Cement News tagged under: Saudi Arabia

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Saudi Arabia to invest US$20bn in Pakistan

19 February 2019, Published under Cement News

Saudi Crown Prince Mohammad bin Salman is investing US$20bn under phase one in Pakistan for number of projects in energy, petrochemicals, minerals, tourism and other projects.   The crown prince, who is visiting Pakistan for two days on the invitation of Prime Minister Khan, was accorded a red carpet welcome and presented a guard of honour at the Prime Minister's House.   Both government have signed number of MoUs to pave the way for mutual development of projects in future. Expert belie...

Saudi cement sales fall 9% in January

13 February 2019, Published under Cement News

Cement sales in Saudi Arabia declined by nine per cent in January 2019 when compared with sales in the previous year. Sales volumes of companies listed on the Tadawul fell 9.3 per cent YoY to 3.7Mt, according to a monthly report by Yamama Cement.  Cement stockpiles increased to 1.12Mt from 1.05Mt. Southern Province Cement Co posted the highest sales in January, up 27 per cent YoY to 569,000t. Saudi Cement Co followed with sales of 452,000t, representing a YoY decrease of 11.7 per cent. N...

Hail Cement sees a 19% increase in revenue

06 February 2019, Published under Cement News

Saudi Arabia’s Hail Cement made a net loss of SAR23.55m (US$6.27m) in 2018, compared with a SAR15.54m profit in 2017. However, revenue increased 19.1 per cent YoY to SAR195.98m. In the final quarter of 2018, the company recorded a 23.8 per cent YoY decline in profit to SAR8.83m from SAR11.59m.

Qassim Cement reports 52% decline in net profit

29 January 2019, Published under Cement News

Saudi Arabia’s Qassim Cement Co has reported a 52 per cent fall in net profit to SAR120.8m (US$32.21m) in 2018, compared to SAR251.8m of the previous year. Sales for the year also declined 32 per cent YoY to SAR425.7m from SAR625.9m. The net profit results have been attributed to a decrease in sales volume and value, driven by a lower demand of cement and intense competition, according to Reuters.

Saudi producers to benefit from Neom Bay construction start-up

21 January 2019, Published under Cement News

Saudi Arabia will start developing the first major area of Neom, the kingdom's multi-billion dollar mega-city, from 1Q19. The founding board of Neom, chaired by Crown Prince Mohammed bin Salman, approved the concept of the masterplan for ‘Neom Bay’ which will be the first residential area to be developed in the city. The construction work will be completed in 2020. The full implementation phase of the US$500bn Neom project could potentially bring in more than 20Mta of cement demand at its...

Cement sales in Saudi Arabia fall 6% in December

10 January 2019, Published under Cement News

Aggregate cement sales from 17 producers in Saudi Arabia slipped by six per cent in December to 3.82Mt, compared to 4.08Mt in December 2017, reported Yamama cement. Twelve cement firms recorded lower sales with Northern Province Cement seeing the biggest fall of 51 per cent YoY during the period in review. City Cement's sales declined by 27 per cent while Yanbu Cement and United Cement recorded lower sales as well, both down 26 per cent. Five cement producers bucked the trend, led b...

Tabuk Cement appoints new general manager

09 January 2019, Published under Cement News

Saudi cement producer Tabuk Cement has appointed a new general manager as of 6 January 2019. Ali Al-Qahtani will succeed Ali Mohmiha Al Asmari, according to a statement to the Tadawul, the Saudi stock exchange. In January-September 2018, the company reported net losses of SAR66.49m, compared with January-September 2017 when net losses reached SAR2.23m.

New Chairman and Vice Chairman appointments at Saudi Cement

02 January 2019, Published under Cement News

Saudi Cement's Board of Directors have appointed Khalid bin Abdulrahman Saleh Al-Rajhi as a Chairman of the board and Muhammad bin Abdul Karim Al-Khariji as a Vice Chairman in a bourse filing.

City Cement agrees settlement with Sinoma International

18 December 2018, Published under Cement News

City Cement of Saudi Arabia has made a settlement with Sinoma International for payment of its second production line. The original contract was signed in June 2012 for a total of SAR970.63m (US$258.8m), but City Cement imposed a delay of eight per cent interest on the contract's final total of SAR43m. City Cement's second production line in Riyadh has a cement capacity of 1.9Mta. The final settlement with Sinoma International will appear on the 4Q18 earnings of City Cement.

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.