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Terror funding charges dropped against former Lafarge executive

06 March 2019

France: Eric Olsen, the former human resources chief of Lafarge says that charges of financing a terrorist organisation by have been dropped against him. French prosecutors have been investigating Lafarge’s conduct in Syria, according to the Agence France Presse. In late 2017 Olsen and two other former executives were charged with ‘financing a terrorist organisation’ and ‘endangering the lives of others’. The second charge still stands against Olsen although he is reportedly challenging it.

The investigation is attempting to determine whether LafargeHolcim’s predecessor company Lafarge Syria paid terrorist groups in Syria during its civil war and how much managers knew about the situation.

Published in Global Cement News
Tagged under
  • France
  • Syria
  • Lafarge Syria
  • LafargeHolcim
  • Legal
  • terrorism
  • GCW394

Raysut Cement blames falling profits on overcapacity in UAE

06 March 2019

Oman: Raysut Cement’s sales revenue rose by 27% year-on-year to US$236m in 2018 from US$187m in 2017. However, its operating profit fell by 85% to US$7.02m from US$17.5m. It blamed this on lower prices due to imports from the UAE, higher packaging costs, higher shipping costs and other general costs. Its cement sales volumes increased by 13% to 3.33Mt from 2.94Mt. The cement producer noted that excess production capacity in the UAE reduced prices in that country as well as in northern Oman.

Published in Global Cement News
Tagged under
  • Oman
  • Raysut Cement
  • Results
  • UAE
  • Yemen
  • GCW394

Dangote Cement targets exports of US$600m in 2019

06 March 2019

Nigeria: Aliko Dangote, the president of Dangote Cement, says that his company is targeting exports of US$600m/yr to sub-Saharan Africa. He made the comments at the Dangote Cement Distributors’ Award Night in Lagos, according to the Nigerian Guardian newspaper. He added that Dangote Cement will become the largest exporter of cement in the region in 2019. It plans to focus on African countries with limited limestone reserves. The company is building new terminals at Onne and in Lagos. He also expressed hope that congestion at the Port of Apapa would be cleared soon to help the company meet its export targets.

Published in Global Cement News
Tagged under
  • Nigeria
  • Dangote Cement
  • Export
  • Terminal
  • GCW394

Kenyan government working on rescue strategy for EAPCC

06 March 2019

Kenya: Trade and Industrialisation Cabinet Secretary Peter Munya says that the government has started work on a rescue strategy for the East African Portland Cement (EAPCC). It has conducted due diligence to reduce the company’s losses and looked into changing the management and upgrading its Athi River plant, according to the Standard newspaper. The cement producer reported a US$12m loss in the half year to 31 December 2018. It also has debts of US$108m.

The EAPCC is planning to sell land it owns for up to US$150m but the government does not believe that this will be sufficient to revive the company. It is currently operating at 50% of its production capacity due to financial restraints. It also plans to further reduce its workforce to cut costs.

Published in Global Cement News
Tagged under
  • Kenya
  • Government
  • East Africa Portland Cement
  • East African Portland Cement Company
  • Debts
  • GCW394

Sephaku Cement suffers from competition and imports in 2018

06 March 2019

South Africa: Sephaku Cement’s revenue fell by 3.1% year-on-year to US$161m in 2018 from US$167m in 2017. Its net profit dropped by 19% to US$3.3m from US$4.07m. The subsidiary of Nigeria’s Dangote Cement said that the general poor economy in the country led to an estimate 5 – 10% decline in industry sales volumes. It blamed ‘intense’ competition between clinker grinding plants, producers and importers. Its sales volumes of cement fell by 6.4%.

Published in Global Cement News
Tagged under
  • South Africa
  • Sephaku Cement
  • Results
  • Dangote Cement
  • GCW394
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