Cement News tagged under: Saudi Arabia
GCC: capacity outpaces demand15 February 2017, Published under Cement NewsWith oil prices forecast to remain at the lower end of the scale, Gulf Cooperation Council countries reassess their needs. A heightened focus on economic diversification drives infrastructure investment and governments address the lack of affordable housing for their growing populations. However, the expansion of cement capacity is outpacing demand growth. By Hettish Karmani, Ubhar Capital, Oman. With a stronger focus on economic diversificaiton and housing, GCC countries hope to brid... |
The world in 2016 and outlook for 201710 February 2017, Published under Cement NewsThis year will be a challenging year for the multinational cement companies, which are now faced by uneven economic performance in the emerging markets, combined with a new era of global political uncertainty that could further destabilise markets. On balance, however, global growth looks set to be anchored by positive trends in the major markets of China, India and the US, more than offsetting the poor performance elsewhere. The large cement majors have spent years diversifying their por... |
Saudi Arabia: lacklustre domestic demand creates price war01 February 2017, Published under Cement NewsA drop in domestic demand caused by a downturn in government construction projects has triggered a price war among cement producers in Saudi Arabia, according to local newspaper Al-Youm. The National Cement Committee of the Council of Saudi Chambers acknowledged the price war but said it was not involved in it. “The committee has nothing to do with the decline in cement prices or the price war which is happening in the market,” said Committee Chairman, Jihad Al-Rasheed. The newspaper r... |
Saudi Arabia: new chairman for Tabuk Cement30 January 2017, Published under Cement NewsSaeed bin Saeed Obaid is appointed as the new chairman of Tabuk Cement, Saudi Arabia. He will succeed Khalid Bin Saleh Al-Shathry. Tabuk Cement said at its ordinary general meeting elected on Thursday, 26 January, the new board members for a three-year period. |
Saudi Arabia: Yamama Cement mothballs five clinker lines26 January 2017, Published under Cement NewsIn an announcement to the Saudi Arabian stock exchange, Yamama Cement has said that it will temporarily close five clinker production lines with a combined capacity of 5600tpd. The company said that current market market conditions had led to a rise in clinker stocks throughout the sector in Saudi Arabia and for this reason the firm had decided to suspend production at its oldest facilities. |
Najran 4Q16 profit falls 73%20 January 2017, Published under Cement NewsNajran Cement reported a fall in profits of 72.55 per cent to SAR14.76m (US$3.93m) in 4Q16 from SAR53.73m in 4Q15. The company attributed the lower profit to reduced sales volumes due to slowing construction activity and an increase in energy prices. Najran Cement's full-year profits reached SAR124.81m, down 51.2 per cent from SAR255.62m reported in 2015. |
Saudi Arabia: Northern Cement profits down 57% in 4Q1619 January 2017, Published under Cement NewsNorthern Region Cement Co reported a 57.3% YoY decline in profits in the fourth quarter of 2016, according to the company's filing to the Saudi Stock Exchange (Tadawul). Profits reached SAR16.91m (US$4.51m), down from SAR39.62m in 4Q15 and -43.8 per cent when compared with the 3Q16. The decline is attributed to lower sales due to intense competition, lower selling prices and reduces volumes. Weaker demand and lower prices have also affected annual results as Northern Cement saw it... |
Saudi cement production forecast to fall 5-10% in 201718 January 2017, Published under Cement NewsA number of Saudi cement companies plan to cut production by 5-10 per cent this year to deal with reduction in demands, Al Sharq Al Awsat newspaper has reported. The decline is attributed to low local demands for cement and high competition with the existence of 15 companies, as well as increase in the production cost as result of the increase in the energy prices. Saudi cement companies are predicted to sell around 60Mta in 2017, the paper claims. |
Arabian Cement profits down 84% in 4Q1617 January 2017, Published under Cement NewsArabian Cement Company have reported an 84.36 per cent YoY fall in net profit in the 4Q16, according to a bourse filing. Profits reached SAR24m (US$6.4m) in 4Q16 compared to SAR153.5m in the corresponding period of the previous year. A decrease in gross profit by SAR125m was a result of a decline in sales volume and prices, as well as the increase in general and administrative expenses by around SAR3m, the company’s statement indicated. Total net profits for 2016 retreated by 18.41 pe... |
Saudi Arabia: Hail Cement Q4 profits decline 21%17 January 2017, Published under Cement NewsHail Cement Company (HCC) reported a 20.99 per cent decrease in net profit for the 4Q16. HCC achieved SAR23.67m (US$6.31m) net profit in the quarter, falling from SAR29.95m in the 4Q15. Profits fell by 7.95 per cent to SAR104.52m in 2016 compared to SAR113.55m in 2015. The decline in net profits was attributed to lower total sales due to weak demand, despite unrealised investment profits in the shares' portfolio, the company’s statement said. Net profits rose 15.27 per cent to SAR20.12... |