Cement News tagged under: Saudi Arabia
Arabian Cement sees 80% fall in 2Q net profit27 July 2020, Published under Cement NewsArabian Cement Co reported a net profit of SAR7.6 (US$2) m in the 2Q20, down 79.6 per cent YoY. In the 2Q19 net profit reached SAR37.3m. Revenue declined by 15.2 per cent YoY to SAR139.6m in the 2Q20 from SAR164.6m in the equivalent period of the previous year. The company attributes the fall in net profits to a decrease in sales values and volumes at its subsidiary in Jordan, which was affected by closure due to the COVID-19 pandemic. In addition, Arabian Cement’s sales, general, admini... |
MENA outlook: Egypt and Saudi Arabia market prospects24 July 2020, Published under Cement NewsThis week, Cemtech hosted its latest live webinar which considered global market trends and provided an update on the dynamic Egyptian and Saudi Arabian markets in particular. Egyptian market update Solomon Baumgartner, CEO of Lafarge Egypt, delivered an overview of the Egyptian cement sector which is facing both the impact of the COVID-19 pandemic and other structural issues, such as its considerable overcapacity. Mr Baumgartner noted that January, February and even March were strong ... |
Yanbu Cement appoints new chairman14 July 2020, Published under Cement NewsYanbu Cement Co has appointed Fahd Bin Soliman Al Rajhi as chairman of the board, reports Reuters. Mr Al Rajhi served since 2017 as deputy chairman of the Saudi-based cement producer and is also vice chairman of Sahara International Petrochemical Co. |
Southern Province Cement names new CEO13 July 2020, Published under Cement NewsSaudi Arabia’s Southern Province Cement has named Aqeel Futis Kadasa as its new CEO, effective from 12 July 2020. The appointment follows the resignation of Safar Mohammad Dhufayer on 11 July. Mr Kadasa began working for Yamama Cement and then the Saudi Electricity Company before joining Southern Province in 1997, where he later became deputy CEO for industrial services. |
Najran Cement Co fully repays loan for WHR project02 July 2020, Published under Cement NewsNajran Cement Co has fully repaid the remaining amount of a SAR45m (US$12m) existing loan, which was used to finance the company's waste heat recovery project. The credit facility was originally supposed to be repaid in three instalments due on 31 December 2020, 31 March 2021, and 30 June 2021, according to a bourse filing. Following this transaction, the company now has a SAR355m loan that will be paid in instalments over five years. |
BCIC and EDII to build cement plant in Bangladesh01 July 2020, Published under Cement NewsBangladesh Chemical Industries Corp and Saudi-based Engineering Dimension International Investment have agreed to build a cement plant under the name of Saudi Bangla Integrated Cement Co Ltd. The new plant will have a clinker capacity of 12,000tpd and a cement capacity of 3000tpd, based on the supply of limestone from Meghalaya, India. In addition to producing cement from its own clinker, the plant will also supply 4Mta of clinker to grinding units in Bangladesh. The project is expected t... |
Saudi Arabia records 10% demand increase in 5M2025 June 2020, Published under Cement NewsSaudi Arabia’s cement sector has reportedly seen a 10 per cent YoY demand growth in the first five months of 2020, according to Al Rajhi Capital. Qassim Cement and Yanbu Cement saw the highest YoY increase of 21 and 18 per cent, respectively, for the combined period of April and May. However, when comparing the first two months of 1Q20 with the first two months of 2Q20, volumes have declined by almost 50 per cent. "We estimate that for the next couple of years, the industry will wit... |
Northern Region Cement sees 78% rise in profit15 June 2020, Published under Cement NewsSaudi Arabia’s Northern Region Cement Co has reported a 78 per cent increase in net profit to SAR27.6m (US$7.36m) in the first quarter of 2020, compared to SAR15.5m in the year-ago period. Revenue surged 44 per cent YoY to SAR180.1m from SAR124.3m in the 1Q19. The increase in profits has been attributed to higher sales volumes and lower financing charges. |
Al Jouf Cement sees 4% rise in revenue for 1Q2026 May 2020, Published under Cement NewsSaudi Arabia’s Al Jouf Cement has seen a 3.5 per cent YoY increase in revenue to SAR58.8m (US$15.68m) in the first quarter of 2020, compared to SAR56.85m in the year-ago period. Net profit has also surged to SAR15.21m from SAR1.49m in the 1Q19. |
Tabuk Cement sees rising profit in 1Q18 May 2020, Published under Cement NewsSaudi-based Tabuk Cement posted a rise in net profit after zakat and tax to SAR28.91m (US$7.7m) in the 1Q20, from SAR3.63m a year ago. Sales in the 1Q20 advanced by 42.9 per cent to SAR75.42m from SAR52.77m in the 1Q19 with volumes rising. Finance, and selling and marketing costs fell while the company saw gains from adjusting cash flows for a financial liability, according to Reuters. |