Cement News tagged under: Saudi Arabia
Umm Al Qura Cement and City Cement see fall in profit03 November 2023, Published under Cement NewsSaudi-Arabia-based Umm Al Qura Cement Co reported net profits of SAR1.44m (US$0.38m), representing a 76.4 per cent drop YoY from SAR6.12m in the third quarter of 2023. Revenues decreased by 38.2 per cent YoY to SAR33.51m from SAR54.2m in the 3Q23. In the first nine months of 2023 the company posted net profits of SAR10.05m, down 65.7 per cent YoY from SAR29.3m. Revenues fell by 33.9 per cent to SAR118.5m in the 9M23 from SAR179.29m in the 9M22. Meanwhile, City Cement Co saw its net pr... |
Najran Cement to buy 20-25 per cent stake in the building materials industry24 October 2023, Published under Cement NewsNajran Cement Co of Saudi Arabia announced the signing of a non-binding memorandum of understanding (MoU) with Ayan for Commerce & Industry (Ayan), according to which Najran Cement Co will study the feasibility of purchasing a minority stake in one of Ayan’s subsidiary companies that works in the building materials industry. According to the Saudi Stock Exchange, the data of signing the MoU was 18 October 2023. The MoU is valid until 31 December 2023 and can be extended with the approva... |
Saudi Arabian exports top 11Mt18 October 2023, Published under Cement NewsSaudi Arabia exported a total of 11.33Mt of cement and clinker in the 21-month period covering 2022 and the opening nine months of 2023. The figures from the Saudi Trade Ministry mark a notable ramp up in output by the country’s cement producers. Exports were primarily destined for Jordan, Yemen, Bahrain, Iraq and Bangladesh, reports Zawya. In 2022 Saudi Arabia received a total of 181,000t of cement and clinker as construction activity stepped up following COVID-19. Key markets for importe... |
Saudi cement sales drop 6% YoY11 October 2023, Published under Cement NewsSaudi Arabian cement sales declined to 4.01Mt in September 2023, down six per cent compared to the 4.26Mt seen in the same period a year earlier, according to Aljazira Capital. Over the same timeframe, cement exports advanced too 776,000t, up slightly from 773,000t in September 2022. Over the first nine months of 2023, export sales have remained stable YoY at 6.4Mt. September 2023 saw clinker inventories of 39.69Mt, marking an 11 per cent increase YoY and 0.4 per cent advance MoM, reports... |
Saudi Arabia's exports fall 21% YoY in August15 September 2023, Published under Cement NewsSaudi Arabia saw its cement exports decline by 21.3 per cent in August 2023 to 620,000t. This compares to 788,000t in the same month a year earlier, according to Aljazira Capital. Domestic sales in August 2023 came in at 3.96Mt, marking a contraction of 9.6 per cent from the 4.38Mt recorded in August 2022, reports Zawya. Clinker inventories stood at 39.5Mt in August, up 10.5 per cent YoY and 1.2 per cent compared to July 2023. This marks the highest inventory level since Septem... |
City Cement sets up AF joint venture12 September 2023, Published under Cement NewsSaudi Arabia-based City Cement Co has announced that its subsidiary Green Solutions for Environmental Services has set up a joint venture to produce alternative fuel from waste, reports Zawya. The newly-created venture, which reportedly has capital of SAR6.77m (US$1.8m), is owned by Green Solutions (29.4 per cent), Lechtenberg Middle East for Environmental Services Co (19.6 per cent), and Tadweer Environmental Services Company (51 per cent), a unit of Public Investment Fund-backed Saud... |
Hoffmann Green Cement Technologies to build green plants in Saudi Arabia06 September 2023, Published under Cement NewsHoffmann Green Cement Technologies (HGCT) has signed a 22-year exclusive licensing agreement with Saudi-based Shurfah Group that will see the construction of several green cement units across the kingdom. Founded in 2014 and based in Bournezeau, western France, Hoffmann Green Cement Technologies is a designer, producer and distributor of innovative extremely low-carbon cements that present, at equivalent dosage and with no alteration to the concrete manufacturing process, and superior p... |
Southern Province Cement posts net profit of SAR68m in 2Q2304 September 2023, Published under Cement NewsIn the January-June 2023 period, Southern Province Cement logged net profits after zakat and tax valued at SAR68m (US$18.1m) down 54.6 per cent YoY from SAR150m. Revenues declined by 6.74per cent to SAR526m in the 1H23 from SAR564m in the 1H22, while the earnings per share (EPS) plummeted to SAR0.49 from SAR1.07. During the 2Q23, the company posted 68.9 per cent lower net profits after zakat and tax at SAR19m, compared to SAR61m a year earlier. The revenues decreased by 3.42 per cent... |
City Cement revenue falls 13% YoY in 2Q2315 August 2023, Published under Cement NewsSaudi Arabia’s City Cement has posted revenue of SAR77.8m in the second quarter of 2023, down 13 per cent YoY. Net income over the same period fell 2.2 per cent to SAR24.3m, while the profit margin came in at 31 per cent, up from the 28 per cent seen in the second quarter of 2022. The increase in margin was reportedly driven by lower expenses. Earnings per share in the 2Q23 stood at SAR0.17, down slightly from SAR0.18 in the 2Q22. According to the company, revenue is expected to advance ... |
Al Jouf Cement reports 41% YoY increase in revenue14 August 2023, Published under Cement NewsAl Jouf Cement has reported revenue of SAR138.23m in the first half of 2023, marking a 40.6 per cent increase compared to the same period a year earlier. Net profit over the same period improved from SAR1.8m to SAR43.6m, driven by an increase in volumes and average selling prices. Earnings per share advanced from SAR0.02 in the 1H22 to SAR0.40 in the corresponding period the following year. In the second quarter of 2023, revenue stood at SAR67.96m, up 37.3 per cent YoY from the SAR49.48m... |