Global Cement News

Belgium: Magotteaux has appointed Gonzalo Cavada as its chief executive officer with effect from 31 October 2022. He will succeed Sébastien Dossogne, who will stay in post until the end of October 2022 as part of a transition period. Cavada will be based in Vaux-sous-Chèvremont in Belgium, at Magotteaux’s headquarters.

Cavada currently works as the chief financial officer of Magotteaux’s parent company Sigdo Koppers (SK). He previously worked for SK’s acquisition team when the Chile-based conglomerate purchased Magotteaux in 2011. He is a trained civil engineer who attended the Pontifical Catholic University of Chile and he holds a master’s degree in Business Administration (MBA) from the University of Cambridge.

China: CNBM has blamed declining sales of cement on repeated coronavirus outbreaks, a decline in the real estate market, lack of funding for infrastructure projects and a generally weak economy. Its cement sales revenue fell by 10% year-on-year to US$7.80bn in the first half of 2022 from US$8.65bn in the same period in 2021. Its adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) dropped by 39% to US$1.72bn from US$2.82bn. Cement and clinker sales volumes decreased by 17.8% to 128Mt and 14.6% to 18Mt respectively. Sales volumes of concrete decreased by 24% to 39.5Mm³.

Overall, the group’s revenue fell by 11% to US$15.8bn in the first half of 2022 from US$17.6bn in the same period in 2021. Its adjusted EBITDA dropped by 23% to US$2.87bn from US$3.71bn.

China: Anhui Conch’s operating revenue fell by 30% year-on-year to US$8.14bn in the first half of 2022 from US$11.6bn in the same period in 2021. Its net profit dropped by 33% to US$1.44bn from US$2.17bn. Its overall sales volumes of cement and clinker decreased by 37% to 130Mt. By region the group reported its biggest drop in sales volumes in East China. Anhui Conch blamed its falling sales and profit on continued coronavirus control measures, falling market demand and rising energy prices.

China: Huaxin Cement’s operating income decreased by 2% year-on-year to US$2.08bn in the first half of 2022 from US$2.13bn in the same period in 2021. Its net profit dropped by 35% to US$230m from US$353m. Its sales volumes of cement and clinker declined by 22% to 29Mt. Domestically, the group blamed the situation on the coronavirus pandemic, a “sharp” decline in demand for cement, the high cost of fuel and pressure on prices.

China: China Resources Cement’s (CRC) turnover fell by 21% year-on-year to US$2.05bn in the first half of 2022 from US$2.57bn in the same period in 2021. Its profit decreased by 50% to US$230m from US$463m. Its cement and concrete sales volumes dropped by 26% to 30.7Mt and 23% to 5.4Mm³ respectively. However, its clinker sales volumes rose by 5% to 2Mt. The group also reported that the capacity utilisation rate for its cement and clinker production lines were 70% and 87% in the first half of 2022 compared to 97% and 108% in the same period in 2021.