Cement News tagged under: City Cement
City and Umm Al-Qura Cement agree to date extension of swap deal09 April 2024, Published under Cement NewsCity Cement Co last week announced an update at the Saudi Stock Exchange (Tadawul) regarding extending a non-binding Memorandum of Understanding (MoU) concerning a securities swap deal with Umm Al-Qura Cement Co. Accordingly, it has been agreed with Umm Al-Qura Cement Co to extend this memorandum with the same previous terms and conditions for an additional six months from the date of expiration of the extension of the MoU. The extension is due to complete the necessary procedures to ... |
City Cement predicts 8% cost increase28 February 2024, Published under Cement NewsCity Cement has said that its total costs are expected to advance by eight per cent following the increase in the price of fuel products used in cement products that was announced by Saudi Arabian Oil Co (Aramco) last month. According to Mist News, the direct financial impact is expected to be seen from the first quarter of 2024, although the company added that its investments in alternative fuel and waste heat recovery systems had helped to mitigate some of the fuel price increase. |
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... |
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 ... |
City Cement reports drop in net profit in 202221 March 2023, Published under Cement NewsSales of Saudi-Arabia-based City Cement saw a 13.1 per cent fall to SAR431.4m (US$115m) in 2022 from SAR496.7m in 2021, reports Reuters. Net profit after zakat and tax was down 28.3 per cent YoY to SAR115m from SAR160.3m in 2021. City Cement operates a 5.28Mta integrated cement plant at Marat , northwest of Riyadh in central Saudi Arabia. |
City Cement posts 26% drop in 2Q sales11 August 2022, Published under Cement NewsSaudi Arabia-based City Cement Co saw a 50.1 per cent drop in net profit after zakat and tax to SAR24.8m US$6.61m) in the second quarter of 2022. In the 2Q21 net profit after zakat and tax stood at SAR49.7m. The company reported sales of SAR89.2m in the 2Q22, down 25.5 per cent from SAR119.8m in the 2Q21. The company attributes the decrease to reduced sales volumes and values. |
Two Saudi cement firms report declining 1H22 profits10 August 2022, Published under Cement NewsTwo cement companies have posted their interim financial results at the Saudi Stock Exchange (Tadawul) for the period ending on 30 June 2022, showing lesser earnings during this period. City Cement Co and Arabian Cement Co reported lower profits during the 1H22, continuing the trend of declining cement sector profits. The City Cement Co reported SAR42m (US$11.2m) in profit for the first half compared to SAR115.72m, down 63.71 per cent from the same period in 2021. Its revenues fell b... |
City Cement sees 26% fall in profit02 November 2021, Published under Cement NewsSaudi Arabia's City Cement has posted a 25.6 per cent YoY decline in net profit to SAR38m (US$10.13m) in the quarter ending 30 September 2021, compared with SAR51.1m in the year-ago period. Sales also fell 20.6 per cent to SAR111.6m from SAR140.6m in the 3Q20. |
City Cement announces 16% increase in net profit02 March 2021, Published under Cement NewsSaudi Arabia’s City Cement has seen a 16 per cent YoY increase in net profit to SAR220.5m (US$58.8m) in 2020, compared with SAR190.1m a year earlier. The company’s revenue also rose 7.7 per cent YoY to SAR572.3m. The rise in annual profit was mainly due to higher sales value and volumes, alongside lower Zakat and general and administrative expenses, according to a bourse disclosure. |
City Cement reports 12% increase in net profit07 August 2020, Published under Cement NewsSaudi Arabia’s City Cement saw a 12.2 per cent rise in net profit to SAR36.2m (US$9.65m) in the second quarter of 2020, compared with SAR32.25m in the corresponding period of last year. The higher profits have been attributed to a growth in sales and other revenues, alongside a decline in costs. The company also reported a 44.8 per cent increase in net profit after zakat to SAR106.66m for the 1H20, against SAR73.67m in the first half of 2019. |