Cement News tagged under: City Cement Co

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Umm Al Qura Cement and City Cement see fall in profit

03 November 2023, Published under Cement News

Saudi-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...

Bullish 4Q22 results expected for Saudi Arabian producers

19 January 2023, Published under Cement News

Twelve 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. ...

City Cement sees 31% rise in profit

04 August 2021, Published under Cement News

Saudi Arabia’s City Cement has posted a net profit after tax of SAR49.7m (US$13.25m) in the second quarter of the year, up 30.8 per cent YoY on SAR38m in the year-ago period. Sales also climbed 10 per cent YoY to SAR119.8m from SAR108.9m in the 2Q20.

City Cement shareholders agree on 26% capital cut

27 August 2020, Published under Cement News

Shareholders of Saudi-based City Cement Co have approved a 26 per cent capital cut to SAR1.4bn (US$8.34m) from SAR1.89bn, on having a capital surplus, during the extraordinary general meeting held on 25 August 2020, the company said.   The capital will be decreased as the company has excess capital. The capital reduction will be financed from the company's internal resources. However, the cement producer signed Islamic loan agreements with Saudi British Bank and Riyad Bank at a total value o...

City Cement sees 96% rise in revenues, back in profit in 3Q19

05 November 2019, Published under Cement News

Saudi-based City Cement Co reported profits of SAR50.5m (US$13.5m) in the 3Q19 when compared with SAR2.38m loses in the same quarter of 2018, according to Mubasher. Total revenues increased by 95.8 per cent to SAR127.9m in the third quarter, compared to SAR65.3m in the 3Q18, said a bourse statement. In the first nine months of 2019, net profits of City Cement soared by 283.3 per cent to SAR124m, from SAR32.39m in the same period of the previous year. City Cement generated SAR373m in revenu...

City Cement reports 19% profit increase for 2018

05 March 2019, Published under Cement News

Saudi Arabia’s City Cement Co has noted an 18.9 per cent YoY rise in net profit to SAR111m (US$29.58m) for 2018, compared with SAR93.3m of the previous year. The increase was supported by a reduction in sales costs and raising operational efficiency, while the company also reported the final settlement with the main contractor, Sinoma International Engineering Co, for its second production line. In the final quarter of 2018, its profits climbed 229.8 per cent to SAR78.58m from SAR23.83m o...

City Cement agrees settlement with Sinoma International

18 December 2018, Published under Cement News

City Cement of Saudi Arabia has made a settlement with Sinoma International for payment of its second production line. The original contract was signed in June 2012 for a total of SAR970.63m (US$258.8m), but City Cement imposed a delay of eight per cent interest on the contract's final total of SAR43m. City Cement's second production line in Riyadh has a cement capacity of 1.9Mta. The final settlement with Sinoma International will appear on the 4Q18 earnings of City Cement.

Saudi Arabian cement sales down 16% in January

15 February 2017, Published under Cement News

Domestic cement deliveries in Saudi Arabia in January 2017 were 15.9 per cent lower than in the same month the previous year, according to statistics released by Yamama Cement. At 4.78Mt, cement sales in the country were significantly below the January 2016 figure of 5.68Mt. Meanwhile, Saudi producers continue to amass clinker stocks, adding another 0.4Mt to their reserves in January. Clinker stocks now amount to 28.5Mt – enough to supply more than six months of Saudi cement demand at ...

Saudi Arabia cement companies see sales and production fall 10%

20 September 2016, Published under Cement News

Sales of cement by Saudi Arabian companies declined by 9.93 per cent YoY in August, while production dropped by 10.4 per cent, Mubasher reports. Output for August was 4.3Mt, while deliveries were 4.4Mt. The fall in sales was unevenly distributed, with some companies – notably Riyadh Cement and City Cement – seeing double-digit increases. Of the bigger players, Saudi Cement escaped the worst, with its sales falling by 1.5 per cent, while Yanbu fared particularly poorly, with sales dropping...

Saudi Arabia: sales volumes fall 27%

25 July 2016, Published under Cement News

Total cement sales in Saudi Arabia declined 27 per cent YoY and 39.6 per cent MoM in June, to 4.1Mt. Cement production in June was 3.66Mt, down 25 per cent YoY and 34.6 per cent MoM. June’s fall in sales volume can be attributed to Ramadan, which fell solely in June this year, unlike last year when it was split across June and July. All cement producers reported a decline in sales during the month. Al Jouf, Saudi and City Cement experienced the lowest declines in sales, with figures falli...