Cement News tagged under: Saudi Arabia
Arabian Cement to penalise CNBM on Rabigh project26 February 2024, Published under Cement NewsArabian Cement Co has confirmed that it will impose a delay damage penalty of five per cent on CNBM International Engineering Co for the Saudi cement producer’s new mills at its Rabigh plant. According to Zawya, the cement manufacturer first awarded the SAR362m (US$96.5m) engineering, procurement and construction (EPC) contract to CNBM in April 2015. Although the new cement mills are now completed, the project has been delayed due to discussions between CNBM and Sinoma Overseas Devel... |
City Cement Co reports a fall in sales quantity during 202323 February 2024, Published under Cement NewsCity Cement Co of Saudi Arabia has recently uploaded its annual financial results for the period ending on 31 December 2023 at the Saudi Exchange. During this period, the company’s net profit fell by 28.70 per cent to SAR82m (US$21.86m) from SAR115m earned in the same 12-months last year. A cursory look at the financial results tells that company sales shrunk by 17.36 per cent, which has caused the decline in profit YoY. The sales revenue was SAR356m against SAR431m of the previous financi... |
Qassim Cement Co is to acquire all of Hail Cement Co's shares20 February 2024, Published under Cement NewsTwo cement producers in Saudi Arabia are in the amalgamation process and have informed their intention with limited details to the local bourse. According to a notification of both firms at the Saudi Exchange, Qassim Cement Co (QCC) is to acquire all of Hail Cement Co ’s shares. Concerning the announcement made by Hail Cement Co (HCC) on the Saudi Exchange website recently regarding the entry into a binding implementation agreement (the “Implementation Agreement”) with Qassim Cement Co... |
Prospects for the GCC industry19 February 2024, Published under Cement NewsThe Gulf Cooperation Council (GCC) economy has come under pressure from falling oil revenues, but economic diversification is paying off. Moving into 2024, cement market growth is expected across the region, headed by construction projects in Saudi Arabia and UAE, but cement overcapacity continues to overshadow the production base. The GCC cement markets of Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain are poised for growth in 2024, lead by residential and commercial activ... |
Saudi cement exports down 18% YoY in January15 February 2024, Published under Cement NewsSaudi Arabia reported a 17.8 per cent YoY decline in its cement exports in January 2024 with volumes falling from 638,000t in January 2023 to 524,000t in the same period a year later. According to Aljazira Capital, domestic sales in January this year came in at 4.48Mt, compared to 4.28Mt in the same period a year earlier, marking a 4.7 per cent improvement. The Saudi cement sector’s total utilisation rate stood at 63.8 per cent in January 2024, reports Zawya. Meanwhile, clinker inventori... |
Yamama Cement posts 7% YoY fall in revenue in 202314 February 2024, Published under Cement NewsSaudi Arabia's Yamama Cement Co has announced revenue of SAR935.19m (US$249.38m) for 2023, down 7.23 per cent on the SAR1008.1m seen in the previous year. Operational profit was down 17.93 per cent from SAR333.13m in 2022 to SAR263.55m in 2023. Net profit over the same period has declined 14.49 per cent from SAR355.79m to SAR304.25m. Profit per share also fell, down from SAR1.76 and SAR1.5. The downturn in revenue and profit has been attributed to a low volume and value of sales as loca... |
Sinoma wins Yamama Cement new line project08 February 2024, Published under Cement NewsSinoma has been awarded the Yamama Cement production line upgrade contract. According to Saudi media, the contract is for a full-scale upgrade of the cement production line, aiming to increase its capacity to 12,500tpd. Building upon the relocation of the existing 10,000tpd cement production line, this project aims to achieve technological innovation and capacity enhancement. Sinoma Overseas is entrusted with the comprehensive engineering design, procurement and supply of new equipment,... |
Yamama Cement starts kiln inlet installation23 January 2024, Published under Cement NewsThe first steel column of the kiln inlet at Yamama Cement ’s 12,500tpd project in Saudi Arabia was successfully installed on 18 January 2024, 13 days ahead of schedule. Sonoma Overseas Development Co Ltd is the engineering procurement and construction supplier for the project. The column, following the traction of the crawler crane, slowly descended and seamlessly placed itself to the preset position. With the “first shot” fired, the project officially kicked off its steel constructio... |
Southern Province appoints new chairman and deputy18 January 2024, Published under Cement NewsSaudi Arabia-based Southern Province Cement Co has appointed Saad Bin Abdulaziz Alkroud as chairman of the Board of Directors. Mansour bin Abdulaziz Al Saghir was named as vice chairman and Saudi Al Burgan as secretary of the Board of Directors. |
Al Jouf Cement secures six-month export deal11 January 2024, Published under Cement NewsJordan-based Rabou’ Al Taybeh Co has agreed to receive clinker exports from Al Jouf Cement Co of Saudi Arabia for a period of six months. The contract’s value stands at SAR30m (US$8m), representing more than 10 per cent of the company’s total revenues, states Mubasher. The Tadawul-listed company highlighted that the agreement will reflect positively on its income statements, starting from the 1Q24 until 2Q24. The clinker export agreement is subject to renewal. Al Jouf operates a 3.5M... |