Cement News tagged under: Saudi Arabia
Qassim Cement receives export licence06 April 2018, Published under Cement NewsQassim Cement Co has received a one-year export licence from Saudi Arabia’s Ministry of Commerce and Investment, said the company in a bourse filing. Saudi Arabia cancelled cement export duties from 1 February 2018. In March Yanbu Cement announced it will begin cement and clinker exports this month following the agreement to export 1Mt of clinker and 0.5Mt of cement. |
Yanbu Cement begin cement and clinker exports27 March 2018, Published under Cement NewsYanbu Cement Co has signed a one-year agreement to export 1Mt of clinker and 0.5Mt of cement as of April 2018. The company added that the deal is expected to boost company's revenues by SAR100m (US$26.6m) during FY18. Analysts EFG Hermes estimates that the cement producer will sell cement at SAR140/t (a discount to prevailing 4Q17 price it had reported but substantiated given large quantities) and clinker at SAR65/t (which is close to its cost of SAR60/t). EFG Hermes assume the total agr... |
Yanbu Cement reports 39% fall in profit for 201716 March 2018, Published under Cement NewsSaudi Arabia’s Yanbu Cement has reported a 39.4 per cent YoY decrease in profit for the full-year 2017 period, falling to SAR319m (US$85.07m) from SAR526m. The company has attributed the results to a decline in sales volume and the average price of sales, according to Mubasher. In the 4Q17 profit dropped 7.7 per cent to SAR96m, compared with SAR104m of the year-ago period. |
New 6000tpd Saudi cement plant for Al Baha Cement15 March 2018, Published under Cement NewsSaudi Arabia’s Al Baha Cement Co plans to built a new cement plant with a capacity of 6000tpd of sulphate-resisting Portland cement as well as the potential to produce white and grey cement. The project represents an investment of US$100m, for which the company will be raising finance from banks. The carry out the funding process, Al Baha Cement is inviting to submit bids for a financial consultancy contract. The Al Baha Chamber of Commerce and Industry and Saudi investors have formed... |
Saudi Cement companies await upturn on 2Q18 export sales14 March 2018, Published under Cement NewsSaudi cement companies' sales in February fell 11 per cent 3.63Mt compared to sales of 4.09Mt in February 2017. However, analysts are confident that 2Q18 sales will increase on the back of higher exports. Asharq Al-Awsat reported that Saudi Arabian cement companies will rely on completing domestic construction projects and increased exports to raise revenues in 2Q18. "Saudi cement companies are positioned to boost sales in the second half of this year," said economic specialist Faisal ... |
Will Saudi Arabian producers turn to exports?02 March 2018, Published under Cement NewsThe full removal of export tariffs on cement, effective 1 February 2018, signals an important change for Saudi Arabian cement producers. While the Ministry of Commerce lifted Saudi Arabia's cement export ban in 2017, it did not stimulate trade, even when tariffs were reduced from SAR133/t to SAR85/t. The latest step removes the last outgoing trade barrier for producers who want to reduce their clinker inventories, with Iraq and Yemen as likely target destinations. Exports from Saudi Arabi... |
Arabian Cement posts SAR97m profits in 4Q1720 February 2018, Published under Cement NewsArabian Cement reported a 276YoY surge in net profits of SAR97m (US$25.9m) in 4Q17, compared to SAR25.8m in 4Q16, according to a statement to the Saudi Stock Exchange. However, QoQ profits fell 46.3 per cent. For the full-year 2017, the cement producer’s profits decreased to SAR262.7m from SAR489.6m in 2016. The company attributed to decline in profits to a drop in sales volumes and prices as well as a fall of other revenues. |
City Cement profit fall 57% in 201720 February 2018, Published under Cement NewsSaudi-Arabia-based City Cement reported a 56.9 per cent YoY drop in net profits for 2017 to SAR93.3m (US$24.9m). In 2016 net profits reached SAR216.3m, but a 48 per cent fall in net profits in 4Q17 put pressure on last year’s results. Net profits during the last quarter of 2017 decreased to SAR23.9m from SAR45.9m a year earlier. The cement producer attributed the decline in profits to a drop in sales as well as higher production costs. City Cement’s sales fell 11 per cent to SAR53... |
Al Jouf Cement renews export licence for a year16 February 2018, Published under Cement NewsSaudi Arabia’s Al Jouf Cement has renewed its export licence for a year with the new authorisation ending February 2019. The Saudi cement producer received the licence on 15 February 2018, according to a statement to the Saudi Stock Exchange (Tadawul). |
Najran Cement announces financial impact of line closure15 February 2018, Published under Cement NewsSaudi Arabia’s Najran Cement has halted production at a 6500tpd clinker line and resumed production at its 3000tpd second line. The second line was temporarily shut down to reduce excess capacity within the market. The company announced that the financial impact of these developments is estimated to reach SAR11.3m (US$3.01m) on FY18. |