Displaying items by tag: Tokyo Cement

Sri Lanka: Domestic cement demand rose to 4.71Mt since July 2024, up from 3.96Mt, according to Tokyo Cement. The company attributed the increase to the ‘latent demand and low base effect of the previous year.’ It said that local production has expanded, despite intensified competition from a new grinding operator and multiple cement importers, capitalising on the relaxed cement import restrictions. The company expects demand to improve further, supported by private sector-led construction and government infrastructure projects.

However, Tokyo Cement warned “The heightened volatility in the global trade policies and ongoing regional conflicts pose downside risks that add to the uncertainty and may jeopardise some of the hard-fought economic gains the country is working towards.”

It added “These factors may constrain capital inflows, dampen export prospects and impede economic recovery.”

Sri Lanka: Tokyo Cement Group has opened a new 1Mt/yr grinding plant in Trincomalee, Daily FT News has reported. The move raises the producer's capacity by 33%, to 4Mt/yr. Japan-based Mitsubishi Ube Cement Corporation was technical partner for the construction of the plant, which was executed entirely by Tokyo Cement Group’s in-house engineering teams.

Sri Lanka: Praveen Gnanam has been appointed to the Board of Tokyo Cement Company (Lanka) as a Non-Independent Director. He joined Tokyo Cement in 2012 as Special Projects Coordinator and was promoted to Head of Innovation Department in 2015.

Gnanam holds over a decade of experience in the hardware and construction materials industry as well as in renewable energy. Prior to joining Tokyo Cement, he worked in consulting for Los Angeles-based firm Innovation Protocol, and as a Research Analyst and a Brand Associate for clients such as eBay, PayPal and Republic Waste Management.

Sri Lanka: Tokyo Cement (Lanka) has informed the Colombo Stock Exchange of an upcoming extraordinary general meeting of its shareholders. The meeting will decide whether to approve the sale of 10% of the company's shares.

Sri Lanka: Tokyo Cement recorded sales of US$74.8m during the first nine months of the 2023 financial year, up by 25% year-on-year. Its cost of sales dropped by 2% to US$49.7m, while its profit for the period rose by 60% to US$2.35m.

Sri Lanka: Tokyo Cement Group has expressed its deepest condolences to the family of Ranjeevan Seevaratnam, a member of the company's board of directors, who died on 19 January 2023. Seevaratnam's board experience spanned multiple companies in the cement, activated carbon, agriculture, construction, consumer goods, engineering, rubber and transport industries. He held memberships in the Institute of Chartered Accountants of Sri Lanka and the Institute of Chartered Accountants of England and Wales.

Tokyo Cement described Seevaratnam as a 'visionary thought leader.'

Sri Lanka: Tokyo Cement's consolidated sales rose by 34% year-on-year to US$82.8m during the first half of its 2023 financial year. Its cost of sales rose by less than 1% to US$50.8m. As such, the company recorded a profit for the period of US$10.1m, up by more than a factor of eight from first-half 2022 financial year levels.

Sri Lanka: Tokyo Cement Group increased its turnover to US$45.2m in the first quarter of it 2023 financial year, up by 53% year-on-year from first-quarter 2022 financial year levels. A shortage of imported raw materials and the country’s on-going fuel crisis hampered local cement demand. The group’s cement sales volumes declined during the quarter, while its cost of sales increased by 24% year-on-year. ‘Steep’ currency depreciation compounded the effects of the increase in expenses. Nonetheless, the company recorded a profit of US$1.48m.

The producer said “Tokyo Cement has taken many proactive measures to minimise the impact of economic downturn on the group's performance. Anticipating a challenging environment, the group has reforecasted demand, rescheduled sourcing and production plans, and adjusted cash flows accordingly. The group has deployed drastic cost saving measures, streamlined operations, and postponed capital expenditure. While the short to medium term economic landscape remains uncertain, Tokyo Cement has a proven track record of resilience and resurgence, and is committed to rebuilding the nation, stronger than ever before.”

Sri Lanka: Tokyo Cement’s sales rose by 46% year-on-year in the 2022 financial year to US$88.5m from US$60.7m. Its net loss was US$1.66m, compared to a profit of US$4.17m in the 2021 financial year. Its cost of sales increased by 35% year-on-year during the full year and by 34% year-on-year in the fourth quarter of the 2022 financial year.

Sri Lanka: Tokyo Cement has commissioned its new 0.45Mt/yr cement terminal at the Port of Colombo in Western Province. The company invested US$12.3m in the facility. It is equipped with three 6000t cement silos. The Daily News newspaper has reported that it will increase the company’s total import capacity to over 1Mt/yr from 0.6Mt/yr. Tokyo Cement says that this will ensure an uninterrupted supply of cement to customers in Western Province.

The cement producer also started work on a 1Mt/yr upgrade project at its Trincomalee plant in November 2021. The work is scheduled for completion in early 2023. Once finished the cement producer will have a total production capacity of 4Mt/yr.