Cement News tagged under: Saudi Arabia
Turboden wins 13MWe ORC power plant order at Riyadh Cement08 October 2024, Published under Cement NewsTurboden, a Mitsubishi Heavy Industries Group company, has won its first project in Saudi Arabia for a 13MWe Organic Rankine Cycle (ORC) plant at the Riyadh Cement Co . This important project marks a significant step forward in the search for sustainable energy solutions and in the decarbonisation of the country. The initiative represents a historic milestone, as it is the first ORC plant ever installed in Saudi Arabia, underscoring Turboden's commitment to pioneering innovative technol... |
Yamama Saudi Cement posts 13% rise in 2Q revenue16 August 2024, Published under Cement NewsYamama Saudi Cement Co reported a 13 per cent increase in revenue to SAR243.7m (US$65m) in the second quarter of 2024. The company's net profit declined by 14 per cent YoY to SAR84.6m in the 2Q24 while the profit margin was rolled back to 35 per cent from 46 per cent in the equivalent period of the previous year as higher expenses affected profit. Earnings per share decreased from SAR0.49 in the 2Q23 to SAR0.42 in the 2Q24. |
Qassim Cement posts 58% rise in 1H net profit12 August 2024, Published under Cement NewsSaudi Arabia-based Qassim Cement Co posted revenue of SAR203.3m for the quarter ended 30 June 2024, representing a 48.2 per cent increase from SAR137.2m in the year-ago period. The growth was mainly attributed to an uptick in sales volumes and higher selling prices. Operating profit surged 164.3 per cent YoY to SAR74.7m. Net profit for the April-June 2024 quarter advanced by 91.3 per cent YoY to SAR72.9m from SAR38.1m. However, net profit was tempered by an increase in cost of sales as w... |
Eastern Province Cement sees 20% rise in 1H net profit06 August 2024, Published under Cement NewsSaudi cement producer Eastern Province Cement Co posted a sales revenue of SAR585m (US$156m) in the first six months of 2024, representing a 29.1 per cent increase from SAR453m in the 6M23. The advance has been attributed to higher cement and precast sales volumes and values. In addition, reduced losses from share results of an associated company, lower other expenses, enhanced gains from investments at fair value through profit or loss and decreased zakat expense supported the higher reve... |
Yanbu Cement sees 14% rise in 1H net profit26 July 2024, Published under Cement NewsSaudi Arabia-based Yanbu Cement Co announced its interim condensed consolidated financial results for the period ended 30 June 2024. Sales for the six month-period advanced SAR428.37m (US$114.2m), up 7.7 per cent YoY from SAR397.56m in the 1H23. The increase was attributed to a rise in sales volumes and the average selling price. Operating profit increased 17.8 per cent YoY to SAR112.23m in the 1H24 from SAR95.4m. Net profit improved 13.6 per cent YoY to SAR98.07m from SAR86.3m in th... |
Al Jouf Cement signs contract for NEOM City cement supply25 July 2024, Published under Cement NewsAl Jouf Cement Co has signed a SAR104.19m (US$27.7m) contract to sell cement to Webuild SpA for NEOM construction projects. The joint deal will last 41-months from the date of signing, according to a bourse disclosure. Al Jouf Cement highlighted that the financial impact will reflect positively on its financial statements from the 3Q24 until the end of the contract period. Zawya states that the cement producer also signed a deal with Saudi Awwal Bank (SAB) to reschedule SAR154.45m Is... |
Umm Al-Qura Cement revises fuel price modification impact17 July 2024, Published under Cement NewsSaudi Arabia-based Umm Al-Qura Cement Co has revised its estimated production cost increase due to the recent fuel price changes. Initially the company faced an 11 per cent increase in production costs but has now revised this down to nine per cent as the result of a new agreement under Saudi Arabia’s industrial sector competitiveness programme. The adjustment will be effective from 1 January 2024 and comes as the company actively participates in strategic programmes that provide various... |
Southern Province Cement and Yanbu Cement Co sign an MoU for amalgamation24 June 2024, Published under Cement NewsAccording to Saudi Exchange (Tadawul), Southern Province Cement Co announced the signing of a non-binding Memorandum of Understanding (MoU) with Yanbu Cement Co on 23 June 2024 to evaluate the feasibility of merging the two Saudi Arabian companies. Both companies will commence due diligence, a comprehensive examination of operational, technical, financial, legal and actuarial aspects. This thorough approach ensures that all aspects of the merger are meticulously evaluated, providing a s... |
Hoffman Green announces the construction of first Saudi unit07 June 2024, Published under Cement NewsHoffman Green Cement Technologies, a global cement company committed to the decarbonisation of the construction sector, has announced the construction of its first unit in Saudi Arabia. Ground was broken on the new ‘ H-KSA 1’ unit in Rabigh, following the company’s signing of a licensing agreement with Saudi conglomerate the Shurfah Group. The 22-year agreement allows for the construction of four Hoffman Green facilities in Saudi Arabia to support the use of low-carbon and cli... |
Najran Cement net 1Q profit drops 26%20 May 2024, Published under Cement NewsSaudi Arabia-based Najran Cement Co saw a 3.9 per cent decline to SAR138.12m (SAR36.83m) in the 1Q24 from SAR143.68m in the 1Q23. The company’s net profit saw a 25.7 per cent YoY fall to SAR21.54m in the 1Q24 from SAR28.98m. The earnings per share (EPS) amounted to SAR0.13 in the three-month period that ended on 31 March 2024, down from SAR0.17 in the corresponding period a year earlier. In 2023 the company’s profit fell by 38.5 per cent YoY to SAR69.43m from SAR112.8m. |