Cement News tagged under: Saudi Arabia
Saudi Arabia: Al Jouf Cement extends second clinker line trial29 September 2014, Published under Cement NewsAl 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 closed22 September 2014, Published under Cement NewsSaudi 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... |
Saudi Arabia: Southern Cement's third line is 70% completed22 September 2014, Published under Cement NewsSouthern Province Cement Co has completed 70 per cent of the third line of its Tihama plant, according to the Tadawul website. Project delays have been caused by the difficulties the contractor to obtain the necessary working visas required, but the project is now expected to be complete on 30 March 2015. |
Saudi August dispatches rise 29.8% YoY18 September 2014, Published under Cement NewsSaudi cement dispatches for August 2014 climbed to 3.96Mt, an increase of 29.8 per cent YoY and 47.8 per cent MoM, AlJazira Capital has stated in a report citing the data issued by Yamamah Cement Co. The YoY increase in dispatches is primarily due to the fact that part of Ramadan and the holiday season fell in August 2013. The significant MoM growth is attributed ti cement demand recovering after Ramadan. On a YoY basis, Arabian Cement and Najran Cement showed a strong rises in dispatches ... |
Saudi imports 3.1Mt in past nine months21 August 2014, Published under Cement NewsSaudi Arabia imported some 3.1Mt of cement in the past nine months valued at SAR750m, according to a financial report quoting data released by Customs Department. The rise is attributed to the increased pace of project implementation and heightened government spending on infrastructure, a source in the national committee of cement companies at the Council of Saudi Chambers (CSC) told Al-Eqtisadiah daily. |
Saudi listed firms see first-half net profits decline06 August 2014, Published under Cement NewsProfits of listed Saudi cement companies dropped by 6.6 per cent to SAR3.40bn (US$906m) compared with SAR3.64bn in the corresponding period last year, a report, filed by Al-Riyadh daily has revealed. In the second quarter, profits declined by 2.7 per cent to SAR1.77bn in the second quarter of 2014 Sales reached SAR3.66bn in the three months to the end of June 2014, while the cost of sales stood at SAR1.72bn, bringing revenues to nearly SAR1.94bn. |
Al-Jouf Cement returns to quarterly profit23 July 2014, Published under Cement NewsAl Jouf Cement has posted a 16.4 per cent rise in second-quarter net profit following five consecutive quarterly declines. A gradual improvement in shipments for the three-month period is also leading the Saudi-based company to anticipate a full recovery by year-end. During the second quarter of the year, the company posted a net profit of SAR16.1m. The results were slightly above analyst consensus estimates of SAR13.5m. Cement dispatches rose 1.6 per cent YoY to 368,000t showing sign... |
Umm Al-Qura signs financing agreement, Saudi Arabia22 July 2014, Published under Cement NewsUmm Al-Qura Cement Company announced the signing of an Islamic financing agreement with The Saudi British Bank (SABB) on 22 July for SAR 618.874m. The financing has a tenor of three years and is for specific project financing needs. |
Arabian Cement second-quarter exceeds analysts’ forecasts21 July 2014, Published under Cement NewsSaudi-based Arabian Cement reported a 60.2 per cent rise in second-quarter net profit to SAR199.8m (US$53.3m), beating analysts' forecasts. Al-Rajhi Capital noted that while most cement companies reported weak sales volumes this quarter, Arabian Cement bucked the trend and reported strong sales dispatches (+44 per cent YoY) as the company was relatively unaffected by the broader sector issues. Arabian Cement's performance to the three months to the end of June 2014 beat Al-Rahji Capita... |
Saudi: Qassim’s 2Q14 net profit slips, sales down 10%16 July 2014, Published under Cement NewsQassim Cement posted a 1.5 per cent decline in net profit for the second quarter of 2014 to SAR161.1m (US$43m). Sales volumes dropped 10 per cent YoY during the three months to the end of June to 1.07Mt on the back of sluggish construction sector activity. Operating profits came in at SAR163.6m. Analysts at Al Rahji Capital have stated that Qassim’s high utilisation rates and its inability to ramp-up capacity have led it to believe that there is “limited upside potential” from current le... |