Cement News tagged under: Saudi Arabia

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Najran Cement net 1Q profit drops 26%

20 May 2024, Published under Cement News

Saudi 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 1Q24

17 May 2024, Published under Cement News

Saudi 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 profit

15 May 2024, Published under Cement News

Hail 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 April

14 May 2024, Published under Cement News

Saudi 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 1Q24

14 May 2024, Published under Cement News

Saudi 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.

Yanbu Cement posts 14% increase in net profit

13 May 2024, Published under Cement News

Yanbu Cement Co reported a 14.3 per cent YoY increase in net profit to SAR58.31m (US$15.5m) in the 1Q24 from SAR51.01m in the 1Q23. The company attributed the rise in profit to an increase in both volume and value of sales in addition to other revenues, according to a bourse filing. Sales edged up by 4.5 per cent YoY to SAR234.17m in the 1Q24 from SAR224.01m. Earnings per share increased to SAR0.37 as of 31 March 2024 from SAR0.32m in the year-ago period.

Eastern Province Cement sees revenue jump 28% YoY

08 May 2024, Published under Cement News

Eastern Province Cement Co has posted net income of SAR68m (US$18.13m) in the opening quarter of 2024, up 21.4 per cent YoY. Cement sales over the three-month period came in at 630,000t, on a par with the same period a year earlier but up seven per cent on the 4Q23. Selling prices averaged above SAR300(US$80)/t for the second consecutive quarter, reports Aljazira Capital. Revenue for the quarter stood at SAR302m, marking a 27.6 per cent expansion on the 1Q23, driven by improved revenue...

Yamama Cement 1Q profit edges up 2%

01 May 2024, Published under Cement News

Yamama Saudi Cement Co reported sales of SAR273.7m (US$73m) in the 1Q24 when compared with SAR279.9m in the year-ago period. The 2.2 per cent YoY drop was on the back of a decrease in sales volumes. However, the company’s net profit in the first three months of 2024 improved by 2.3 per cent to SAR115m from SAR112.4m. The positive change in net profit has been attributed to a decrease in the cost of sales and an increase in other revenues.

Mastek to optimise Yanbu Cement's new production line

24 April 2024, Published under Cement News

Mastek announced that it has won the multi-tower deal from Yanbu Cement Co (YCC) to optimise the efficiency of YCC's production line. YCC is investing in a digital and cloud modernisation with Mastek, aligning with Saudi Arabia's Vision 2030 and Smart Industry 4.0 initiatives. Following the execution of multiple back office and Enterprise Resource Planning (ERP) transformation programs in the first phase initiated in 2022, Mastek will kick-off the second phase, focussing on automating YCC...

City and Umm Al-Qura Cement agree to date extension of swap deal

09 April 2024, Published under Cement News

City Cement Co last week announced an update at the Saudi Stock Exchange (Tadawul) regarding extending a non-binding Memorandum of Understanding (MoU) concerning a securities swap deal with Umm Al-Qura Cement Co. Accordingly, it has been agreed with Umm Al-Qura Cement Co to extend this memorandum with the same previous terms and conditions for an additional six months from the date of expiration of the extension of the MoU. The extension is due to complete the necessary procedures to ...