Cement News tagged under: Saudi Arabia
Arabian Cement faces mill project delay at Rabigh plant23 April 2021, Published under Cement NewsArabian Cement Co said its new cement mill project at the Rabigh plant has been delayed by 150 days and will now be completed in the 4Q21. The delay was due to contractor China National Building Materials Corp being unable to travel to Saudi Arabia to complete the installation and commissioning work because of coronavirus travel restrictions. |
Yanbu Cement sees revenue increase 5%23 April 2021, Published under Cement NewsSaudi Arabia’s Yanbu Cement has reported a 5.4 per cent rise in revenue to SAR292.4m (US$77.97m) for the first quarter of 2021, compared to SAR277.4m in the year-ago period. However, the company’s net profit declined 20.4 per cent YoY to SAR73.39m from SAR92.23m in the 1Q20. Despite the increase in revenues due to improved sales, a decline in the average selling price and the accompanying increase in the cost of sales led to the fall in net profit. |
Yamama Cement to move 10,000tpd kiln line to new site21 April 2021, Published under Cement NewsYamama Cement Co’s board of directors decided, in a meeting on 19 April 2021, to transfer and install the No 7 line from the company’s old production site in the south of Riyadh to the new plant location in Northern Halal in Al-Kharj governorate of the Riyadh region. The company said in a bourse statement that this comes in line with Saudi Arabia’s Vision 2030 to keep pace with development projects. The production capacity of the line is 10,000tpd. Therefore, by the end of 2024, t... |
Yanbu Cement provides update on line modernisation21 April 2021, Published under Cement NewsSaudi Arabia-based Yanbu Cement Co has delivered an updated related to its project which required the shutdown of its fourth line in February. The line modernisation has reached 90 per cent completion, but the project’s expected 60-day timeline has been affected by a delay in receiving spare parts. The company has stated that the financial impact will be limited to the increase in production costs incurred since the shutdown date. Sales are not expected to be impacted due to its sufficie... |
Yamama Cement signs financing agreement29 March 2021, Published under Cement NewsSaudi Arabia’s Yamama Cement Co has signed a financing agreement with Al Rajhi Bank for a value of SAR863m (US$229.81m), including a SAR563m long-term facility and SAR300m in short-term financing. The long-term financing is over a period of five years and is expected to settle other banks’ obligations and improve financial efficiency, while the short-term facility is for one year and will finance Yamama Cement’s working capital. |
Yanbu Cement Co appoints new CEO29 March 2021, Published under Cement NewsYanbu Cement Co’s (Saudi Arabia) board of directors has accepted the resignation of its CEO, Ahmed bin Abdo Zugail, due to personal reasons. Mr Zugail’s resignation was effective from 27 March 2021. The board also appointed Ali bin Abdullah Al-Ayed as the new CEO of the company, effective from the same date. |
Tabuk Cement sees profits rise 113% in 202008 March 2021, Published under Cement NewsSaudi Arabia’s Tabuk Cement has seen its net profit surge 113.2 per cent to SAR51.58m (US$13.75m) in 2020, compared with SAR24.19m in the previous year. The increase in profit was driven by a rise in sales and other revenues, alongside a drop in the cost of sales, selling and marketing and financing expenses. Revenues also advanced 15.8 per cent YoY to SAR276.45m from SAR238.66m in 2019. |
Southern Cement records sales of SAR1653m in 202008 March 2021, Published under Cement NewsSouthern Cement reported sales in 2020 of SAR1653m (US$440.8m), up 27 per cent YoY due to an increase in sales volume which increased by 24 per cent YoY, while net income for the year was up 32 per cent YoY reaching SAR609m. For 4Q20 Southern Cement reported sales of SAR431m, with an increase of nine per cent YoY and one per cent QoQ, supported by higher total sales volumes, which were up eight per cent YoY but declined by two per cent QoQ to reach 2.1Mt in 4Q20. There was an improv... |
Southern Province Cement reports 32% profit increase05 March 2021, Published under Cement NewsSaudi Arabia’s Southern Province Cement has reported a 31.5 per cent rise in net profit after zakat and tax to SAR609m (US$162.4m) in 2020, compared with SAR463m in the previous year. The company attributed the increase in net profit to higher sales revenue, a decrease in financing costs and an increase in other miscellaneous revenues, according to a statement. Its revenue also advanced 27.2 per cent YoY to SAR1.65bn from SAR1.3bn in 2019. |
City Cement announces 16% increase in net profit02 March 2021, Published under Cement NewsSaudi Arabia’s City Cement has seen a 16 per cent YoY increase in net profit to SAR220.5m (US$58.8m) in 2020, compared with SAR190.1m a year earlier. The company’s revenue also rose 7.7 per cent YoY to SAR572.3m. The rise in annual profit was mainly due to higher sales value and volumes, alongside lower Zakat and general and administrative expenses, according to a bourse disclosure. |