Cement News tagged under: Saudi Arabia
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. |
Al Jouf Cement sees net profit advance 21% in 1Q2417 May 2024, Published under Cement NewsSaudi Arabia’s Al Jouf Cement Co saw its consolidated net profit advance to SAR12.45m (US$3.32m) in the first quarter of 2024, up 21.2 per cent from SAR10.27m in the same period a year earlier. Compared to the previous quarter, however, net profit was down 69.2 per cent from SAR40.46m. According to Zawya, revenue in the 1Q24 increased 16.8 per cent from SAR70.27m in the 1Q23 to SAR82.04m. Compared QoQ, revenue slipped two per cent from SAR83.74m. |
Hail Cement sees 19% drop in 1Q net profit15 May 2024, Published under Cement NewsHail Cement posted 1Q24 sales of SAR73.8m (US$19.7m), up by 19.2 per cent when compared with SAR61.9m in the 1Q23. The company’s gross profit declined by 11 per cent to SAR20.1m in the 1Q24 from SAR22.6m in the year-ago period. The operational profit saw a 18.5 per cent drop to SAR13.1m from SAR16.1m over the same period. Net profit fell 18.9 per cent to SAR15m in the 1Q24 from SAR18.5m in the 1Q23. Hail Cement attributed the drop in net profit to an increase in the cost of sales, zaka... |
Saudi cement sales up 13% YoY in April14 May 2024, Published under Cement NewsSaudi Arabian cement sales increased by 12.5 per cent YoY in April 2024 but fell 18.4 per cent compared to the previous month. According to Aljazira Capital, domestic cement dispatches in April stood at 2.92Mt, compared to 2.6Mt in the same month in the previous year, due to the base month having 11 extra days of Ramadan. The 18.4 per cent MoM decrease was due to the Eid Al-Fatir holidays. Total cement and clinker exports in April 2024 came in at 554,000t, down 30 per cent on the 790,000t se... |
Saudi Cement posts SAR113.8m net profit in 1Q2414 May 2024, Published under Cement NewsSaudi Cement Co reported a net profit of SAR113.8m (US$30.3m) in the 1Q24, representing a 8.1 per cent drop YoY from SAR123.8m but a QoQ increase of 9.6 per cent from SAR103.80m in the 4Q23. Revenue improved 4.1 per cent YoY to SAR426.5m in the 1Q24 from SAR409.6m in the 1Q23. Compared with the 4Q23, sales were up 12 per cent YoY. Earnings per share slipped to SAR0.74 at the end of March 2024 from SAR0.81 in the same period last year. |