Cement News tagged under: Saudi Arabia
Umm Al-Qura Cement Co posts 55% fall in net profit in 1H2222 August 2022, Published under Cement NewsSaudi cement producer, Umm Al-Qura Cement Co has posted a 55 per cent fall in net profit during the 1H22 owing to lower cement sales, compared to the 1H21. Profits in the first half dropped from SAR49m (US$13m) in the same period last year to SR22m (US$5.9m), according to a bourse filing. The company attributed the decline in net profit to a decrease in sales value and an increase in selling, marketing, and administrative expenses. Its revenue declined 19 per cent to SAR125m durin... |
Al Jouf Cement appoints new CEO18 August 2022, Published under Cement NewsSaudi Arabia-based Al Jouf Cement has appointed Abdul Karim Al-Nuhair as CEO, effective from 21 August 2022. Mr Al-Nahair replaces Jamal bin Salem Al-Amer who resigned as CEO on 16 August 2022 but will continue as the company’s president ex-executive advisor, according to Arab News. Prior to joining Al Jouf Cement, Mr Al-Nuhair held a number of leadership roles in joint-stock companies. |
Qassim Cement Co sees 73% fall in profits in 1H2217 August 2022, Published under Cement NewsQassim Cement Co posted a 73 per cent drop in profit during the 1H22, hit by lower cement demand. The Saudi cement producer’s profit fell to SAR54m (US$14m), compared to SAR201m in the prior-year period. The company’s performance declined due to lower sales both in value and volume terms, higher costs of goods sold, as well as lower returns on financial investments, Arab News reported. Company revenue also declined by 30 per cent during the 1H22 to SAR295m. |
City Cement posts 26% drop in 2Q sales11 August 2022, Published under Cement NewsSaudi Arabia-based City Cement Co saw a 50.1 per cent drop in net profit after zakat and tax to SAR24.8m US$6.61m) in the second quarter of 2022. In the 2Q21 net profit after zakat and tax stood at SAR49.7m. The company reported sales of SAR89.2m in the 2Q22, down 25.5 per cent from SAR119.8m in the 2Q21. The company attributes the decrease to reduced sales volumes and values. |
Southern Province sees 42% fall in 1H net profits11 August 2022, Published under Cement NewsIn the first half of 2022, Saudi Arabia-based Southern Province Cement Co reported net profits after zakat and tax of SAR150m, down 41.6 per cent YoY from SAR257m in the 1H21, according to Mubasher. The company’s revenues declined by 22.4 per cent YoY to SAR564m from SAR727m in the 1H21. During the second quarter of 2020 net profits after zakat and tax fell 29.9 per cent yoY to SAR61m from SAR87m in the 2Q21. Revenues decreased by 18.5 per cent to SAR234m in the 2Q22 from SAR287m in 2Q21. |
Two Saudi cement firms report declining 1H22 profits10 August 2022, Published under Cement NewsTwo cement companies have posted their interim financial results at the Saudi Stock Exchange (Tadawul) for the period ending on 30 June 2022, showing lesser earnings during this period. City Cement Co and Arabian Cement Co reported lower profits during the 1H22, continuing the trend of declining cement sector profits. The City Cement Co reported SAR42m (US$11.2m) in profit for the first half compared to SAR115.72m, down 63.71 per cent from the same period in 2021. Its revenues fell b... |
Arabian Cement posts 34% rise in 2Q profit10 August 2022, Published under Cement NewsSaudi cement producer Arabian Cement Co reported a 2Q net profit after zakat and tax of SAR45m (US$12m), up 34.2 per cent from SAR33.5m in the 2Q21. The increase in profit was achieved despite sales slipping from SAR233m in the 2Q21 to SAR231m in the 2Q22 as the average sale price increased. In addition, there was an increase in the share of profit of associated companies and a decrease in finance costs. The 2Q22 also saw a decrease in sales volumes of Arabian Cement and its subsidiary i... |
Northern Region Cement reports 9% drop in 1H net profit08 August 2022, Published under Cement NewsNorthern Region Cement Co posted net profits after zakat and tax of SAR48.09m (US$12.8m) in the first half of 2022, down 9.1 per cent from SAR52.9m in the 1H21. Revenues declined by 13.2 per cent in the 1H22 to SAR266.68m when compared with SAR307.19m in the 1H21. In the second quarter of 2022, Northern Region Cement Co reported net profits after zakat and tax worth SAR24.74m, up 17.6 per cent YoY from SAR21.04m in the 2Q21. Revenues decreased by 8.2 per cent YoY to SAR133.42m from S... |
Najran Cement sees drop in quarterly profit02 August 2022, Published under Cement NewsNajran Cement Co of Saudi Arabia reported a net profit after zakat and tax of SAR13.3m (US$3.5m) in the second quarter of 2022, down 59.3 per cent when compared with SAR32.7m in the 2Q21. Sales in the 2Q22 declined to SAR108.1m from SAR131.6m in the 2Q21. The drop in profit was attributed to increasing production costs as well as selling and distribution expenses. |
Al Jouf Cement appoints new chairman02 August 2022, Published under Cement NewsSaudi Arabia-based Al Jouf Cement has appointed Abdullah Bin Odeh Al-Ghabeen Al-Enezi as chairman. Mr Bin Odeh Al-Ghabeen Al-Enezi succeeds Eng Mohammed Bin Saeed Al-Attiyah. |