Displaying items by tag: buyback

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.

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.

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."

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."

Pakistan: Kohat Cement has informed the Pakistan Stock Exchange that is has bought back 2.5% of its shares. The value of the transaction was US$191,000.

Pakistan: Lucky Cement bought back more of its own shares on 17 October 2022. The total value of the purchase was US$408,000.

Lucky Cement previously bought back US$212,000-worth of shares earlier in October 2022, under the same resolution of it board from 20 September 2022.

Pakistan: Lucky Cement has informed the Pakistan Stock Exchange of its purchase of US$212,000-worth of its shares. The producer's board of directors passed a resolution for the buyback on 20 September 2022.

Pakistan: Lucky Cement has informed investors that it plans to buy back shares up to an equivalent of 3.1% of its registered share capital, which it has valued at US$417,000. The company will commence the purchase from 29 September 2022, and continue until its completion or 27 March 2023.

Taiwan: Hsing Ta Cement says that it has cancelled a planned repurchase of US$266m-worth of its shares. The purchase was the company’s fourth successive planned transaction of that kind. It retains a total shareholding worth US$114m.

In the second quarter of 2022, Hsing Ta Cement recorded sales revenues of US$100m and a net profit of US$2.23m.