Cement News tagged under: Middle East
Oman Cement commissions WTE plant26 September 2022, Published under Cement NewsAs part of efforts to reduce its reliance on natural gas, Oman Cement plans to commission a waste-to-energy (WTE) plant, using shredded scrap tyres. The plant is expected to be commissioned by the end of 2022. According to Oman Daily Observer, the plant is part of a fuel diversification strategy adopted by the cement company, which is 51 per cent owned by Oman Investment Authority (OIA), to enable access to a mix of alternative, sustainable energy sources. Two years ago, Oman Environmen... |
Qassim Cement signs MoU for proposed acquisition of Hail Cement26 September 2022, Published under Cement NewsQassim Cement Co (QCC) signed a non-binding memorandum of understanding (MoU) with Hail Cement Co (HCC) to commence discussions for QCC to acquire all issued shares of HCC. In a statement to Tadawul, QCC said both parties will proceed with the due diligence in relation to the proposed transaction. If the deal completes based on the exchange ratio, the total consideration to be paid by QCC to HCC’s shareholders will be approximately 18.92m newly-issued shares in QCC. Based on QCC’s ... |
QNCC and Gord sign MoU on low-carbon products21 September 2022, Published under Cement NewsThe Qatar National Cement Company (QNCC) and Gulf Organisation for Research & Development (Gord) have signed a Memorandum of Understanding (MoU) pledging to improve efforts at promoting a more sustainable built environment, reports the Gulf Times. Under the agreement, the partners will collaborate on research, development and innovation (RDI) projects in the field of green/low-carbon building products. Apart from RDI activities, the organisations will also lead capacity building and kno... |
August cement sales up 10% YoY in Saudi Arabia13 September 2022, Published under Cement NewsCement sales in Saudi Arabia advanced by 10 per cent YoY in August 2022, according to a report by brokerage house Aljazira Capital. Sales last month reached 4.38Mt marking a 19.2 per cent improvement on the previous month.Cement exports grew by 34 per cent YoY in August to 788,000t, compared to 588,000t in August 2021. The highest sales increases were reported by Yamama Cement Co , which saw a YoY increase of 64 per cent, and Arabian Cement Co , which recorded a 29.5 per cent advance ov... |
Riyadh Cement reports drop in 1H profit07 September 2022, Published under Cement NewsSaudi Arabian cement producer Riyadh Cement Co posted a 28.8 per cent decline in 1H22 sales to SAR285.6m (US$76.2m) from SAR401.4m in the 1H21. The company’s net profit after zakat and tax fell by 46.9 per cent to SAR85.1m in the 1H22 from SAR160.4m in the 1H21. |
RAK White Cement board approves delisting from Boursa Kuwait07 September 2022, Published under Cement NewsThe board of Ras Al Khaimah Co for White Cement and Construction Materials has approved the delisting of the UAE company’s shares from Boursa Kuwait. The company retains its listing on the Abu Dhabi Securities Exchange. In the 1H22 the company reported net profits attributable to the owners of KWD1.41m (US$4.57m), up 22 per cent from KWD1.16m in the 1H21. Total operating revenues expanded by five per cent YoY to KWD10.71m from KWD10.16m in the year-ago period. |
Larestan plant switches to gas07 September 2022, Published under Cement NewsTo reduce the burning of mazut, an eco-unfriendly fuel, at the Larestan Cement Plant in Fars Province, Iran, the works has now been connected to the national gas grid. A 35km-long pipeline will supply the plant with 20Mm 3 of gas each year, reducing the burning of mazut by 25Ml annually, reports the Financial Tribune. Mazut is a low-quality heavy fuel oil containing 2-3.5 per cent sulphur, often used in power plants and similar applications. |
Riyadh Cement reports 47% profit fall in 1H2206 September 2022, Published under Cement NewsSaudi-based Riyadh Cement has reported a 47 per cent YoY decline in profit to SAR85m (US$22.67m) in the opening six months of 2022. Over the same period, the company saw its revenue contract by 35 per cent to SAR258m, reports Arab News. The fall is being blamed on lower cement sales. According to the company, which operates an integrated plant in Muzahmiyah , it plans to pay SAR0.75/share in cash dividends in the 1H22. |
Al Jouf Cement sees profits tumble 92% in 1H2229 August 2022, Published under Cement NewsSaudi Arabia’s Al Jouf Cement Co has reported a 19.2 per cent YoY fall in revenue to SAR98.29m (US$26.2m) in the first half of 2022. Net profit after zakat and tax tumbled 92 per cent over the same period to SAR1.82m, compared to SAR25.7m in the 1H21. According to the company, the fall in profit was due to lower sales volumes along with reduced domestic selling prices. The second quarter of 2022 saw a 7.9 per cent YoY decline in revenue to SAR49.48m. Net profit after zakat and tax fell... |
South Valley Cement Co posts net loss of 55% in 1H2226 August 2022, Published under Cement NewsSouth Valley Cement Co posted a net loss of 54.50 per cent during the first 1H22 to EGP117.08m (US$31.2m), compared to EGP75.75m in the 1H21. However, sales stood at EGP325.86m in the 1H22, a considerable growth from EGP106.43m in 1H21. In the second quarter of 2022, the cement company reported higher net losses at EGP85.87m from EGP40.05m in the 2Q21. In the meantime, the company’s sales grew to EGP119.71m during 2Q22 from EGP44.30m in the 2Q21. |