Cement News tagged under: Kuwait

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Gulf Cement to delist from Boursa Kuwait

07 April 2020, Published under Cement News

At its ordinary general meeting, Gulf Cement Co has approved the board’s proposal to delist from Boursa Kuwait. In addition, the company will not to distribute dividends for 2019 due to the current circumstances, changes in international economics, and continuous competition in local and foreign markets, according to Mubasher. The company also reported that Kuwait’s cement sector has incurred major damages due to continuous oversupply and weakening demand, alongside the increasing pric...

Suez Cement looks to sell stake in Hilal Cement

11 March 2020, Published under Cement News

Egypt’s Suez Cement has decided to place its 51 per cent stake in Kuwait-based Hilal Cement up for sale, according to a statement to the country’s stock exchange. Elsewhere, the company’s board has also approved a proposal to obtain a three-year US$125m loan from HeidelbergCement, its parent company. The funds are expected to be used to offset local overdue payments.

Kuwait Portland Cement records 26% decline in profit

24 February 2020, Published under Cement News

Kuwait Portland Cement has announced a 26.4 per cent YoY decrease in 2019 profit to KWD7.59m (US$24.88m), compared with KWD10.32m a year earlier. Operating revenue also declined 19.5 per cent to KWD85.23m from KWD105.94m in 2018. In the 4Q19, the company saw net profit dip 43.6 per cent YoY to KWD1.41m from KWD2.5m in the year-ago period.

GCC: a return of fortunes?

17 February 2020, Published under Cement News

The performance of the GCC cement sector improved significantly in 2019 when compared with the previous year as higher domestic consumption combined with increased export demand. For 2020, the outlook remains equally promising, supported by expansionary budgets and the normalisation of relations between GCC countries. Most of the GCC countries, including Oman, announced expansionary budgets, fuelling expectations of increased construction activity going forward GCC cement sec...

Kuwait Portland Cement 3Q profit down 75%

12 November 2019, Published under Cement News

Kuwait Portland Cement Co reported a 75 per cent decline in net profit in the third quarter of 2019. The company achieved profits of KWD605,600 (US$2m) in the 3Q19, compared with KWD2.42m (US$7.98m) in the 3Q18, Mubasher reports. In the first nine months of 2019 there was a 21 per cent drop in profit to KWD6.18m, from KWD7.82m in the previous-year period.

Hilal Cement Co reports loss in 3Q19

08 November 2019, Published under Cement News

Kuwait’s Hilal Cement Co has reported a loss of KWD52,300 (US$172,700) in the third quarter of 2019, according to a company bourse statement. However, in the first nine months of 2019 the company’s profit advanced 57.5 per cent YoY to KWD801,410 from KWD508,860.

Kuwait Portland Cement sees slight fall in 2Q19 profit

05 August 2019, Published under Cement News

Kuwait Portland Cement has noted a 0.7 per cent YoY decline in profit for the 2Q19 to KWD1.52m (US$5m), compared with KWD1.53m in the corresponding period of last year. However, the company’s net profit for the first half of the year increased 3.2 per cent to KWD5.57m from KWD5.4m, according to a statement to the Boursa Kuwait. 

Kuwait Cement Co proposes AF initiative

25 June 2019, Published under Cement News

Kuwait Cement Co has proposed an initiative for the government to co-process municipal solid waste (MSW) at its plant in eastern Shuaiba to ease the issue of growing waste in the country. Meshal Al-Rashed, executive vice-chairman of Kuwait Cement Co, has requested the chairman of the municipal council to present the company’s solution to the Environment Committee, according to Al-Qabas. Mr Al-Rashed noted that the company is the only one in the country with the facilities to burn MSW in a ...

QNCC looks to export 3Mta of clinker to Africa, Asia and Kuwait

29 April 2019, Published under Cement News

Qatar National Cement Co (QNCC) is now looking to export as much as 3Mta of clinker, particularly focussing on markets in Africa, Asia (including India) and Kuwait. "We are looking at Africa, Asia and some of the Gulf countries. We have 3Mt of clinker (for exports)" said Salem Butti Al-Naimi, QNCC chairman and managing director. The announcement comes after the company commissioned its 5000tpd fifth plant in February this year. According to Mr Al-Naimi, the potential export markets such ...

Kuwait Portland Cement sees 12% profit rise in 2018

12 April 2019, Published under Cement News

Kuwait Portland Cement Co recorded a net profit of KWD2.49m (US$8.2m) in the 4Q18. This represents a 150 per cent YoY advance when compared with KWD997,000 (US$3.2m) in the same period of 2017. In 2018, the company achieved a 12 per cent rise in earnings to KWD10.3m from KWD9.19m in 2017, according to a bourse filing. Operating income expanded by 4.3 per cent YoY to KWD8.87m from KWD8.5m in 2017.