Global Cement News

Philippines: Eagle Cement’s sales rose by 24% year-on-year to US$246m in the first half of its 2023 financial year from US$199m a year earlier. Its income was US$53.4m, down by 20% year-on-year from US$66.6m. Eagle Cement attributed the decline to cost impacts resulting from the Russian invasion of Ukraine and bottlenecks in global supply chains. Its operating expenses were US$26.1m, up by 35% year-on-year.

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.”

South Africa: Bowman International has launched Bowman Split Bearings South Africa to deliver the manufacturer’s high-load capacity split roller bearings to the South African and African markets.

Managing Director Paul Mitchell said “There are several heavy-side industries in South Africa and Africa that struggle with the detrimental effects of bearing failure. Our new associates – directors Gary Mayer and Leon Van den Berg – will support businesses in these areas to reduce downtime by specifying the Bowman Advanced Roller Bearing, which is specifically designed for high-load applications.”

Pakistan: Lucky Cement’s consolidated sales in its 2022 financial year, which ended on 30 June 2022, were US$1.47bn. This represents an increase of 60% year-on-year from US$920m in the 2021 financial year. The group said that it overcame economic challenges during the year through its successful execution of its diversification strategy and the ‘robust’ performance of all its businesses. Its full-year net profit was US$162m, reportedly in line with its previous year’s performance.

Lucky Cement’s standalone cement sales volumes fell by 8.9% year-on-year to 9.1Mt from 10Mt. Its exports fell by 25% to 1.8Mt from 2.4Mt.

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.