Cement News tagged under: Saudi Arabia

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Southern Province cement signs deal with Wärtsila, Saudi Arabia

03 August 2012, Published under Cement News

Saudi Arabia’s Southern Province Cement Company has signed a US$26m contract with a Finnish power firm that will allow it to expand its power plant in Jazan, located in the south of the country. Southern Province's chairman, HH prince Abdullah bin Mosa'ad bin Abdulrahman Al- Saud, signed the contract with Wartsilla Power Contracting Co of Finland yesterday. The deal will see four diesel-powered units added to its plant in Jazan, which will increase its capacity by 32MW.

Hail Cement widens loss, Saudi Arabia

18 July 2012, Published under Cement News

Saudi Arabia-based cement company Hail Cement has increased its losses in the second quarter of 2012 to US$2.29m, up by 36 per cent from the US$1.68m it lost in the first quarter. The loss is attributed to the pre-operating stage it is currently undergoing with operations due to begin in the first quarter of 2013. For the first six months of this year, the company’s net loss was US$3.97m. (Source: Middle East North Africa Financial Network).

Southern Province Cement second-quarter profit rises, Saudi Arabia

17 July 2012, Published under Cement News

Southern Province Cement (SPC) posted a 9.6 per cent increase in second quarter profit, Reuters reports. SPC achieved a net profit of US$69.86m during the quarter, up from US$63.6m a year earlier. Revenue rose 6.77 per cent to US$71.6m compared to US$67m in 2Q11. The company attributed the increase in profits to the start of a second line at its Tuhama plant which started commercial production in March, as well as increased demand from local markets. In May this year, SPC signed a c...

Saudi Cement net profit rises 26 per cent, Saudi Arabia

16 July 2012, Published under Cement News

Saudi Cement posted a net profit of SAR290.2m (US$77.4m) for the second quarter, representing a rise of 36 per cent from a year earlier. The company attributed the rise to growing demand for cement and clinker as the domestic construction sector is boosted by increased government spending.

Qassim Cement second quarter net rises YoY, Saudi Arabia

11 July 2012, Published under Cement News

Qassim Cement Company posted a three per cent YoY rise in consolidated net profit of SAR149m (US$40m) for the second quarter of 2012, thanks to increased sales. However, on a QoQ basis, net profit was down 5.97 per cent which the company attributed to increased costs due to the purchase of clinker from the local market. Operating profit during the second quarter was SAR153m compared to SAR145m for the corresponding quarter last year, which represents a rise of 5.31 per cent. Consolid...

Yanbu Cement 1H net profit rises four per cent, Saudi Arabia

09 July 2012, Published under Cement News

Saudi Arabia-based Yanbu Cement said net profit for the first half of 2012 rose by 43.4 per cent YoY to SAR360m (US$96m). Earnings per share stood at SAR3.43, up from SAR2.39. For the second quarter of 2012, Yanbu’s net profit reached SAR216m from SAR150m from the same period of last year. The company attributed the strong performance to higher production and sales volumes as a result of the launch of Kiln Line No 5.

Qatrana Cement workers strike on pay dispute

25 June 2012, Published under Cement News

Qatrana Cement Company, a subsidiary of Arabian Cement Co (ARRCO) was forced to halt cement production as employees at the factory held a strike over a pay dispute and closed an access road leading to the works. According to reports in Construction Week, industrial action lasted for eight day after the ministry of labour interceded to negotiate between workers and factory management. Workers had erected a Bedouin tent across the main gates of the cement plant and demanded an end to ‘lo...

Saudi cement sector continues to thrive

18 June 2012, Published under Cement News

The Saudi Arabia cement sector continues to go from strength to strength and a report released earlier this week shows that local cement demand is forecast to grow at a CAGR of 6% to 2015, driven by the country's development plan. The report by Al Rhaji Capital notes that the pace of growth in Saudi Arabia is the highest in the GCC. The strong increase is purely organic due to higher cement dispatches, strong demand and efforts by the government to stabilise prices in the region.   S audi A...

Baker and McKenzie advises Najran Cement Co, Saudi Arabia

13 June 2012, Published under Cement News

Baker and McKenzie advised Najran Cement Company (NCC) on its initial public offering of 85,000,000 shares at SAR10 a share (IPO), representing 50% of its share capital at an aggregate offer price of SR850,000,000. Najran Cement was established in 2005 and has a cement capacity of 9000tpd. At present, the plant consists of two production lines and one grinding unit. To capitalise on expected domestic market development, plans to expand its clinker capacity by 7000tpd with a new third line. ...

Saudi cement producers see 1Q rise in net profit

12 June 2012, Published under Cement News

Two leading Saudi Arabian cement producers have reported solid gains in the first quarter of 2012 driven by higher sales volumes as a result of rising local demand. Saudi Cement Company (SCC) said that its net profit for the three months through March 2012 surged 54.4% YoY to SAR325.6m (US$86.8m) from SAR210.8m a year earlier. Meanwhile, Eastern Province Cement Company registered a SAR104m (US$27.7m) net profit for the first quarter of 2012, an increase from the SAR83m recorded a year ...