Cement News tagged under: Saudi Arabia

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Saudi: City Cement Co invest in alternative energy project

04 December 2014, Published under Cement News

City Cement Co intends to invest SAR25m (US$6.7m) in an alternative energy project, the Saudi-based producer said in a bourse statement yesterday. The project, anticipated to be completed by the end of the first half of 2015, will be carried out by Chinese engineering company Sinoma. Without providing further details, City Cement said it will use own funds and/or Murabaha financing for the initiative.

Al Jouf sees double-digit rise in 3Q net profit, Saudi Arabia

30 October 2014, Published under Cement News

Saudi-based Al Jouf Cement Co posted a 17 per cent YoY increase in its third-quarter net profit to SAR8.6m (US$2.29m), boosted by higher sale volumes. Operating profit grew almost 19 per cent in annual terms to SAR2.5m. Gross profit rose 10 per cent to nearly SAR19.7m. During January-September 2014, the company saw its net profit fall 14 per cent on an annual basis to SAR39.7m. Earnings per share (EPS) fell to SAR0.31 from SAR0.35. Operating profit narrowed to SAR50.12m from SAR56.3...

Saudi Arabia: Tabuk third-quarter profit down 24%

29 October 2014, Published under Cement News

Tabuk Cement Co recorded SAR21.6m (US$5.76m) net profit in the third quarter of 2014, a decline of 23.94 per cent YoY from SAR28.4m. On a quarterly basis, net earnings were down 49.88 per cent from SAR43.1m. In the first nine months of 2014, net profit amounted to SAR108.7m, down 19.66 per cent compared with SAR135.3m a year earlier.

Southern Cement 3Q net profit up 53% YoY, beats esitmates

27 October 2014, Published under Cement News

Southern Cement posted a third-quarter net income of SAR285m (US$76m), rising 53 per cent YoY. The result was above NCB Capital and consensus estimates of SAR200m and SAR196m, respectively.   However, on an adjusted basis, earnings were down 7.6 per cent YoY and below estimates by 12-14 per cent. With sales in-line at 1.56Mt, the negative surprise came from higher costs. NCBC estimated costs at SAR102/t, and believes it could have been as high as SAR 122/t. Southern Cement announced...

Saudi Cement 3Q14 profits better than expected

24 October 2014, Published under Cement News

Saudi Cement posted better than expected 3Q14 financial results, beating consensus estimates, according to Al-Rajhi Capital. The cement producer’s net profit grew marginally to SAR232m (US$61.8m) by +1.3 per cent YoY. The Saudi cement sector is gradually recovering from the effects of a labour crisis, with total local sales growing 5.4 per cent YoY in September. Saudi Cement sold 1.64Mt of cement in the domestic market, down -8.5 per cent YoY, in line with Al-Rajhi’s expectations. However,...

Saudi Cement posts stable 3Q profit

22 October 2014, Published under Cement News

Saudi Cement reported a modest rise in 3Q net profit from SAR229m (US$61m) to SAR232m in the year-ago period, according to a bourse filing. The company attributed the rise to improved efficiencies although quarterly cement sales fell due to declining domestic demand.

Saudi Arabia: strong annual 3Q gains for Yanbu despite weak start

17 October 2014, Published under Cement News

Yanbu Cement reported a 16.4 per cent rise in third-quarter net profit to SAR163m (US$43.4m), driven by lower cost of sales due to increased production and the government's subsidy on imported clinker. The result was well ahead of estimates by Al-Rahji Capital who forecast net profit of SAR131m for the three month period (consensus: SAR149m). Yanbu's robust performance came as a surprise to Al-Rahji analysts given that the cement producer's sales decided by eight per cent YoY in the first ...

Yanbu Cement 3Q profit up 16.4%, Saudi Arabia

15 October 2014, Published under Cement News

Saudi-based Yanbu Cement net earnings grew by 16.43 per cent YoY in the third quarter of 2014 to SAR163m, but declined by 32.37 per cent compared to 2Q14. The company said the third quarter annual increase was was due to the lower cost of sales due on the back of a boost in production and receipt of a clinker import subsidy. The company attributed the QoQ decline to lower sales due to the Ramadan and Eid al-Fitr holiday. Earnings for the first nine months of the year declined by 7.87 pe...

Saudi Arabia: Al Jouf Cement extends second clinker line trial

29 September 2014, Published under Cement News

Al Jouf Cement has extended the experimental operation of its second clinker line until the end of the 4Q14 in an attempt to reach full production capacity. The new line will not make a contribution to company finances until 1Q15 when full commercial production will commence.

Saudi Arabia: weak demand keeps Hofuf kilns closed

22 September 2014, Published under Cement News

Saudi Cement Co said it would not restart the two refurbished kilns at its Hofuf plants as the company currently has a high inventory level and market demand remains weak. “The feasibility of operating these two kilns shall be reconsidered whenever market conditions warrant that,” the statement said. The company expects to record annual depreciation charges of about SAR7.6m (US$2m) related to the kilns from 4Q14 onwards. In the year to August Saudi Arabia’s largest cement producer h...