Saudi cement producer Arabian Cement Company (ACC) ACC, based in Jeddah, western Saudi Arabia, posted a net profit of 261 mln Saudi riyals ($69.6m) for the first nine months of 2004, up from 160 mln riyals ($42.7m) in the year-ago period.
ACC’s sales stood at 444.6 mln riyals ($118.6m), up 9.7 per cent, while the cost of sales rose 3.9 per cent to 235.8 mln riyals ($62.9m). As a result, gross profit totalled 208.8 mln riyals ($55.7m), a 17.2 per cent increase. ACC’s total assets stood at 1.513 bln riyals ($403m), up 7.0 per cent.
ACC is reviewing its strategy on how to go ahead with the expansion of its existing Rabigh plant. Two companies IHI and Germany’s Polysius submitted bids in mid-August for the large-scale turnkey contract, with an award originally expected in October. However, ACC is now considering different options on how to proceed with the scheme in view of the rising cost of goods and services imported from the eurozone and Japan.
Among the options being mulled is breaking up the project into several smaller packages. The expansion scheme covers the installation of a new 7000tpd cement line and expansion of ACCís existing power and desalination facilities. Austroplan Austrian Engineering is the consultant on the project