Cement News tagged under: Saudi Arabia
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... |
Saudi Cement posts second-quarter net profit drop15 July 2014, Published under Cement NewsSaudi Cement posted a 6.2 per cent drop in second-quarter net profit on Monday as declining sales impact revenue. The kingdom’s largest listed cement producer by market value made a net profit of SAR288m (US$76.8m) in the three months to the end of June 2014, compared to SAR307m in the comparative period of last year. |
Yamama Cement sees June deliveries decline11 July 2014, Published under Cement NewsYamama Cement's June domestic deliveries reached 484,000t, a 5.5 per cent decline MoM and a 17.7 per cent YoY fall, according to NBK Capital. However, this figure was in line with NBK Capital's 1.5Mt estimate of the 2Q14 sales volume. Yamama Cement’s primary area of activity in Riyadh is still experiencing a slowdown in construction activity, on the back of the labour correction campaigns that were introduced by the Saudi government. The research house expects to start seeing improvement ... |
Najran launches waste heat recovery operations01 July 2014, Published under Cement NewsSaudi-based producer Najran Cement said launched operations of its waste heat recovery project yesterday. The company successfully completed the performance guarantee tests stated in its contract with Sinoma of China, according to local press reports. |
Saudi on course for full demand recovery in 4Q1423 June 2014, Published under Cement NewsSaudi cement sector is currently showing signs of recovery, with demand beginning to return to its normal levels, a new report by NCB Capital reveals. Mohamed Tomalieh, equity research analyst at NCB Capital, said: “The average YoY decline in sales since November 2013 stood at 7.9 per cent but sales in May 2014 increased 3.1 per cent YoY, the first increase since the end of the amnesty period for expats in November 2013. The recent growth supports our view of demand normalising in 3Q14, wi... |
Wartsila to supply Umm Al-Qura Cement Co power plant, Saudi Arabia19 June 2014, Published under Cement NewsWartsila has received an order to supply a turnkey power plant from Saudi-based Umm Al-Qura Cement Co. The contract for the 47MW facility will be located in the mountain desert close to Taif city. The equipment will be delivered by February 2015 on a fast-track basis and will enter commercial operation by October 2015. The power plant will serve a cement factory in extreme conditions of temperatures up to 50°C and an altitude above 1000m. It consists of five 20-cylinder Wartsila 32TS engin... |
Saudi Cement recommends dividend02 June 2014, Published under Cement NewsSaudi Cement Co’s board of directors has recommended paying a dividend of SAR3.5 per share for first six months of 2014, the firm said in a bourse filing on Sunday. Shareholders owning the company’s stock at the end of trading on 1 July will qualify for the dividend, which will be paid on 9 July the statement said.? Saudi Cement reported a 16 per cent drop in first quarter 2014 profit which it blamed on sagging local demand and losses from an associate company. |
Al Jouf completes supply agreement12 May 2014, Published under Cement NewsSaudi-Arabia based Al Jouf Cement said in a bourse statement today that it has completed supplying clinker and cement according to the contracts signed with Al-Rajhi Factory in Jordan. The company added that the contract value totals nearly SAR47m (US$12.5m). |