Cement News tagged under: Saudi Arabia

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Southern Province Cement Line 2 due for end-June completion

12 February 2016, Published under Cement News

Work on Southern Province Cement's second production line at its Bishah plant in Saudi Arabia has been delayed, according to a company statement to the Saudi bourse. The company added that 83 per cent of the project has been completed so far and is scheduled for commissioning at the end of June 2016. The delay does not have any financial impact, the cement producer said.

Saudi Cement Co to temporarily halt Kiln Line 6

08 February 2016, Published under Cement News

Saudi Cement Co has decided to temporarily stop kiln 6, which has a capacity of 3500tpd, until domestic market conditions improve, including the lifting of the export ban. The company during a board meeting on 4 February discussed the current market conditions and continuation of export ban, which has led to a rise in clinker inventory to high levels. Since Kiln Line 6's output would have been added to the 2016 inventory levels, which has already reached around 4Mt, it is not expected ...

Saudi: Umm Al-Qura Cement Co net loss narrows

22 January 2016, Published under Cement News

Umm Al-Qura Cement Co saw its full-year net loss narrow in 2015 to SAR24.07m compared to a net loss of SAR28m a year earlier. Operating losses were also down to SAR21.96m, compared to SAR27.12m in 2014. However, the Riyadh-based company reported net loss for 4Q15 of SAR10m, versus a net loss of SAR3.72m in the same period a year earlier.

Southern Province Cement 4Q15 results beats estimates

20 January 2016, Published under Cement News

Saudi-based Southern Province Cement Co (SPCC) posted a strong set of results for 4Q15, with net profits at SAR298m (US$79.5m), coming in ahead of Al Rajhi Capital and consensus estimates of SAR263m and SAR257m, respectively. The rises came on the back of increased sales volumes and lesser use of imported clinker, which in turn led to lower cost of goods sold, Al Rajhi Capital said. The company’s top-line continued to grow at a healthy rate, driven by new expansion and stable cement pri...

Saudi Cement Co reports drop in 4Q profit

19 January 2016, Published under Cement News

Saudi Cement Co reported a 32.8 per cent drop in fourth-quarter net profit on account of lower sales and an impairment charge for two kilns. In the three months to the 31 December 2015, the cement producer posted a net profit of SAR180m (US$48.03m), down from SAR268m in the corresponding period of 2014, the company said in a bourse filing. The drop was attributed to lower sales, and booking an impairment for two kilns at its Hofuf plant. The company had said last month it would book a SAR...

Yanbu Cement Co 4Q15 net profit up 8.3% YoY

11 January 2016, Published under Cement News

Saudi producer Yanbu Cement Co posted 8.3 per cent YoY growth in net profit to SAR209m (US$55.6m) for the fourth quarter of 2015, up from SAR193m in the prior-year period. The cement producer attributed the profit rise in the 4Q15 to an increase in sales. Meanwhile, the full-year net profit rose 0.50 per cent to SAR806m from SAR802m a year ago.

Saudi Arabia: Qassim Cement Co 4Q net rises 4.6%

08 January 2016, Published under Cement News

Qassim Cement Co recorded net earnings of SAR141m (US$37.5m) during the fourth quarter of 2015, a rise of 4.6 per cent from SAR134m in the year-ago period. Full-year net earnings increased four per cent YoY from SAR564m to SAR586m. The cement producer attributed the profit growth to higher sales volume and value, as well as low general and administrative expenses.

Estanda completes ball mill renovation in Saudi

07 January 2016, Published under Cement News

Estanda has successfully completed the commissioning of a two-compartment cement ball mill for a cement producer in Saudi Arabia. The project was carried out on Cement Mill 2  (with a diameter of 5m), operating in parallel with the Cement Mill 1 (CM1), which had previously been renovated and updated by Estanda in 2013. The renovation of CM2 affected all the interior steel components of the mill involved in the grinding process: inlet headwall liners, lifting liners of first ball mill chamb...

Saudi Cement shuts down two kilns

30 December 2015, Published under Cement News

Saudi Cement Co has closed down two kilns indefinitely as a result of high inventory, absence of growth in Saudi demand and the continuing ban on exports, it said in a bourse statement on Wednesday. The company reported an impairment charge of SAR66.2m (US$17.6m) in the fourth quarter of 2015 as a result of the kiln closures. Furthermore, Saudi Cement Co expects the fuel and electricity price hikes announced in the 2016 government budget to increase its production costs by SAR68m (US$18.13...

Saudi: Al Jouf Cement signs financing agreement with Alinma Bank

16 December 2015, Published under Cement News

Al Jouf Cement has signed a Murabaha financing agreement with Alinma Bank at a total value of SAR350m. The financing period extends from 15 December 2015 until 14 December 2022, with a grace period of two years, the cement producer said in a bourse statement. The facility, secured against a promissory note, is aimed at rolling over the company's outstanding loans and financing some of the current projects. Al Jouf's second production line will help repay this loan, the statement added