Displaying items by tag: Results

India: The India Cements recorded a profit of US$2.27m in the three months to 30 June 2020, down by 77% year-on-year from US$9.66m in the corresponding quarter of 2019. Its sales fell by 48% to US$102m from US$197m, due to the effects of the coronavirus lockdown during the quarter. It noted that direct cement sales to consumers (non-trade sales) rose to 67% from 52%, and said that it would extend its successful “cash and carry” business model developed for non-trade sales during the partial coronavirus lockdown to all cement sales. The India Cements predicts a rise in cement demand in Andhra Pradesh and Telangana of 75% to 3.5Mt in the second half of 2020 from 2.0Mt in the first half.

Peru: Cementos Pacasmayo recorded a loss of US$13.0m in the six months to the 30 June 2020, compared to a US$9.16m profit in the first half of 2019. The company experienced a 64% drop in sales to US$32.5m from US$91.6m. It said the decline resulted from decreased demand due to the coronavirus lockdown.

Nigeria: Dangote Cement recorded a net profit of US$422m in the first half of 2020, up by 5.8% year-on-year from US$308m in the first half of 2019. Net sales were US$1.23bn, up by 2% from US$1.21bn. Nigerian sales made up 70% of the total at US$861m, up by 1.2% from US$850m.

The company said, “Most Covid-19 lockdown measures started at the end of March 2020 and peaked in April 2020. The response by the authorities varied in nature from specific temporary restrictions in some countries to a complete temporary lockdown for non-essential businesses. Our operations in South Africa, Congo and Ghana were shut down due to full or partial lockdown in most of April 2020. By early May 2020, lockdown had eased, and all our businesses were operational.”

Regarding its Nigerian operations, it said, “Lagos, Abuja and Ogun states locked down from 31 March 2020 to 4 May 2020. As a result, April 2020 volumes were heavily impacted and 28% lower than in April 2019. Other states joined with complete or partial lockdown during the month.” It estimated that a recession would strike the economy before 31 December 2020, compounded by the Covid-19 outbreak and a first-half global oil price slump.

India: Ambuja Cement’s net profit in the first half of 2020 was US$22.1m, up by 1.5% year-on-year from US$21.7m in the first half of 2019. Revenues decreased by 15% to US$127m from US$149m. The company sold 9.95Mt of cement over the period, down by 18% from 12.2Mt.

Managing director and chief executive officer (CEO) Neeraj Akhoury said, “Volumes were impacted during the second quarter of 2020 as a result of Covid-19 lockdown. Cement demand is expected to rebound, presupposing a normal monsoon and various policy support measures to enhance rural and agricultural incomes. Continued infrastructure, development and affordable housing investment are expected to boost demand growth in the mid-term. The health of our employees and partners is accorded the highest priority.”

China: Dongwu Cement has predicted a net profit of US$1.71m in the first half of 2020, down by 62% year-on-year from US$4.56m in the first half of 2019. Company chairman Liu Dong said the expected decrease was “primarily attributable to a decline in sales volume and sales price of the group’s products resulting from the outbreak of the coronavirus pandemic during the period.”

Russia: Siberian Cement Holding Company (SibCem) subsidiary Iskitimcement produced 454,000t of cement in the first half of 2020, up by 7.8% year-on-year from 421,000t in the first half of 2019. Cement shipments over the period were 447,000t, up by 7% from 418,000t.

Iskitimcement said that its CEM-I Ordinary Portland Cement (OPC) was its most in-demand product, constituting 53% of total production at 243,000t. Its new CEM-II Portland slag cement, launched on 28 April 2020, achieved production volumes of 4000t (1%). It said that the coronavirus outbreak caused a slowdown in June 2020, resulting in a 7% year-on-year drop in demand compared with June 2019. Managing director Vladimir Skakun said, “The general weakening of economic activity, the fall in oil prices and the exchange rate of the national currency and a decrease in the incomes of Russians are causing concern.”

The company completed the installation of a closed-circuit dynamic separator and bag filter produced by Germany-based Christian Pfeiffer into the Iskitimcement plant’s grinding unit 6 in June 2020. To date, the equipment has produced 114,000t of ultra-fine cement towards an annual target of 480,000t.

South Africa: PPC says that pent-up cement demand post-coronavirus lockdown has enabled year-on-year sales growth “in double digits” for the company in June 2020. Sales volumes also rose, by a single-digit figure. PPC said, “This recovery is mostly driven by the absence of imports, which has given an opportunity for local producers like PPC South Africa to grow.”

In May 2020 PPC recorded sales between 30% and 35% lower than in May 2019.

Denmark: FLSmidth has predicted a 55% year-on-year decline in earnings before interest, taxation and amortisation (EBITA) in the first half of 2020 to Euro48.2m from Euro107m. Sales are Euro1.12bn, down by 15% from Euro1.33bn, and order intake was Euro1.33bn, down by 7% from1.42bn. Net debt is expected to have declined by 15% to Euro309m from Euro363m.

The company said, “Across all regions, the mining industry and especially the cement industry have been negatively affected by the pandemic. Even in the regions with easing of lockdowns and mobility restrictions, it is yet unclear how our customers’ spending patterns will advance. Visibility remains low and our guidance remains suspended.”

Qatar: Qatar National Cement Company recorded a profit of US$27.5m in the first six months of 2020, down by 32% year-on-year from US$18.8m over the corresponding period of 2019. Sales were US$79.8m, down by 23% from US$104m. The company attributed the decrease to a decline in demand due to the coronavirus outbreak.

India: ACC’s profit in the first quarter of the Indian 2021 fiscal year (1 April 2020 – 30 June 2020) was US$36.3m, down by 40% year-on-year from US$60.9m. Sales fell by 38% to US$338m from US$544m. This was due to a 33% fall in cement volumes to 4.80Mt from 7.16Mt and a fall in cement prices.