Cement News tagged under: Saudi Arabia
Bullish 4Q22 results expected for Saudi Arabian producers19 January 2023, Published under Cement NewsTwelve Saudi Arabian cement companies' aggregate profit listed on Tadawul are expected to surge 101 per cent YoY and 20 per cent QoQ to SAR617m (US$164.5m) in the 4Q22, according to a local research house. Argaam sees bullish forecasts for most Saudi Arabian cement producers in the 4Q22 compared to the year-earlier period. Tabuk Cement Co , Yamama Cement Co , Yanbu Cement Co , City Cement Co and Arabian Cement Co are expected to post the biggest rise in the fourth-quarter profit. ... |
Saudi cement demand to remain flat in 202310 January 2023, Published under Cement NewsCement demand in Saudi Arabia is forecast to remain flat in 2023 before expanding by five per cent YoY in 2024, according to a report by SICO Bank. Cement demand fell by 1.8 per cent YoY in November 2022, despite the previous month being the strongest October since 2015. For the whole of 2022, SICO predicts demand to have declined by one per cent YoY. Looking ahead, 2024 growth is expected to be driven by a boom in construction activity on the back of developments in the tourism sector an... |
Yanbu Cement pays out US$31m in dividends12 December 2022, Published under Cement NewsYanbu Cement Company is to pay out cash dividends worth SAR118.12m (US$31.49m) to shareholders in the second half of 2022. This represents 7.5 per cent of capital. According to the bourse disclosure, the Saudi Arabia-based company will disburse SAR0.75 per share for 157.5m eligible shares. The cement producer reported a 4.38 per cent YoY advance in net profit after zakat and tax to SAR156.24m in the opening nine months of 2022. Revenues slipped 0.13 per cent to SAR741.9m, while earning... |
Saudi cement sales rise 5% in November08 December 2022, Published under Cement NewsThe aggregate sales of 17 Saudi cement producers rose one per cent YoY to 4.8Mt in November 2022, according to Yamama Cement Co ’s data. Locally, nine market players reported sales growth, led by United Cement Co with 110 per cent YoY, followed by Northern Region Cement Co with 54 per cent YoY. Eight cement producers reported lower sales, including Umm Al-Qura Cement Co with a fall of 46 per cent YoY. Al Jouf Cement Co had the next largest drop in sales at 22 per cent YoY. Seven... |
Umm Al Qura Cement sees net profit slide 54% YoY in 9M2208 November 2022, Published under Cement NewsSaudi Arabia’s Umm Al Qura Cement Company has reported a 15.13 per cent drop in revenue to SAR179.29m (US$47.8m) in the first nine months of 2022. This compares to SAR211.25m in the same period a year earlier, according to Zawya. Net profit after Zakat and tax over the same period fell from SAR61.92m to SAR28.44m marking a contraction of 54.06 per cent. In the third quarter of 2022, revenues fell 4.81 per cent YoY from SAR56.95m to SAR54.21m, while net profit after Zakat and tax plunged ... |
Southern Province 9M profit contracts to SAR238m03 November 2022, Published under Cement NewsThe net profit after zakat and tax of Saudi Arabia-based Southern Province Cement Co declined by 28.1 per cent YoY to SAR238m (US$63.5m) in the 9M22 from SAR331m. Revenues fell by 12.3 per cent YoY to SAR887m in the 9M22 period from SAR1.01bn in the 9M21. Third-quarter 2022 financial results In the third quarter of 2022, the company’s net profits after zakat and tax saw a 20.3 per cent improvement to SAR89m when compared with SAR74m in the 3Q21. When compared with the previous quarte... |
Najran Cement reports 50% drop in profit in 9M2202 November 2022, Published under Cement NewsNajran Cement has recorded revenue of SAR375.6m (US$100.2m) in the opening nine months of 2022, down 15 per cent compared to the SAR441.89m seen in the 9M21. Net profit after Zakat and tax declined by 50.26 per cent from SAR129.51m in the 9M21 to SAR64.42m in the same period a year later. Earnings per share in the 9M22 came in at SAR0.38 versus SAR0.76 in the same period a year earlier. In the third quarter of 2022, revenue advanced by 1.43 per cent YoY to SAR127.68m, compared to SAR125.... |
Tabuk Cement posts 21% rise in revenue in 9M2202 November 2022, Published under Cement NewsTabuk Cement has posted a 20.6 per cent YoY increase in revenue in the first nine months of 2022. Revenue over the period has risen from SAR174.22m (US$46.5m) to SAR210.11m. However, net profit after Zakat and tax over the same timeframe has fallen by 80.7 per cent from SAR17.42m in 9M21 to SAR3.36m in the 9M22. According to the company, despite improved sales and higher average selling prices, the loss of profit is due to an increase in the cost of sales, higher general, administrative... |
Hail Cement sees net income tumble 113% in 9M2202 November 2022, Published under Cement NewsHail Cement has posted revenue of SAR268.22m (US$71.5m) in the opening nine months of 2022, up 31.6 per cent compared to the SAR203.88m seen in the 9M21. However, net income fell by 112.5 per cent from SAR47.17m in the 9M21 to a loss of -SAR5.9m in the same period a year later. Earnings per share in the 9M22 came in at -SAR0.06 versus SAR0.48 in the same period a year earlier. According to the company, the loss is being attributed to lower average selling prices and higher cost of sales... |
Arabian Cement revenue up 8% in 3Q2231 October 2022, Published under Cement NewsArabian Cement has recorded an eight per cent increase in revenue to SAR241m (US$64.2m) in the third quarter of 2022, compared to the same period a year earlier. Profit over the same timeframe has advanced by 57 per cent to SAR59m. Results for the opening nine months of 2022 show a six per cent YoY uptick in profit, despite sales declining by six per cent. Profits for the nine-month period came in at SAR146m, versus SAR138m in the 9M21, according to Arab News. The rise in profits is be... |