Cement News tagged under: Najran Cement
Saudi cement companies fined for price manipulation14 April 2023, Published under Cement NewsSaudi Arabia’s General Authority for Competition (GAC) has fined 14 cement companies a total of SAR140m (US$37.33m) for price manipulation activities. Each company has been found guilty of trying to manipulate Saudi’s cement market with price increases, resulting in a SAR10m fine each. According to the Saudi Gazette, the GAC received numerous complaints that several cement producers were collaborating to raise cement prices and share the local market between themselves. After collecti... |
Najran Cement reports 50% drop in profit in 9M2202 November 2022, Published under Cement NewsNajran Cement has recorded revenue of SAR375.6m (US$100.2m) in the opening nine months of 2022, down 15 per cent compared to the SAR441.89m seen in the 9M21. Net profit after Zakat and tax declined by 50.26 per cent from SAR129.51m in the 9M21 to SAR64.42m in the same period a year later. Earnings per share in the 9M22 came in at SAR0.38 versus SAR0.76 in the same period a year earlier. In the third quarter of 2022, revenue advanced by 1.43 per cent YoY to SAR127.68m, compared to SAR125.... |
Najran Cement appoints new chairman and vice chairman23 August 2022, Published under Cement NewsSaudi-Arabian cement producer Najran Cement Co has appointed Waleed Bin Abdulrahman Al-Mousa as chairman of the company’s board of directors. Fahd bin Abdullah Al-Rajhi has been appointed as vice chairman of the board. |
Najran Cement sees drop in quarterly profit02 August 2022, Published under Cement NewsNajran Cement Co of Saudi Arabia reported a net profit after zakat and tax of SAR13.3m (US$3.5m) in the second quarter of 2022, down 59.3 per cent when compared with SAR32.7m in the 2Q21. Sales in the 2Q22 declined to SAR108.1m from SAR131.6m in the 2Q21. The drop in profit was attributed to increasing production costs as well as selling and distribution expenses. |
Najran Cement secures SAR328.5m loan from Al Rajhi Bank01 June 2022, Published under Cement NewsSaudi Arabia’s Najran Cement Co has obtained Sharia-compliant financing of SAR328.5m (US$87.6m) from Al Rajhi Bank. The loan will be repaid within seven years in semi-annual instalments with a six-month grace period, according to a bourse filing on 31 May. While the long-term financing will fully settle the company’s sole existing long-term loan, the funding also includes a SAR50m short-term facility to support the group’s capital. In the 1Q22 Najran Cement generated SAR23.28m in net p... |
Najran Cement reports 24% fall in revenue in 1Q2224 May 2022, Published under Cement NewsNajran Cement Co has recorded a 61.41 per cent YoY decline in net profit in the opening quarter of 2022. Net profit after zakat and tax came in at SAR23.28m (US$6.21m) in the 1Q22, compared to SAR60.34m in the same period a year earlier. Earnings per share in the first quarter of 2022 were SAR0.14, versus SAR0.35 in the same quarter a year earlier. According to Mubasher, revenue over the 1Q22 stood at SAR139.86m, down 24.2 per cent from the SAR184.43m reported in the opening quarter o... |
Najran Cement sees 24% fall in profit02 November 2021, Published under Cement NewsSaudi Arabia’s Najran Cement has posted a net profit of SAR36.1m (US$9.23m) in the third quarter of 2021, down 23.8 per cent YoY from SAR47.4m in the year-ago period. Sales also declined 20.8 per cent YoY to SAR125.9m from SAR159m in the 3Q20. |
Saudi Arabian producers report 15% decline in net profit07 May 2021, Published under Cement NewsSaudi Arabian producers listed in the main market saw an estimated 15 per cent decline in total net profits to SAR892.5m (US$237.9m) in the first quarter of 2021, compared to around SAR1.05bn in the year-ago period, according to Al Eqtisadiah. Four companies reported growth during the quarter, while the remaining 10 saw a decline. Najran Cement recorded the highest growth in net profit at 51.4 per cent, followed by Arabian Cement Co (+48.6 per cent) and Al Jouf Cement (+15.4 per cent). Ho... |
Najran Cement posts 1H results28 July 2020, Published under Cement NewsSaudi Arabia-based Najran Cement reported sales of SAR121.5m (US$32.4m) in the second quarter of 2020. The company’s gross profit reached SAR50.3m while its operational profit stood at SAR40.4m. Net profit after zakat and tax was SAR33m. For the first half of 2020 the company posted sales of SAR277.8m and a gross profit of SAR106.8m. Operational profit reached SAR86.5m while net profit after zakat and tax reached SAR73.1m. |
Najran Cement signs financing agreement28 April 2020, Published under Cement NewsSaudi Arabia’s Najran Cement has signed a financing agreement with Bank Al-Jazira. The credit agreement will see a total of SAR355M (US$94.67m) paid semi-annually over five years. The first four years will see an annual payment of SAR51m and the remainder issued in the final year. |