Cement News tagged under: Saudi Arabia
Saudi cement sales rise 12% in July09 August 2017, Published under Cement NewsCement sales of companies operating in Saudi Arabia recorded an increase of 11.53 per cent in July 2017. Sales rose to 3.49Mt in July 2017, compared to 3.13Mt during the same month of the previous year. The companies’ gross production grew by five per cent YoY to 3.37Mt in July 2017 from 3.2Mt, according to a monthly report issued by Yamama Cement Company. On the other hand, cement inventories decreased marginally by 1.96 per cent to 1.1Mt last month, compared to 1.12Mt in July 20... |
Tabuk and Al Jouf net profit dragged down by lower demand08 August 2017, Published under Cement NewsSaudi-based producers Tabuk Cement and Al Jouf Cement have reported a decline in second quarter net profit due in part to lower demand. Tabuk Cement, which operates a 1.2Mta plant in Duba, said net profit fell by 93.84 per cent YoY to SAR1.3m (US$346,619). Quarter-on-quarter, net profits fell 85.06 per cent. The smallest of Saudi’s established grey cement producers, Tabuk Cement attributed the decrease to lower demand and prices. In the first half of 2017, net profits declined 76.42 per c... |
Northern Region Cement 2Q net profit down 83%04 August 2017, Published under Cement NewsNorthern Region Cement Co on Wednesday announced that its net profits fell 83 per cent YoY in the second quarter of 2017. Profits fell to SAR8.26m during the three months ending June 2017, from SAR48.66m in 2Q16, according to a bourse filing. On a sequential basis, net profit was down by 49.8 per cent YoY. The Saudi cement company attributed the decrease in its YoY net profits to the increase rising interest rates on debt and the drop in other revenues. Sales went down 55.1 per cent to ... |
Eastern Province Cement 2Q net profit slides03 August 2017, Published under Cement NewsSaudi-based Eastern Province Cement Co (EPCC) said its net profits slid 25.5 per cent YoY in the second quarter of 2017 due to lower volumes and value of cement sales due to a drop in domestic demand. Net profits stood at SAR35m in 2Q17, compared to SAR47m in 2Q16, according to a statement to the Saudi Stock Exchange. Quarter-on-quarter, net profits retracted 30 per cent. Sales tumbled 23.5 per cent to SAR159m in 2Q17, from SAR208m in the same period in the year before. In the first half... |
Yanbu 2Q sales hit by weak demand and strong competition02 August 2017, Published under Cement NewsSaudi-based Yanbu Cement Co's second quarter net profit fell by 49.7 per cent YoY, and 35.5 per cent on a sequential basis, according to a bourse filing. The drop in profits is attributed to lower sales, which resulted from a weak demand and fierce competition. Net profit decreased to SAR80m (US$21.3m) in the three months to the end of June 2017 from SAR159m in the same period a year earlier. Sales were down by 38 per cent YoY to SAR214m during the 2Q17. In terms of Yanbu's first-half ... |
Yamama Cement sees 90% profit fall24 July 2017, Published under Cement NewsSaudi Arabia's Yamama Cement Co saw net profits fall 89.5 per cent YoY in 2Q17. Earnings contracted to SAR12.17m in the second quarter from SAR116.3m in 2Q16. The decrease in net profits was attributed to lower sales following a decrease in local demand. Total sales decreased by 30.6 per cent to SAR194.7m in 2Q17 from SAR280.4m in 2Q16. |
Hail Cement sees 90% profit slide in 2Q1724 July 2017, Published under Cement NewsSaudi Arabia's Hail Cement Co announced that its net profits decreased by 90.1 per cent YoY to SAR2.66m (US$709,203) in 2Q17 from SAR26.8m in 2Q16. Sales fell 51.2 per cent to SAR32.16m in the second quarter, from SAR75m in 2Q16 as demand in the kingdom fell, competition increased and prices declined. In the first six months, profits fell 81.5 per cent to SAR10.9m from SAR59.13m in 1H16 while sales soften 53.5 per cent to SAR76.6m in 1H17, compared with SAR164.55m. |
Qassim Cement Co reports 53% drop in 2Q profit18 July 2017, Published under Cement NewsQassim Cement Co reported a 53.29 per cent YoY decline in 2Q17 net profit, while the drop on a QoQ basis was 33.63 per cent, according to a bourse filing. Profits totalled SAR53.2m (US$14.2m) in 2Q17 compared to SAR113.9m for the same period last year, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Monday. The contraction was in part attributed to lower domestic demand. The reduction compared to the first quarter was due to a decrease in cement prices, in addit... |
Expected decline in 2Q Saudi cement sales14 July 2017, Published under Cement NewsSaudi cement sales volumes are expected to have declined by 17 per cent YoY and 11 per cent QoQ due to a lower pace of project spending, Riyadh Capital writes in its latest preview report on the domestic cement sector. However, some welcome relief could come in the form of the government's decision to reduce the export tariff by 50 per cent, the research house adds. The Saudi cement industry has been affected by falling cement prices and lowering demand amid the ongoing supply glut. Dispatc... |
Drop in Saudi 2Q earnings expected05 July 2017, Published under Cement NewsSix Saudi cement companies are expected to see a decline in their revenues and profits, by 37.1 to 62.8 per cent in the second quarter of 2017, according to a recent report by Al Rajhi Capital. The companies covered in the report are Arabian Cement, Yamama Cement, Saudi Cement, Qassim Cement, Yanbu Cement and Southern Province Cement. The sales volume of the Saudi cement sector declined by 17 per cent YoY in the first two months of the second quarter as a result of a continuous slowdown in... |