Cement News tagged under: Middle East
Arkan posts net loss in 9M2013 November 2020, Published under Cement NewsUAE-based Arkan Building Materials Co has recorded a net loss of AED3.71m (US$1.01m) in the first nine months of 2020, compared to an AED36.13m profit in the corresponding period of last year. The company’s revenues fell 14 per cent YoY to AED581.02m from AED675.5m in the 9M19. The lower revenues were attributed to a decrease in cement sales volumes and falling prices due to the impact of COVID-19. "Whilst this unprecedented time has tested the resilience of many organisations, I am proud... |
Saudi Arabian cement companies see combined profits rise 39%12 November 2020, Published under Cement NewsThe combined profits of 14 Tadawul-listed Saudi cement companies grew by 39.3 per cent YoY to SAR840.87m during the 3Q20, compared with SAR603.54m in the same period of 2019, according to Mubasher. A total of 13 cement firms achieved growth in quarterly profits, while Northern Region Cement saw profits fall. The net profit of Southern Province Cement Co was the highest in the third quarter, rising 66.7 per cent YoY to SAR150m. Qassim Cement saw a 22.1 per cent advance in profit to SAR1... |
ICSID rules in Egyptian states favour in Spanish cement case06 November 2020, Published under Cement NewsAfter seven years of arbitration proceedings, the International Center for Settlement of Investment Disputes (ICSID) has turned down a lawsuit filed by Spanish companies Cementos La Unión and Aridos Jativa against the Egyptian State. The dispute concerned a compensation claim of more than EUR236m for damages allegedly incurred by both companies. Cementos La Unión and Aridos Jativa claimed that the Egyptian State had not upheld its international obligations and argued that a bilater... |
Gulf Cement Co sees net loss widen in the 9M2005 November 2020, Published under Cement NewsUAE-based Gulf Cement Co has recorded a net loss of AED268.13m (US$73.01m) for the first nine months of 2020, widening from an AED3.86m loss in the year-ago period. The company's revenues fell 24 per cent YoY to AED259.48m in the 9M20, compared with AED341.01m in the corresponding period of last year. Meanwhile, the company has incurred accumulated losses of AED413.22m, representing over 50 per cent of the issued share capital, according to a financial statement. "Due to the slowdown i... |
Saudi Cement sees revenue advance 25% YoY02 November 2020, Published under Cement NewsSaudi Cement saw its revenue advance 24.7 per cent YoY to SAR387m (US$103m) in the 3Q20, supported by a 19.8 per cent growth in cement volumes to 1.6Mt.Gross profits and operating income increased by 23.8 per cent YoY and 22.8 per cent YoY, respectively. In the first nine months of 2020, Saudi Cement saw a volume growth of 9.9 per cent YoY. |
Al Jouf Cement sees surge in net profit for the 3Q2002 November 2020, Published under Cement NewsSaudi Arabia’s Al Jouf Cement reported a 643.4 per cent YoY surge in net profit to SAR8.22m (US$2.19m) for the third quarter of 2020, compared to SAR1.1m in the corresponding period of last year. The company’s revenue advanced to SAR68.9m in the July-September period, rising 155.5 per cent YoY. The growth in quarterly earnings was supported by an increase in sales volume and value, coupled with a decrease in the cost of sales per tonne as production rose, according to a stock exchange sta... |
Umm Al-Qura Cement announces 37% revenue increase30 October 2020, Published under Cement NewsSaudi Arabia’s Umm Al-Qura Cement has announced a 37 per cent YoY rise in revenue to SAR87.61m (US$23.36m) for the third quarter of 2020, compared to SAR63.96m in the year-ago period. Net profit also surged 68.5 per cent to SAR31.91m from SAR18.94m in the 3Q19. |
Cemex sees net sales rise to 3% to US$3.436bn in 3Q2029 October 2020, Published under Cement NewsCemex SAB de CV has announced its 3Q20 results with net sales increasing by three per cent on a like -for-like (LfL) basis to US$3.436bn, while EBITDA rose by 15 per cent to US$728m. Net operating earnings, before other expenses, rose by 20 per cent to US$453m on a LfL basis. Net debt plus perpetual notes fell by US$504m versus the previous quarter. Net sales in Mexico rose by 14 per cent on a LfL basis to US$723m. Operating EBITDA rose 16 per cent to US$246m on a LfL basis, versus... |
Eastern Province Cement posts 19% rise in profit28 October 2020, Published under Cement NewsSaudi Arabia’s Eastern Province Cement reported a net profit of SAR43m (US$11.47m) in the 3Q20, rising 19.4 per cent YoY from SAR36m in the year-ago period. However, the company's revenues declined by 8.6 per cent to SAR159m from SAR174m in the 3Q19. During the first nine months of 2020, the company's net profits rose 38.6 per cent YoY to SAR158m from SAR114m in the corresponding period of 2019. Its revenues also advanced 4.9 per cent to SAR539m against SAR514m in the 9M19. |
New US$435m project set for Oman26 October 2020, Published under Cement NewsOman’s Duqm International Cement Projects Co is preparing to launch the country’s biggest integrated cement plant project with an investment of US$435m, according to the Oman News Agency. The new factory, to be located in the Special Economic Zone in Duqm (SEZAD), is expected to have a capacity of 3.5Mta (10,000tpd). It is due to start operations in 2023. The spokesman for the project stated that the new project will meet local market demand and also export to external markets such as ... |