Hail Cement increases quarterly net loss, Saudi Arabia

Saudi cement producer Hail Cement Co has reported a net loss of SAR13.9m (US$3.7m) for the first quarter of 2013, double the loss recorded in the same period a year ago of SAR6.3m.

The company attributed the loss to higher expenses related to launching production, coupled with higher salary costs due to the growing number of employees.

Newcomer to the Saudi cement industry, Hail Cement’s 1.65Mta plant, located in the north of the kingdom, is scheduled to come on-stream in the third quarter of this year. The plant has been constructed by Simoma’s CDI while Wärtsila is supplying seven 20V£2 gnerating sets for a 52MW power plant.