Cement News tagged under: Saudi Arabia
Red Sea City plan raises Saudi cement firms' share prices30 October 2017, Published under Cement NewsSaudi Arabia’s plan to build an entirely new US$500bn city, Neom, by the Red Sea has breathed life into the country’s beaten-down cement sector. Shares of companies such as Saudi Cement Co, Southern Province Cement Co and Yanbu Cement Co, the country’s biggest by market value, have all risen since the kingdom announced the Neom plan earlier this week, reports Arabian Business. The announcement "is surely a long-term positive for the cement sector - a sector which has been reeling... |
Southern Province Cement sees two-third drop in 3Q profit25 October 2017, Published under Cement NewsSaudi cement producer Southern Province Cement saw its third-quarter sales decrease 43.2 per cent to SAR216m from SAR380m in the 3Q16. The company’s net profit declined by 67.2 per cent to SAR57m from SAR174m in the same period a year ago. |
Yamama Cement sees 3Q profit fall17 October 2017, Published under Cement NewsYamama Cement reported a 30.5 per cent YoY fall in sales to SAR164m (US$43.7m) in 3Q17 from SAR236m in 3Q16. The company’s net profit decreased 48.1 per cent from SAR56.3m to SAR29.2m over the same period. |
Egypt doubles value of cement exports in 9M1716 October 2017, Published under Cement NewsEgypt’s cement exports rose 88 per cent during the first nine months of 2017, reaching around US$72m compared to US$38m last year, its building industries export council said on Sunday. Ten countries have captured 89.3 per cent of the Egyptian cement exports, which Saudi Arabia came on the top of the list, the report said. Exports to Saudi Arabia reached 11.186 million compared to US$15.483m last year. Exports to the Kenyan market have soared 1127 per cent to record US$9.385m in nine m... |
Umm Al-Qura Cement secures US$13.3m bank loan13 October 2017, Published under Cement NewsUmm Al-Qura Cement Company of Saudi Arabia has signed a key Islamic financing agreement with Riyad Bank to secure a SAR50m (US$13.3m) loan. The loan will be used for funding an increase in working capital as well as the capital purchases, the company said in a filing to the Saudi bourse Tadawul. The company has a factory near Taif city with a clinker production capacity of 1.98Mta. |
Arabian Cement postpones Rabigh grinding operation12 October 2017, Published under Cement NewsArabian Cement Co expects the commercial operation of the grinding unit at its Rabigh plant, Saudi Arabia, to start in the 3Q18, instead of the earlier-announced 4Q17. Construction on the project is still ongoing and according to a statement to the Saudi Stock Exchange, the delay is attributed to the contractor who does not commit to the scheduled deadline. The financial impact of the new facility is difficult to determine as it depends on supply and demand in the cement market, said the ... |
Arabian Cement in merger talks with Al Safwa Cement09 October 2017, Published under Cement NewsArabian Cement has entered into potential merger talks with Al Safwa Cement of Saudi Arabia, owned by El Khayyat Group, Public Pension Authority (PPA) and General Organisation for Social Insurance (GOSI). Arabian Cement has been attracted by the locational advantage of the plants of both companies and source of raw materials, besides the cost savings in selling, general and administrative expenses and relatively lean inventories, according to Al-Rajhi Capital Research. In addition, both... |
First eight months sales fall 18% YoY in Saudi Arabia22 September 2017, Published under Cement NewsIn the first eight months of 2017, cement sales volume In Saudi Arabia declined 18 per cent YoY to 32.1Mt, while clinker production fell 10 per cent YoY during the same period, reports analysts Al Rajhi Capital. Northern Cement (-47 per cent YoY), Najran cement (-45 per cent) and Hail Cement (-38 per cent) witnessed the steepest YoY decline in terms of cement dispatches during the same period. City, Qassim, Yanbu and Al Safwa Cement improved their results by 1.7 per cent YoY 0.9 per cent,... |
Saudi producers sees sales drop 16% in August 201718 September 2017, Published under Cement NewsThe sales of Saudi cement producers fell 15.5 per cent to 3.72Mt in August 2017 when compared to 4.4Mt reported in August 2016. Total production in August reached 3.79Mt, down YoY from 4.3Mt, according to Yamama Cement Co. Cement inventories rose 11.3 per cent YoY to 1.17Mt from 1.05Mt in the year-ago period. Southern Province Cement Co saw sales slide 36 per cent YoY to 471,000t in August 2017 from 637,000t in August 2016. Yanbu Cement sales slipped 2.1 per cent to 462,000t from 472,000... |
Saudi Arabia volumes down 19% in 7M1714 August 2017, Published under Cement NewsSaudi Arabia’s cement sales volumes have dropped by 19 per cent YoY to 28.3Mt during the first seven months of 2017, a report from Al Rajhi Capital reveals. The Saudi Cement sector report added that inventories stood at 33.6t. However, it pointed out that when looking at capacities, inventories and potential demand for each region, the northern region remains the weakest as current inventories represent 118 per cent of regional producers’ dispatches in the last 12 months. For the wester... |