Cement News tagged under: Saudi Arabia
Northern Region Cement set to launch IPO, Saudi Arabia07 January 2013, Published under Cement NewsSaudi-Arabia based cement producer Northern Region Cement Company (NRC) plans to sell 90 million shares in an Initial Public Offering (IPO) starting tomorrow. The company plans to sell 90 million shares, or 50 per cent of its capital at SAR10 (US$2.7) each over the 8-14 January 2013 period. NRC has appointed ANB Invest, the investment arm of the Arab National Bank, to act as the lead manager and bookrunner for the IPO. The deal was signed by NRCC Board Chairman Sulaiman bin Salim Al-Ha... |
Saudi Cement Co 3Q12 net profit rises, Saudi Arabia07 January 2013, Published under Cement NewsSaudi Cement Company (SCC) said its net profit for the nine months through September 2012 surged in the first nine months of 2012 compared to the same period of the previous year. Net profit rose 30.5 per cent YoY, to SAR825.3m (US$220.1m) from SAR 619.9m a year earlier. Earnings per share (EPS) stood at SAR 5.39, up from SAR 4.05. Operating profit increased to SAR842m for the first nine months of 2012, from SAR645.1m a year ago. For the third quarter alone, the company reported... |
Southern Province signs contract for power plant expansion, Saudi Arabia07 January 2013, Published under Cement NewsSouthern Province Cement Co (SPCC) has signed a contract with Wartsilla for the expansion of the former’s power generating plant at the Tahama works. The contract was signed by HH Prince Abdullah bin Mosa’ad bin Abdulrahman Al-Saud, SPCC chairman, with Wartsilla to add four diesel units operating by heavy fuel with a total capacity of 32MW. |
Hail Cement signs loan agreement, Saudi Arabia14 December 2012, Published under Cement NewsSaudi Arabian cement company Hail Cement announced that it has signed a loan agreement with the Saudi Industrial Development Fund on 12 December 2012. The loan amount is SAR300m (US$80m) repayable in 20 half-yearly unequal installments as scheduled and approved against mortgage of all fixed assets. The period of the loan is 12 years, with payment starting 2015. The company is using the loan to fund the development of a new cement factory in the city of Hail, according to a statement ma... |
Yanbu Cement records 25.5% YoY rise in quarterly net profit21 November 2012, Published under Cement NewsIn the quarter ended 30 September 2012, Yanbu Cement saw total revenues fall 21.4% to SAR339.6m (US$90.5m) and net profits slipped from SAR215.6m to SAR156.7m when compared to the previous quarter. However, on a YoY basis, the company recorded a 149.7% sales revenue increase from SAR272.5m. In terms of net profit, the Saudi Arabian cement producer reported a 25.5% advance from SAR124.9m. |
Saudi Cement announces new grinding investment, Saudi Arabia12 November 2012, Published under Cement NewsSaudi cement producer Saudi Cement Company (SCC) is to replace three old cement mills with two new ones. The old mills have a grinding capacity of 360tph, while the new mills – 440tph. The project will raise the company's grinding capacity by some 600,000tpa. |
Najran Cement 3Q12 net profit down, Saudi Arabia29 October 2012, Published under Cement NewsSaudi Arabian cement company Najran Cement posted a net profit of SAR36.2m (US$9.7m) for the third quarter of 2012 compared to SAR83.3m in the corresponding period of 2011, representing a fall of 56.55 per cent. However, on a QoQ basis, net profit increased by 36.19 per cent compared to the second quarter of the year. The reason for net profit of third quarter being higher than the second quarter 2012 is that second quarter was subject to bear additional costs for IPO and arrears of royal... |
Southern Province driven by higher demand, Saudi Arabia26 October 2012, Published under Cement NewsSaudi Arabian cement producer Southern Province Cement reported a YoY rise in net profit for the the first nine months of 2012 and for the third quarter of the year thanks to an increase in demand for cement on the local market. However on a QoQ basis, third quarter profit fell due to the Ramadan and Eid Al-Fitr holidays. Net profit for the third quarter of 2012 reached SAR200m compared to SAR180m for the same quarter of previous year, an increase of 11.11 per cent. Net profit during the n... |
Saudi Cement 3Q12 net profit rises, Saudi Arabia15 October 2012, Published under Cement NewsSaudi Cement Co reported a 7.3 percent increase in quarterly profits on higher domestic sales, Reuters reported. The company said it made US$56m net profit during the third quarter, up from US$51.9m a year ago. The company said local demand for cement and clinker grew in the July-September period. Saudi Arabia is witnessing big developments driven by the government's strategy diversify its economy away from oil. Saudi Cement also said that is operational profit for the period increased by... |
Arabian Cement Company fire damage, Saudi Arabia12 October 2012, Published under Cement NewsArabian Cement Company said that a fire which broke out at its third cement mill at its plant in Rabigh on 20 September was caused by an electrical problem, Construction Week reports. The company said that although clinker production was not impacted by the fire, the temporary closure of one of its five existing mills is likely to lead to an expected temporary drop in sales of around 1000tpd. The fire was brought under control quickly, and there were no casualties, but it could be three-to... |