Saudi cement-makers in weekly retreat

Saudi cement-makers in weekly retreat
29 December 2010

Arabian Cement Co slid 9.9 per cent, the most in more than two years, to 34.5 riyals. The Saudi Arabian maker of building materials said its plant in Jordan is facing delays and will cost an additional US$74m to complete.

Jabal Omar Development Co fell for a fourth day, decreasing 2.3 per cent to 17.05 riyals. The real-estate developer in Saudi Arabia’s holy city of Mecca said its fourth- quarter loss widened to 11.3 million riyals (US$3m) from 1.5 million riyals in the year-earlier period, according to preliminary results.

Southern Province Cement Co retreated 2.4 percent to 61.5 riyals, the lowest close since August 2009. The Saudi cement maker forecast fourth-quarter profit will decline 11 per cent to 161 million riyals because of higher costs.

Yamama Saudi Cement Co dropped 1.9 per cent, the most since July 19, to 52 riyals. Saudi Arabia’s third-largest producer by market value wants the government to lift the ban on cement exports on concern profit margins will drop as more supply pushes prices lower. 

Bloomberg Reports
Published under Cement News