Cement News tagged under: Saudi Cement

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Yamama Cement saw growth in revenue and profit in 9M23

24 October 2023, Published under Cement News

Yamama Cement Co of Saudi Arabia recently announced its interim financial results for nine months, ending on 30 September 2023, at the Saudi stock exchange. The company earned a net profit after tax of SAR251.49m (US$67m) against SAR221.64m during this period, depicting a 13.46 per cent YoY growth. The sales/revenue also saw an upsurge to SAR710.64m from SAR673.6m with a note of 5.49 per cent growth. The company reports that the main reason for the increase in net profit for the current...

Saudi cement companies fined for price manipulation

14 April 2023, Published under Cement News

Saudi Arabia’s General Authority for Competition (GAC) has fined 14 cement companies a total of SAR140m (US$37.33m) for price manipulation activities. Each company has been found guilty of trying to manipulate Saudi’s cement market with price increases, resulting in a SAR10m fine each. According to the Saudi Gazette, the GAC received numerous complaints that several cement producers were collaborating to raise cement prices and share the local market between themselves. After collecti...

Saudi cement sales rise 5% in November

08 December 2022, Published under Cement News

The aggregate sales of 17 Saudi cement producers rose one per cent YoY to 4.8Mt in November 2022, according to Yamama Cement Co ’s data. Locally, nine market players reported sales growth, led by United Cement Co with 110 per cent YoY, followed by Northern Region Cement Co with 54 per cent YoY. Eight cement producers reported lower sales, including Umm Al-Qura Cement Co with a fall of 46 per cent YoY. Al Jouf Cement Co had the next largest drop in sales at 22 per cent YoY. Seven...

Saudi Cement buys 37% share of United Cement

17 August 2021, Published under Cement News

Saudi Cement Co has acquired a 37 per cent stake in United Cement Industrial Co (UCIC) for SAR28m (US$330,426), as announced in Saudi Cement’s 2Q21 company report. Accordingly, Saudi Cement increased its stake in the subsidiary from 63 to 100 per cent. The company purchased items of property and equipment for SAR24.94m in the 1H21, while additions to capital work in progress amounted to SAR9.35m. UCIC, which was established in 2013, operates a 2Mta integrated cement plant ...

Saudi Cement sees 14% rise in profit

10 August 2021, Published under Cement News

Saudi Cement Co has posted a 14.1 per cent YoY rise in net profit to SAR86.4m (US$23.04m) in the quarter ending 30 June 2021, compared to SAR75.7m in the year-ago period. Revenue also climbed 17 per cent YoY to SAR348.1m from SAR297.5m in the 2Q20.

Saudi Cement announces new board member

02 July 2021, Published under Cement News

Saudi Cement Co has announced the resignation of board member Mohammad Sulaiman Balghonaim and the appointment of Mansour Mohammed Balghonaim as a member of the board to complete the term of his predecessor for the remainder of the current term, which ends on 31 December 2021. Mr Balghonaim has around 16 years of experience in banking and currently serves as head of Business Development for Wholesale Banking at the Gulf International Bank.

Saudi Cement Co sees 9% rise in revenue

19 February 2021, Published under Cement News

Saudi Cement Co has seen its net profit edge up one per cent YoY to SAR456m (US$121.6m) in the full-year 2020 period. The rise in annual net earnings was attributed to improved sales and other income, coupled with decreasing general, administrative and financing expenses. Revenue advanced 8.9 per cent YoY to SAR1.57bn from SAR1.44bn in 2019.

Saudi Cement sees revenue advance 25% YoY

02 November 2020, Published under Cement News

Saudi Cement saw its revenue advance 24.7 per cent YoY to SAR387m (US$103m) in the 3Q20, supported by a 19.8 per cent growth in cement volumes to 1.6Mt.Gross profits and operating income increased by 23.8 per cent YoY and 22.8 per cent YoY, respectively. In the first nine months of 2020, Saudi Cement saw a volume growth of 9.9 per cent YoY.

Saudi Cement producers profits recover in 2Q19

02 August 2019, Published under Cement News

Saudi Cement posted net income of SAR92.3m (US$24.613m) in 2Q19 and profits were up 59 per cent in the period compared to 2Q18, but declined  by 30.3 per cent compared to 1Q19. The company recorded cement sales of SAR338.6m and received average prices of SAR217.6/t. "The YoY increase is mainly attributed to improved selling price and volumetric sales, despite an increase in administrative expenses. Deviation in 2Q earnings from our estimates is mainly ascribed to higher-than-expected cost...

WCA appoints vice president

18 July 2019, Published under Cement News

The World Cement Association (WCA) has appointed Mohammed A Al-Garni as its vice president. Mr Al-Garni is the CEO of Saudi Cement Co and board member of WCA. "It is a great honour to be chosen as the new Vice President of the World Cement Association and I am really excited to participate in helping it grow further, supporting the association in its role as the voice of the cement industry globally," said Mr Al-Garni. Mr Al Garni has 35 years of experience in the cement industry.