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.
Cementos Portland Valderrivas' Vallcarca cement plant to become US$300m technology city
Spain: Construction company Fomento de Construcciones y Contratas (FCC) plans to turn the site of Cementos Portland Valderrivas' Vallcarca cement plant and workers' colony into a new technology ‘city.’ Local press has reported that FCC's owners have committed an initial investment of US$300m towards the project. Possible activities in the technological city include film sets, production companies, an auditorium, training and research spaces and housing, catering and leisure facilities for technology developers.
Lafarge Africa to sell bulk Portland limestone cement as Roadcem
Nigeria: Lafarge Africa has applied to the Standards Organisation of Nigeria (SON) to use the product name Roadcem for its CEM-II Portland limestone cement (PLC) when sold in bulk. The Nigeria Tribune newspaper has reported that Lafarge Africa supplies PLC in bulk for use as a soil stabiliser in roadbuilding. It sells supplies the product bagged to retailers as Classic PLC.
SON certified Lafarge Africa's PLC under its Mandatory Conformity Assessment Programme.
Dalmia Bharat increases cement sales and income in first quarter of 2024 financial year
India: Dalmia Bharat sold 7Mt of cement during the first quarter of the 2024 financial year, up by 12% year-on-year from 6.2Mt in the first quarter of the 2023 financial year. The company's income also rose, by 10% to US$442m, while its net profit dropped by 30% to US$17.6m. Hindu BusinessLine News has reported that the producer noted a continued downward trajectory to its fuel costs. During the quarter, Dalmia Bharat commissioned its new 2.5Mt/yr Bokaro cement plant in Jharkhand, and completed de-bottlenecking work at its 0.6Mt/yr Midnapore plant in West Bengal.
Managing Director and CEO Puneet Dalmia said "This quarter has been a disappointment as against our expectations. Having said so, we remain focused on seizing the emerging demand opportunities.”
Cement Managing Director and CEO Mahendra Singhi added “Given the promising outlook for cement demand, the expectation of stable cement prices during the rest of the year, and the softening in commodity costs, we anticipate a gradual improvement in profitability."
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