Cement News tagged under: Saudi Arabia

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Southern Province Cement to sell 20,000t of cement to Yemen

05 December 2018, Published under Cement News

Southern Province Cement has signed an agreement to export 20,000t of Portland cement to Yemen. The contract expects to deliver the volume over a three-month period, starting from the date of the first shipment, according to Reuters.

Hail Cement appoint new chairman and deputy chairman

05 December 2018, Published under Cement News

Hail Cement Co's board of directors approved on 3 December the appointment of Ali Othman Al Zaid as the company's new chairman. Meanwhile, the Saudi Arabian cement producer has also appointed Qasem Saleh as the deputy chairman, the cement producer said in a bourse statement.

Tabuk Cement to export to Yemen

26 November 2018, Published under Cement News

Saudi Arabia’s Tabuk Cement has signed a memorandum of understanding with Yemen to export cement. The company will export 6000t of cement in a three-month deal with the country. Tabuk Cement recently reported that its losses widened 57 per cent YoY in the 3Q17, reaching SAR19.19m (US$5.11m) from SAR12.2m in the year-ago period. In the first nine months of 2018, the company’s net loss grew to SAR66.49m.

Saudi Engineering Dimensions interested in Bangladesh cement sector

23 November 2018, Published under Cement News

Saudi company Engineering Dimensions has expressed an interest to set up a modern cement factory in the Chhatak upazila of Sunamganj district, Bangladesh, according to New Nation. During a meeting with Secretary-in-Charge of the Industries Ministry, M Abdul Halim, Engineering Dimensions President, Mohammed N Hijji, said Bangladesh’s huge population, domestic demand and skilled workforce have created an opportunity to attract foreign investors such as Saudi Arabia.

Saudi Arabia's cement sales in October fall 1.8% YoY

22 November 2018, Published under Cement News

Saudi Arabia's cement sales in October, including exports, dropped to 4.03Mt, compared to 4.1Mt in October 2017, a fall of 1.8 per cent YoY. For the first 10 months of the year, cement dispatches slipped to 37.25Mt including exports, compared to 39.96Mt in 10M17, down 5.4per cent, said Al Jazira Capital. Meanwhile, inventories of clinker in the kingdom rose by 19.8 per cent during October 2018 to 41.57Mt YoY. The falling cement demand is largely due to the weaker contract awards in const...

Deep into the Saudi down-cycle

19 November 2018, Published under Cement News

Saudi Arabia’s cement industry has faced a challenging few years as construction activity decreased following a more cost-conscious government budget. However, while many positive steps have been taken, the sector’s recovery could be protracted. By Pritish Devassy, Al Rajhi Capital, Saudi Arabia. While the Saudi cement industry has faced a challenging few years, the dust appears to be slowly settling with signs of a recovery emerging The largest economy in the Middle East, Sa...

Saudi producers face declining results in 3Q18

06 November 2018, Published under Cement News

Saudi's Arabian Cement has posted a 51.2 per cent YoY decline in net profit during the 3Q18, falling from SAR29.5m (US$7.86m) to SAR14.4m. Furthermore, sales decreased 27.7 per cent to SAR117.9m from SAR163m. Elsewhere, Umm Al Qura Cement has recorded a net loss of SAR3.9m for the third quarter, compared to a profit of SAR5.1m in the year-ago period. Sales dropped 23.6 per cent YoY to SAR33.7m from SAR44.1m.

Qassim Cement reports 89% fall in net profit

05 November 2018, Published under Cement News

Saudi Arabia's Qassim Cement has seen an 88.9 per cent YoY fall in its net profit during the third quarter of 2018, decreasing to SAR5.68m (US$1.514m) from SAR51.24m. The profit has been attributed to a drop in the volume and value of sales after a declining demand. Revenue in the 3Q18 fell 43 per cent to SAR74.36m from SAR130.74m of the corresponding period a year ago. During the first nine months of 2018, the company's net profit decreased 56 per cent YoY to SAR81.24m from SAR184.59m.

End of Yemeni conflict could provide lifeline for Saudi exporters

02 November 2018, Published under Cement News

CNBC reported that US Secretary of State Mike Pompeo and Defense Secretary Jim Mattis have called for a cessation of hostilities in Yemen and the start of a conflict resolution – if it is indeed one – could open up an opportunity for regional cement players. According to World Bank estimates, Yemen would need over many years and some US$85-90bn for its reconstruction process. According to initial estimates, this would translate to cement demand in the range of 8-10Mta (assuming a 10-year r...

Najran Cement sees increased 3Q loss

02 November 2018, Published under Cement News

Saudi Arabia's Najran Cement saw its 3Q net loss after zakat and tax widen to SAR-23.7m (-6.32m) from SAR-17.1m in the year-ago period. The company’s 3Q sales fell nine per cent from SAR59.1m in 3Q17 to SAR53.8m in 3Q18.