Cement News tagged under: Middle East
Northern Region Cement posts 5% increase in 2022 net profit21 March 2023, Published under Cement NewsRevenues of Northern Region Cement Co in Saudi Arabia increased by 10 per cent to SAR617.95m in 2022 from SAR561.91m in 2021. Net profits after zakat and tax advanced 5.4 per cent YoY to SAR112.45m from SAR106.67m in 2021. Earnings per share increased to SAR0.62 on 31 December 2022, up from SAR0.59m in the previous year. Appointments The company also announced Sulaiman Salim Al Harbi and Faisal Hamad Al Sugar as the new chairman and vice-chairman of the board, respectively for the ... |
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. |
Yanbu Cement full-year profit up 35%16 March 2023, Published under Cement NewsSaudi Arabia-based Yanbu Cement has reported a 35 per cent increase in full-year net profit to SAR215.41m (US$57.44m) from SAR159.56m in the year-ago period. Sales were up five per cent YoY to SAR981.17m from SAR934.03m on the back of improved selling prices in the domestic and export markets. In addition, the cost of sales decreased. Clinker production increased. |
Oman Investment Authority starts sale of Oman Cement Co to Huaxin14 March 2023, Published under Cement NewsThe Oman Investment Authority (OIA) has started the process for divesting its majority stake in Oman Cement Co. Ibrahim bin Said al Eisari, director general of private ownership at OIA, said: “This exit comes in accordance with a plan pursued by OIA aimed at achieving a number of goals, including attracting foreign investment to the sultanate. This will contribute to achieving economic diversification and transfer of modern technology to the targeted sectors.” OIA will sell its entire sha... |
Najran Cement subsidiary secures SAR85m loan14 March 2023, Published under Cement NewsNajran Cement ’s transportation subsidiary obtained a long-term Shariah-compliant credit facility, at a value of SAR85m (US$22.7m), from Al Rajhi Bank. In a statement to Tadawul, the cement producer said that the facility will be repaid within six years in semi-annual installments, with a one year-grace period The facility aims to finance the subsidiary’s expansion in its basic business, the company said, adding that there are no related parties involved in the transaction. |
CEMEX extends VeryNile plastic waste initiative01 March 2023, Published under Cement NewsThe CEMEX and VeryNile initiative have expanded the scope of the partnership to reach the CEMEX Egypt's hometown of Assiut. This comes after the success achieved by their partnership in cleaning the Nile River from plastic waste in Cairo and Giza governorates. The expansion process included contracting a group from the local fishing community from Assiut who collected four loaded trucks of plastic waste from the Nile during their first month. Following the waste hierarchy, CEMEX will us... |
Arabian Cement posts 12% rise in profits in 202228 February 2023, Published under Cement NewsSaudi-Arabia-based Arabian Cement has reported net profits after zakat and tax of SAR181m (US$48.3m) in 2022, representing a YoY increase of 12.1 per cent from SAR161.5m. The company saw a six per cent decline in revenues to SAR970.9m in 2022, up from SAR1.03bn in 2021. Earnings per share grew to SAR1.81 from SAR1.62 in 2021. |
Yamama Cement to exceed 30,000tpd clinker production27 February 2023, Published under Cement NewsSaudi Arabia-based Yamama Cement Company expects its clinker production to exceed 30,000tpd following the launch of commercial operations at its new factory and relocation of its seventh production line to the new facility, said the company's CEO Jehad bin Abdulaziz Al-Rasheed. The expected completion date for the relocation project is the second half of 2025, reports Zawya. The company has signed an agreement with China’s Sinoma Overseas Development Company to relocate and install th... |
Fives Pillard reduces CO2 emissions for Middle East cement plant24 February 2023, Published under Cement NewsFives Pillard has converted two existing hot gas generator burners operating with coal to natural gas. The modified burners existing can now add natural gas to the fuel mix while they can still operate with initial fuels they were designed for. Fives Pillard provided two 5MW Pillard HeatGen System™ burners fuelled by natural gas along with their accessories. The customer chose Fives Pillard, confident in its ability to design equipment that comply with safety and regulation requir... |
GCC cement: set for a revival?13 February 2023, Published under Cement NewsWith oil prices expected to remain elevated, GCC governments are easing their budgets and restarting construction projects. For cement producers this is good news and the sector prepares for its revival as demand for its products is forecast to show significant growth in the short- to medium term. By U Capital Research, Oman. After challenging times due to economic restrictions, caused by the COVID-19 pandemic and low oil prices, the GCC cement sector can now look forward to better... |