Displaying items by tag: construction

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.”

China: Asia Cement (China) reported a 7% year-on-year drop in its first-half sales to US$732m in 2022. Its first-half profit was US$46.1m, down by 70% year-on-year from US$156m. The producer sold 13.4Mt of cement during the half. It plans to achieve full-year cement sales of 29.4Mt.

Asia Cement (China) believes that cement demand in China is now on a ‘downward trend.’ It nonetheless remains ‘cautiously optimistic’ about its full-year 2022 results, foreseeing a degree of demand recovery arising from planned government infrastructure investment in the second half of the year.

The Chengdu-Chongqing Economic Circle (CCEC) in Sichuan province and Chongqing municipality represents a growing market for Asia Cement (China). Of a total of 160 planned key projects in the CCEC in 2022, 152 commenced construction during the first half of the year.

US: Eagle Materials offset higher energy and maintenance costs by raising the prices of its products in the first quarter of its 2023 financial year. This contributed to an 18% year-on-year sales rise to US$561m. The group achieved earnings before interest, taxation, depreciation and amortisation (EBITDA) of US$184m during the quarter, up by 13% year-on-year.

President and chief executive officer Michael Haack said "Our results this quarter exceeded our expectations, as our portfolio of businesses performed well, and we executed on the opportunities available to us. Construction activity remained healthy across our markets, and we realised broad pricing gains across our portfolio again this quarter."

The producer’s cement sales rose by 5% year-on-year to US$285m. Haack said "In our heavy materials business, we implemented a second round of cement price increases in early July 2022 given the strong demand environment and our sold-out position. Looking ahead, we expect demand for cement to remain strong, with infrastructure investment increasing as federal funding from the Infrastructure Investment and Jobs Act begins in earnest this fiscal year.”

Malaysia: Cahya Mata Sarawak says that it has no plan to double the capacity of its Bintulu, Sarawak, grinding plant, Reuters News has reported. The company, however, noted the potential ‘opportunity’ offered by the construction of a new Indonesian capital in Nusantara, East Kalimantan, on the opposite side of Borneo.

India: JSW Cement has dedicated a new temple at its Ankur commune in Salboni, West Bengal, to the goddess Maa Kali. The Orissa Diary newspaper has reported that architecture firm Dulal Mukherjee and Associates designed the temple in the 17th century Bishnupur style. The place of worship is made of locally sourced terracotta.

JSW Cement spokesperson Anushree Jindal said "JSW Cement believes in collaborating with local communities to empower them for a better future. I feel blessed and privileged to have facilitated the creation of a pious, safe haven of worship for the local community in Salboni."

Burundi: The government of Burundi says that it is ready to sign a credit letter with Dangote Cement for the establishment of a cement plant in the country. In this way, the government hopes to provide a long-term solution to the on-going national cement shortage. In the meantime, the government urged Dangote Cement to devise ‘modalities for the supply of construction materials’ into the country.

Burundian delegates at a meeting with Dangote Cement on 8 July 2022 said that Northwest Burundi is endowed with abundant limestone reserves.

Switzerland: Hoffmann Green Cement Technologies has launched a new joint venture with a Switzerland-based construction industry partner. Hoffmann Green Cement Technologies will hold a minority stake in the new subsidiary, which will produce its reduced-CO₂ clinkerless cement at an upcoming plant. The producer says that the unit will apply the vertical production model of its existing H2 plant in France.

Co-founders of Hoffmann Green Cement Technologies Julien Blanchard and David Hoffmann said "After signing our first contract outside France more than a year ago, we are proud to accelerate our international development through a licensing model for Hoffmann Green technologies and processes. The opening of this first subsidiary in Switzerland proves the attractiveness of our carbon-free solution without clinker outside our borders, and constitutes a structuring step in the development of Hoffmann Green."

Australia/Canada: Fortex and Nidus3D have won contracts to become Denmark-based COBOD’s distribution partners for the Australian and Canadian markets respectively. Nidus3D previously printed a multi-unit residential building, the first of its kind in North America, using COBOD’s 3D printing equipment. Meanwhile, the supplier says that its first BOD2 3D printer available on the Australian market will arrive there in late 2022.

Regarding the Australian contract with Fortex, COBOD noted that it will make its equipment available on six different continents.

South Korea: Korea Cement Association (KCA) members’ cement shipments fell by 90% over two days to 13,000t on 8 June 2022 from 180,000t/day prior to a truck driver strike which began on 7 June 2022. The association claimed that producers lost US$23m-worth of sales in the first two days of the strike, which also affects other industries. 17 ready-mix concrete batching plants in the Seoul area have suspended operations. The Korea Herald newspaper has reported that the association representing the construction industry has also voiced concerns about the supply situation.

US: Eagle Materials has recorded consolidated sales in its 2022 financial year of US$1.9bn, up by 15% year-on-year. The group’s adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) was US$657m, up by 15%. Full-year cement sales totalled US$1bn, up by 7%, with operating earnings of US$260m, up by 11%. The group’s cement volumes rose by 1% to 7.5Mt.

President and CEO Michael Haack said "As we look back on another extraordinary year, I am extremely proud of our team's ability to deliver record operating and financial results despite multiple external challenges, including transportation disruptions, supply chain constraints and, of course, continuing to navigate the Covid-19 pandemic.” He added "As we begin our new fiscal year, Eagle is well-positioned, both financially and geographically, to capitalise on the underlying demand fundamentals that are expected to support steady and sustainable construction activity growth over the near and long term. We expect that infrastructure investment should increase in the latter part of our fiscal year, as federal funding from the recently enacted Infrastructure Investment and Jobs Act begins in earnest. And, despite recent interest rate increases, housing demand remains strong across our geographies, outpacing the supply of homes. Nonresidential construction activity is also picking up."