first quarter of 2022, to US$11m from US$3.31m. The company’s net loss during the quarter was US$1.66m, down by 13% year-on-year from US$1.9m in the first quarter of 2021.

China: Tangshan Jidong Cement’s consolidated net income was US$779m in the first quarter of 2022, down by 2.5% year-on-year from US$799m in the first quarter of 2021. The decline contributed to a widening in the group’s net loss to US$36.6m, more than four times its 2021 first-quarter loss of US$8.07m.

Tanzania: Tanga Cement’s full-year results show a 9% year-on-year rise in sales to US$99.5m in 2021 from US$91.7m in 2020. Its net profit was US$1.5m, as against a US$903,000 loss in 2020.

The Kenyan Wall Street newspaper has reported that the company replaced a kiln shell at its Tanga cement plant and outsourced mining operations at its quarry during the year.

Egypt: Sinai Cement’s consolidated sales were US$78.9m in 2021, up by 62% year-on-year from US$48.7m in 2020. The company recorded a loss of US$19.4m, down by 37% year-on-year from US$30.7m in 2020.

France: Hoffmann Green Cement Technologies recorded sales of Euro2.38m in 2021, more than four times its 2020 figure of Euro504m. The company’s losses before interest, taxation, depreciation and amortisation (LBITDA) declined by 27% to Euro5.23m from Euro4.13m, while its net loss fell by 9.1% to Euro5.56m from Euro6.12m.

The producer confirmed its global sales target of Euro130m and EBITDA margin target of 40% by 2026, by which time it expects to have achieved sales of 550,000t/yr of its clinker-free cement in France. This would correspond to 3% of the domestic cement market. By 2026, it aims to operate four plants abroad.

Jamaica: Caribbean Cement recorded revenues of US$153m in 2021, up by 19% year-on-year from US$129m in 2020. Its operating expenses rose by 6.4% to US$16m from US$15.1m. The company recorded a loss for the year of US$3.31m, just under half of the US$6.79m loss that it recorded in 2020.

France: Hoffmann Green Cement Technologies recorded sales of Euro540,000 in the first half of 2020, more than five times the Euro96,000 recorded in the first half of 2020. Its cement sales were 1880t, more than double its first-half cement sales in 2020. During the period, its orders increased by 29% to 200,000t from 155,000t at 31 December 2020. The company recorded negative earnings before interest, taxation, depreciation and amortisation (EBITDA) of Euro2.56m, up by 22% from Euro2.10m in the first half of 2020. It loss declined by 39% to Euro2.68m from Euro4.14m.

Australia: Adelaide Brighton has recorded a net profit of US$21.1m in the first half of 2020, compared to a US$13.0m loss in the first half of 2019. Revenues fell by 7.3% to US$508m from US$548m due to a 12% construction decline over the period, according to the company. Residential construction fell by 16%, however mining and infrastructure activity remained consistent with levels in the first half of 2019. Adelaide Brighton said, “Cement demand is likely to continue to benefit from a strong production outlook for gold, nickel, and iron ore in particular, and stable demand from the alumina sector.”

Egypt: Suez Cement, a HeidelbergCement subsidiary has implemented of a 20% reduction in pay for members of the management committee and a 30% reduction in pay for the managing director in the second quarter of 2020. The cuts are intended as a ‘cost-saving measure’ in line with the company’s aim to reduce expenses. Suez Cement said, “During the last few years the Egyptian cement industry has been going through very challenging times caused by oversupply and a sustained decrease in the demand, and Suez Cement Group has posted negative results. The COVID-19 crisis has complicated market conditions, affecting demand and increasing our costs. Moreover, it has affected our main shareholder, HeidelbergCement. In many countries it has suffered complete shutdowns and it is currently enduring complications in most of the countries that is present.”

Suez Cement continues to employ all staff.

Malaysia: The Cement and Concrete Association of Malaysia (CCA) has praised the government’s decision to grant an exception to cement plants in order to allow production to resume in the third phase of the country’s lockdown, beginning on 28 April 2020. The Straits Times newspaper has reported that the current and previous stages of the lockdown have exacerbated the cement sector’s losses over the past two years.

The CCA said that the development ‘will have a multiplier effect on the economy.’ CCA chair Datuk Yeoh Soo Keng said that 100,000 jobs ‘depend either directly and indirectly on cement production,’ including many ‘in small and medium enterprises’ that will not survive the outbreak without it. “Cement is the fundamental building material of our country’s wealth,” he added. The CCA thanked the government for the ‘welcome reprieve’ and urged it to allow ‘related sectors to slowly and gradually resume operations, for the industry to effectively function.’