Cement News tagged under: Saudi Arabia

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GCC market to expand at a CAGR of 6% in 2022-32

25 October 2022, Published under Cement News

The Gulf Corporation Council (GCC) cement market is predicted to grow at a CAGR of six per cent between 2022 and 2032, according to a report by Future Market Insights. Demand for cement by the end of the period is expected to reach a value of US$12,651m. Much of this growth is forecast to come from the residential sector on the back of population growth, along with public infrastructure and non-residential buildings, such as hospitals. According to the report, over the forecast period, Sa...

Yamama Cement sees 49% jump in revenue in 3Q22

19 October 2022, Published under Cement News

Saudi Arabia's Yamama Cement has reported a 23.6 per cent advance in revenue to SAR684.2m (US$182.5m) in the first nine months of 2022. This compares to SAR553.5m in the same period a year ago, according to Argaam. Operating income over the same period advanced by 12.9 per cent from SAR178.02m to SAR200.95m, while net profit after Zakat and tax was up 29 per cent from SAR172.5m to SAR221.7m. The improvement in profit is being attributed to higher sales volumes and an increase in other r...

Mill breakdown at Umm Al-Qura Cement

10 October 2022, Published under Cement News

Umm Al-Qura Cement reported a breakdown of its cement mill No 1 on 9 August, which led to a mill stoppage and a reduction in cement sold by 1161tpd, according to a bourse statement.  The Saudi Arabian manufacturer is currently repairing the component failure, which could take a year to complete, according to an expert report from the company. Consequently, Um Al-Qura Cement has increased the production capacity of its operational mill to partially cover the temporary shortage. The ce...

Qassim Cement initiates growth strategy

30 September 2022, Published under Cement News

This week Qassim Cement Co (QCC) announced a Memorandum of Understanding (MoU) with Hail Cement Co (HCC) for the proposed acquisition of HCC. ICR explores the growth strategy of QCC and the potential for further mergers and acquisitions in the Saudi cement market. Saudi Arabia currently has one of the strongest economies in the world. The kingdom's GDP growth is expected to reach 7.5 per cent this year – the highest in a decade, according to credit rating agency S&P. Moreover, the country...

Qassim Cement signs MoU for proposed acquisition of Hail Cement

26 September 2022, Published under Cement News

Qassim Cement Co (QCC) signed a non-binding memorandum of understanding (MoU) with Hail Cement Co (HCC) to commence discussions for QCC to acquire all issued shares of HCC. In a statement to Tadawul, QCC said both parties will proceed with the due diligence in relation to the proposed transaction. If the deal completes based on the exchange ratio, the total consideration to be paid by QCC to HCC’s shareholders will be approximately 18.92m newly-issued shares in QCC. Based on QCC’s ...

August cement sales up 10% YoY in Saudi Arabia

13 September 2022, Published under Cement News

Cement sales in Saudi Arabia advanced by 10 per cent YoY in August 2022, according to a report by brokerage house Aljazira Capital. Sales last month reached 4.38Mt marking a 19.2 per cent improvement on the previous month.Cement exports grew by 34 per cent YoY in August to 788,000t, compared to 588,000t in August 2021. The highest sales increases were reported by Yamama Cement Co , which saw a YoY increase of 64 per cent, and Arabian Cement Co , which recorded a 29.5 per cent advance ov...

Riyadh Cement reports drop in 1H profit

07 September 2022, Published under Cement News

Saudi Arabian cement producer Riyadh Cement Co posted a 28.8 per cent decline in 1H22 sales to SAR285.6m (US$76.2m) from SAR401.4m in the 1H21. The company’s net profit after zakat and tax fell by 46.9 per cent to SAR85.1m in the 1H22 from SAR160.4m in the 1H21.

Riyadh Cement reports 47% profit fall in 1H22

06 September 2022, Published under Cement News

Saudi-based Riyadh Cement has reported a 47 per cent YoY decline in profit to SAR85m (US$22.67m) in the opening six months of 2022. Over the same period, the company saw its revenue contract by 35 per cent to SAR258m, reports Arab News. The fall is being blamed on lower cement sales. According to the company, which operates an integrated plant in Muzahmiyah , it plans to pay SAR0.75/share in cash dividends in the 1H22.

Al Jouf Cement sees profits tumble 92% in 1H22

29 August 2022, Published under Cement News

Saudi Arabia’s Al Jouf Cement Co has reported a 19.2 per cent YoY fall in revenue to SAR98.29m (US$26.2m) in the first half of 2022. Net profit after zakat and tax tumbled 92 per cent over the same period to SAR1.82m, compared to SAR25.7m in the 1H21. According to the company, the fall in profit was due to lower sales volumes along with reduced domestic selling prices.  The second quarter of 2022 saw a 7.9 per cent YoY decline in revenue to SAR49.48m. Net profit after zakat and tax fell...

Najran Cement appoints new chairman and vice chairman

23 August 2022, Published under Cement News

Saudi-Arabian cement producer Najran Cement Co has appointed Waleed Bin Abdulrahman Al-Mousa as chairman of the company’s board of directors. Fahd bin Abdullah Al-Rajhi has been appointed as vice chairman of the board.