Displaying items by tag: Shares

Germany: Heidelberg Materials' consolidated sales rose by 5.3% year-on-year to Euro10.5bn in the first half of 2022. The producer noted a continuing 'downward trend' in its cement sales volumes in the second quarter of the year. The group recorded a net profit of Euro783m, up by 31% year-on-year from Euro597m.

Chair Dominik von Achten said “We have closed the first half of 2023 with a good result. Even in a weaker market environment, with significant declines in sales volumes in some cases, we performed quite well. We remain confident about the second half of the year, and are once again upgrading our outlook for 2023 significantly." He continued "In the first half of 2023, we achieved a further reduction in our specific net CO₂ emissions through numerous measures. With the large number of our carbon capture, utilisation and storage (CCUS) projects, we are aiming at the full decarbonisation of our products. Just recently, one of our pioneering carbon capture and storage projects in Germany was approved to receive funding from the EU Innovation Fund. The continuous reduction of our carbon footprint and strengthening the circular economy are our most powerful levers to offer our customers climate-friendly products on a large scale."

Chief financial officer René Aldach said that the company will demonstrate its financial strength with a third tranche of its on-going share buyback programme, commencing on 28 July 2023.

Nigeria: Dangote Cement has completed the first tranche of its on-going share buyback programme. The Punch newspaper has reported that the producer launched the buyback earlier in July 2023. It bought back 0.7% of its shares for US$51.7m.

Kenya: The government says that it has found a 'strategic investor' to buy a 30% stake in East African Portland Cement Company (EAPCC). Business Daily News has reported that the buyer will acquire shares from the National Treasury, the National Social Security Fund (NSSF) and Lafarge South Africa. The government holds 25% of EAPCC's shares through the Treasury, while the NSSF holds 27% and Lafarge South Africa 42%.

Lafarge South Africa denied that it plans to sell any of its shares in EAPCC. Chief executive officer Geoffrey Ndugwa said "We are not aware that we will be ceding shares.”

The government said that shareholders currently face the decision to sell EAPCC's land, seek a bailout from the Treasury or liquidate the company. It expects shareholders to reach a decision and establish a comprehensive plan for the company by 17 August 2023.

Pakistan: Lucky Cement has successfully completed the buyback of US$742,000-worth of its shares. Pakistan Company News has reported that the producer finished buying the shares during the 12 July 2023 trading session of the Pakistan Stock Exchange.

Oman: Huaxin Cement informed the Muscat Stock Exchange of its intent to buy a further 5.1% stake in Oman Cement on 3 July 2023. Zawya News has reported that this would increase the China-based group's stake in Oman Cement to 64.7%. It acquired its existing 59.6% in the producer for US$193m earlier in 2023, but subsequently revised the price to US$200m.

Philippines: Holderfin, an existing 18% shareholder in Holcim Philippines, has acquired an additional 9.2% stake in the company from Japan-based Sumitomo Osaka Cement. This raises its control over Holcim Philippines to more than 27%. As a result of the deal, the proportion of publicly held shares in the cement producer fell to 5%. PhilStar News has reported that Holcim Philippines is now possibly seeking to delist from the Philippine Stock Exchange (PSE).

The producer said “Holderfin informed the company that if the company will be unable to issue additional shares to the public sufficient to raise its public float to the required level, Holderfin is prepared to make a tender offer for all outstanding common shares of the company held by the public with the aim of subsequently conducting a voluntary delisting of the company’s common shares from the Main Board of the PSE.”

South Africa: PPC has commenced a buyback of US$10.8m-worth of its registered shares, the Cape Times newspaper has reported.

Chief executive officer Roland Van Wijnen said "We have been very conscious of our capital allocation to ensure our debt levels come to acceptable levels and we have finally achieved that." He added "We believe our share price is well below the true value and therefore we believe it is better for our shareholders to initiate a share purchase rather than a distribution through cash."

Greece/Belgium: Titan Cement International has bought back a further Euro313,000-worth (0.4%) of its shares. The latest buyback increases its ownership stake to 4.4%. The cement producer bought the shares via the Athens Stock Exchange and Euronext Brussels exchange.

Nigeria: Dangote Cement recorded sales of US$609m during the first quarter of 2023, down by 13% year-on-year from US$699m during the first quarter of 2022. The producer reported a 25% decline in its cement sales volumes to 3.6Mt from 4.8Mt. Operating costs rose by 6% to US$355m from US$335m. Dangote Cement said that its earnings before interest, taxation, depreciation and amortisation (EBITDA) fell by 14% to US$458m from US$403m.

Dangote Cement chief executive officer Arvind Pathak said “The cash crunch coupled with the uncertainty around the general elections led to a slowdown in key private and public infrastructure investments in Nigeria. Consequently, our domestic operations recorded a drop in volume." Pathak continued “In fulfilling our commitment to creating additional value for our shareholders, we have received regulatory approval for our second buyback programme. We will continue to monitor the evolving business environment and market conditions in making decisions on tranches."

Ireland/US: Albert Manifold, the chief executive officer of CRH, has described the company as a ‘de facto’ American company at it its annual general meeting. "This is a golden age of construction in the US," said Manifold, according to the Irish Times newspaper. He added that moving the group's main stock market listing to the US made it "more of an American company, which de facto we actually are". He also noted comments by US president Joe Biden in February 2023 that the country was planning “to buy American” as part of its infrastructure spending. North America accounted for 75% of the group’s earnings before interest, taxation, depreciation and amortisation (EBITDA) in 2022 compared to around a half in the early 2010s.

CRH said in March 2023 that it was preparing to move its primary listing of shares to a US-based stock exchange.