Cement News tagged under: Qassim Cement
Qassim Cement initiates growth strategy30 September 2022, Published under Cement NewsThis week Qassim Cement Co (QCC) announced a Memorandum of Understanding (MoU) with Hail Cement Co (HCC) for the proposed acquisition of HCC. ICR explores the growth strategy of QCC and the potential for further mergers and acquisitions in the Saudi cement market. Saudi Arabia currently has one of the strongest economies in the world. The kingdom's GDP growth is expected to reach 7.5 per cent this year – the highest in a decade, according to credit rating agency S&P. Moreover, the country... |
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 ... |
Qassim Cement Co sees 73% fall in profits in 1H2217 August 2022, Published under Cement NewsQassim Cement Co posted a 73 per cent drop in profit during the 1H22, hit by lower cement demand. The Saudi cement producer’s profit fell to SAR54m (US$14m), compared to SAR201m in the prior-year period. The company’s performance declined due to lower sales both in value and volume terms, higher costs of goods sold, as well as lower returns on financial investments, Arab News reported. Company revenue also declined by 30 per cent during the 1H22 to SAR295m. |
Qassim Cement to establish new cement mill at Buraydah29 December 2021, Published under Cement NewsQassim Cement, Saudi Arabia, has entered into a preliminary agreement with the Chinese company, CDI, for the engineering, supply and construction of a new cement mill to be installed at the company's Buraydah cement plant. The new mill will have a replacement capacity of 300tph. The agreement with CDI includes the supply of mechanical and electrical equipment, including design and supervision of civil works, installations and commissioning test. The company said in a bourse filing t... |
Qassim Cement sees sales down 27% YoY08 November 2021, Published under Cement NewsSaudi Arabia’s Qassim Cement has reported a net profit of SAR60.4m (US$16.11m) in the third quarter of 2021, down 49.7 per cent YoY from SAR110.1m. Sales also decreased 26.5 per cent to SAR170.3m from SAR231.6m in the 3Q20. |
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... |
Qassim Cement sees 21% rise in net profit10 August 2020, Published under Cement NewsSaudi Arabia’s Qassim Cement saw a net profit of SAR85.5m (US$22.8m) in the second quarter of 2020, up 21.3 per cent YoY compared to SAR70.5m in the year-ago period. Sales also increased 8.3 per cent YoY to SAR167.4m from SAR154.5m. |
Saudi Arabia records 10% demand increase in 5M2025 June 2020, Published under Cement NewsSaudi Arabia’s cement sector has reportedly seen a 10 per cent YoY demand growth in the first five months of 2020, according to Al Rajhi Capital. Qassim Cement and Yanbu Cement saw the highest YoY increase of 21 and 18 per cent, respectively, for the combined period of April and May. However, when comparing the first two months of 1Q20 with the first two months of 2Q20, volumes have declined by almost 50 per cent. "We estimate that for the next couple of years, the industry will wit... |
Saudi cement sector reports positive 1Q2017 April 2020, Published under Cement NewsDespite the ongoing coronavirus pandemic, the Saudi cement sector has reportedly seen a 33 per cent YoY average increase in cement market volumes during the 1Q20, according to an Al Rajhi Capital report. Qassim Cement saw the highest growth at 53 per cent, followed by Yanbu Cement and Yamama Cement with rises of 43 and 38 per cent, respectively. However, restrictions imposed by the government have resulted in project delays, which may directly impact cement demand and cause under-uti... |
Qassim Cement sees profits surge in 3Q1928 October 2019, Published under Cement NewsSaudi Arabia’s Qassim cement has seen its net profits after zakat and tax advance to SAR90.16m (US$24m) in the third quarter of 2019, from SAR5.68m in the 3Q18. The increase in profits was mainly ddriven by the rise in sales, investment return and an increase in other income. Total revenues jumped by 155.7 per cent to SAR190.17m. In the January-September 2019 period, net profits were up by 166.6 per cent to SAR 216.6m compared to SAR81.23m in the same period in 2018. Revenues advanced by 6... |