Cement News tagged under: Saudi Arabia
Qatrana Cement workers strike on pay dispute25 June 2012, Published under Cement NewsQatrana 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 thrive18 June 2012, Published under Cement NewsThe 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 Arabia13 June 2012, Published under Cement NewsBaker 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 profit12 June 2012, Published under Cement NewsTwo 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 ... |
Saudi Arabia cement capacity seen reaching 66Mta by 201511 June 2012, Published under Cement NewsSaudi Arabia's cement production capacity is expected to reach over 66Mta by 2015 from 47Mt this year, a report from Al Rajhi Capital said. S audi Arabia’s development plan is underpinning construction growth as building activity moved up a notch alongside existing projects such as King Abdullah and Jazan Economic Cities and hence, demand for cement increased accordingly. In 1Q12, national cement consumption reached 14.3Mt, up 16 per cent YoY. "Construction activities have accelerated i... |
Arabian Cement Co first-quarter net profit rises 26%06 June 2012, Published under Cement NewsSaudi cement producer Arabian Cement Company (ACC) said its net profit for the first quarter of 2012 rose by 26% year-on-year to SAR146.1m (US$88.7m), boosted by growing sales. Operating profit increased by 24.8% to SAR 151.7 million in January-March 2012. The company’s management board has decided to recommend to shareholders a cash dividend of SAR1 (US$0.267) per share for the first half of 2012. If approved, the dividend will be paid to shareholders registered at the close of business... |
Qassim Cement net profit rises, Saudi Arabia04 June 2012, Published under Cement NewsSaudi cement producer Qassim Cement Co (QCC) posted a SAR158.4m (US$42.2m) net profit for the first quarter of 2012 up from SAR147.2m a year ago. The company attributed the increase to a rise in sales but did not provide any exact figures. |
Southern Province Cements signs contract with Sinoma for Line No 331 May 2012, Published under Cement NewsSouthern Province Cement (SPC) and Chinese engineering company Sinoma have signed a SAR707m (US$188m) contract for the installation of a third new line at SPC’s plant in Tuhama. In a filing to the Saudi bourse, the cement producer said the contract will be executed over 24 months and once completed, the new line will have a capacity of 5000tpd. SPC said it will use its own funds to finance the project. In early March, the company announced that its second production line at Tuhama sta... |
Hail Cement secures license to exploit raw materials, Saudi Arabia30 May 2012, Published under Cement NewsSaudi Arabia's Hail Cement Co said Tuesday it has secured a license from the Ministry of Petroleum and Mineral Resources to exploit raw limestone and clay in the Green Well area. |
GCC cement sector profits increase – report25 May 2012, Published under Cement NewsGCC cement sector profits increased 21.2 per cent in 1Q12 and net profits increased from US$359.5m in 1Q11 to US$435.6m in 1Q12, according to a report by Global Investment House (GIH). However, net margins witnessed a fall of 90.4 bps. Revenue, on the other hand, increased 24.3 per cent to reach US$1.26bn, the report said. Gross margins witnessed a 233.6bps increase in Q1, 2012 to reach 43.7 percent as compared to 41.4 percent, which was due to increase in selling price along with drop... |