Cement News tagged under: Saudi Arabia
Deep into the Saudi down-cycle19 November 2018, Published under Cement NewsSaudi Arabia’s cement industry has faced a challenging few years as construction activity decreased following a more cost-conscious government budget. However, while many positive steps have been taken, the sector’s recovery could be protracted. By Pritish Devassy, Al Rajhi Capital, Saudi Arabia. While the Saudi cement industry has faced a challenging few years, the dust appears to be slowly settling with signs of a recovery emerging The largest economy in the Middle East, Sa... |
Saudi producers face declining results in 3Q1806 November 2018, Published under Cement NewsSaudi's Arabian Cement has posted a 51.2 per cent YoY decline in net profit during the 3Q18, falling from SAR29.5m (US$7.86m) to SAR14.4m. Furthermore, sales decreased 27.7 per cent to SAR117.9m from SAR163m. Elsewhere, Umm Al Qura Cement has recorded a net loss of SAR3.9m for the third quarter, compared to a profit of SAR5.1m in the year-ago period. Sales dropped 23.6 per cent YoY to SAR33.7m from SAR44.1m. |
Qassim Cement reports 89% fall in net profit05 November 2018, Published under Cement NewsSaudi Arabia's Qassim Cement has seen an 88.9 per cent YoY fall in its net profit during the third quarter of 2018, decreasing to SAR5.68m (US$1.514m) from SAR51.24m. The profit has been attributed to a drop in the volume and value of sales after a declining demand. Revenue in the 3Q18 fell 43 per cent to SAR74.36m from SAR130.74m of the corresponding period a year ago. During the first nine months of 2018, the company's net profit decreased 56 per cent YoY to SAR81.24m from SAR184.59m. |
End of Yemeni conflict could provide lifeline for Saudi exporters02 November 2018, Published under Cement NewsCNBC reported that US Secretary of State Mike Pompeo and Defense Secretary Jim Mattis have called for a cessation of hostilities in Yemen and the start of a conflict resolution – if it is indeed one – could open up an opportunity for regional cement players. According to World Bank estimates, Yemen would need over many years and some US$85-90bn for its reconstruction process. According to initial estimates, this would translate to cement demand in the range of 8-10Mta (assuming a 10-year r... |
Najran Cement sees increased 3Q loss02 November 2018, Published under Cement NewsSaudi Arabia's Najran Cement saw its 3Q net loss after zakat and tax widen to SAR-23.7m (-6.32m) from SAR-17.1m in the year-ago period. The company’s 3Q sales fell nine per cent from SAR59.1m in 3Q17 to SAR53.8m in 3Q18. |
Saudi Arabia under pressure, seeks to boost export23 October 2018, Published under Cement NewsThis week, CemNet reported that Yamama Cement has seen a sharp 34 per cent fall in 3Q18 revenues , compared to the same period last year. Meanwhile, profitability declined, falling by around 37 per cent to SAR29.2m (US$7.8m) over the period. The prospect of lower sales though has been expected with August's figures having already seen a slowdown in the Saudi cement market. Analysts Al-Rajhi Capital are forecasting that cement demand will dip below the 40Mt level in 2018, from a market tha... |
Al Rashed signs agreement to market and distribute NRCC's white cement23 October 2018, Published under Cement NewsSaudi Arabia's Al Rashed Cement has signed an agreement with Northern Region Cement Co (NRCC) to facilitate marketing and distribution of NRCC’s white cement. The value of the one-year contract will be determined based on market price, according to a statement to the stock exchange. NRCC reported a loss of SAR6.69m (US$1.78m) in 2Q18, compared with a profit of SAR8.26m for the year-ago period. In the 1H18, the company recorded a SAR5.23m net loss. |
Saudi Arabia under pressure, seeks to boost export19 October 2018, Published under Cement NewsThis week, CemNet reported that Yamama Cement has seen a sharp 34 per cent fall in 3Q18 revenues , compared to the same period last year. Meanwhile, profitability declined, falling by around 37 per cent to SAR29.2m (US$7.8m) over the period. The prospect of lower sales though has been expected with August's figures having already seen a slowdown in the Saudi cement market. Analysts Al-Rajhi Capital are forecasting that cement demand will dip below the 40Mt level in 2018, from a market tha... |
Yamama Cement posts 3Q18 loss17 October 2018, Published under Cement NewsYamama Cement Co reported a drop in revenues in the first nine months of the year to SAR107.7m (US$28.7m) from SAR164.2m in 3Q17. The fall in sales was attributed to the steep price decline in the Saudi market. The 3Q results also showed a SAR46.4m net loss after zakat and tax. In 3Q17 the company reported a SAR29.2m net profit, according to Reuters. |
Saudi cement sales drop 26% in August12 September 2018, Published under Cement NewsSaudi-based cement companies reported a decrease in sales of around 26 per cent in August to 2.76Mt from 3.7Mt in August 2017, according to data from Al Yamama Cement. The producer also reported a YoY fall in total output of 27.7 per cent YoY to 2.74Mt in August. Cement stocks were slightly lower by 0.6 per cent to 1.16Mt. While Southern Cement led sales at 463,000t, it noted a 1.7 per cent YoY drop from 471,000t in August of the year before. Saudi Cement followed with 355,000t, down eight... |