Global Cement News

China: Anhui Conch Cement plans to conduct a share buyback to repurchase up to US$82.5m-worth of its shares. Dow Jones Institutional News has reported that the group will finance the buyback using its internal funds.

India: The Competition Commission of India (CCI) will carry out a pan-India market study into the cement industry. The Hitavada newspaper has reported that the study will cover supply structure, pricing dynamics and other aspects of the market. The CCI says that it is conducting the study in order to investigate potential collusion, ensure fair competition and protect consumers’ rights, as well as to obtain insights into the state of the cement market across different regions of India.

The CCI said “Cement is a critical input in crucial sectors of the economy, such as housing and infrastructure. These sectors have well-known forward and backward linkages with a range of other industries, thereby having the potential to influence the overall growth trajectory of the economy.”

Nigeria: BUA Cement recorded sales of US$423m throughout the first nine months of 2023, up by 27% year-on-year from US$333m in the first nine months of 2022. Growth in the group’s cost of sales outstripped revenues growth, at 31%, to US$236m. Energy costs rose by 27% year-on-year, while raw materials costs rose by 47% year-on-year. BUA Cement’s profit grew by 2.8% to US$96.4m, from US$93.9m.

Jamaica: Caribbean Cement recorded US$137m in sales during the first nine months of 2023, up by 8% from US$127m during the corresponding period in 2022. The company’s cost of sales grew by 18% year-on-year to US$82.3m from US$69.8m. This resulted in a net income of US$28.3m, up by 3.2% from US$27.4m.

India: JK Lakshmi Cement recorded sales of US$189m during the second quarter of the 2024 financial year (FY2024), up by 15% year-on-year. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 33% to US$26.1m, while its profit grew by 43% to US$5.4m.