Cement News tagged under: Saudi Arabia
Saudi Arabia: Yamama Cement secures US$266m for new plant03 January 2017, Published under Cement NewsSaudi Arabia's Yamama Cement Company has secured SAR1bn (US$266.6m) to partially fund the building of a new plant, it said on Monday. The three-year financing includes SAR750m from National Commercial Bank and SAR250m from Samba Financial Group, the company said in its statement. The company signed a SAR4.2bn contract with thyssenKrupp Industrial Solutions in November 2015 to build the works, it said at the time. It will be located 100km outside the Saudi capital of Riyadh and boast a ... |
Saudi Arabia: domestic firms' sales down 22% in November13 December 2016, Published under Cement NewsSaudi Arabian cement companies saw their sales fall 21.92 per cent YoY to 4.2Mt in November from 5.4Mt in the same month last year, according to a Yamama Cement report. Total production declined 20.2 per cent 4.23Mt in the month under review when compared to the 5.3Mt registered in November 2015. Inventories rose 16.5 per cent to 1.13Mt last month, up from 971,000t a year prior. Of the Saudi cement producers, Yanbu Cement posted the highest sales figures of 690,000t, up 11.3 per cent Y... |
Arabian Cement to start Rabigh grinding unit operations in 4Q1722 November 2016, Published under Cement NewsArabian Cement Co reported construction at its Rabigh grinding facility is ongoing. However, in a bourse filing the company said it expected commercial operations at the unit to start in 4Q17. |
Saudi Arabia shifts focus as spending curtailed18 November 2016, Published under Cement NewsWith the publication of the 2016 budget, Saudi Arabia has put an end to the high rates of spending prevalent before a subdued oil price environment took hold. However, the oil crash has prompted diversification and this means further investment in other sectors can be expected through the government’s Vision 2030 and the National Transformation Programme. Total cement sales in Saudi Arabia fell 6.8 per cent YoY to 47Mt in the first 10 months of 2016, according to a report from Al Rajhi C... |
Saudi Arabia: changing times?14 November 2016, Published under Cement NewsThe 2017 outlook for the Saudi Arabian cement sector remains neutral unless the government continues its spending spree. But as the subdued oil price environment calls for a more-diversified economy and spending cuts to rein in costs, cement demand in the kingdom could be in for a gloomy ride in the medium term. By Santhosh Balakrishnan, Riyad Capital, Saudi Arabia. As oil prices remain subdued, Saudi Arabia may need to rein in its construction ambitions The Kingdom of Saudi Ar... |
Saudi Arabia: cement sales down 7%14 November 2016, Published under Cement NewsA recent report from Al Rajhi Capital Research stated that total cement sales in Saudi Arabia fell 6.8 per cent YoY to 47Mt in the first 10 months of 2016, from 50.2Mt in the same period last year. Clinker production also saw a decline, falling 1.7 per cent YoY. Total cement sector revenues declines 19 per cent YoY as a result of lower sales volume (which was down 10.5 per cent YoY) and a fall in the average realised price/t for most companies. Aggregate net income saw a significant decline ... |
Saudi Arabia: Eastern Province and Tabuk Cement see fall in 3Q16 profits21 October 2016, Published under Cement NewsEastern Province Cement Co and Tabuk Cement are the latest Saudi cement producers to post a fall in third-quarter profits amid lower sales and higher production costs. Eastern Province Cement Co posted a 35.8 per cent YoY decrease in net profits from SAR67m in 3Q15 to SAR43m in 3Q16. In the first nine months of 2016 the cement producer reported net profits of SAR180m, representing a 26.2 per cent fall when compared with the SAR244m net profit in 9M15. The downward trend in profits has bee... |
Saudi Arabia: Northern Cement sees 43% profit fall in 3Q1620 October 2016, Published under Cement NewsNorthern Region Cement Co reported a 42.83 per cent decline in net profits to SAR30.09m (US$8m) in 3Q16 from SAR52.64m a year earlier. Profits also decreased 38.16 per cent QoQ, according to the company's statement to the Tadawul. The decrease in profits has been attributed to lower sales following a weaker domestic demand amid the Hadj season and summer holidays, complemented by a rise in costs as fuel prices rose. |
Saudi Arabia: Yanbu, All Jouf and Saudi Cement see fall in 3Q16 profits19 October 2016, Published under Cement NewsMore Saudi cement producers have reported a fall in profits for the third quarter of 2016. The decline in profits were attributed to lower sales and a drop in average selling prices as competition intensified amid weaker demand. Higher oil prices have also been cited as a major factor in the decrease. Yanbu Cement company recorded a 35.9 per cent drop in profits during the period from SAR145m (US$38.7m) in 3Q15 to SAR93m (US$24.8m), according to a bourse filing. Profits also fell QoQ, by ... |
Saudi Arabia: Yamama sees 41% net profit decrease18 October 2016, Published under Cement NewsYamama Cement Co reported a 41 per cent YoY fall in net profits to SAR56.3m (US$15m) in the 3Q16 from SAR95.53m (US$25.47m). The decrease resulted from a higher cost of sold goods due to increases in fuel prices as well as those of fixed assets, according to a bourse filing. The company also attributed the lower profits to lower value and volume of sales as a result of the pilgrimage season in the current quarter. Yamama's profits retreated 30.14 per cent to SAR323m during the firs... |