Cement News tagged under: Saudi Cement

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New Chairman and Vice Chairman appointments at Saudi Cement

02 January 2019, Published under Cement News

Saudi Cement's Board of Directors have appointed Khalid bin Abdulrahman Saleh Al-Rajhi as a Chairman of the board and Muhammad bin Abdul Karim Al-Khariji as a Vice Chairman in a bourse filing.

Yanbu Cement 3Q profit slips

01 November 2018, Published under Cement News

Yanbu Cement posted 3Q revenues of SAR153m (US$40.8m), down 11.6 per cent YoY when compared with SAR173m reported in 3Q17. The Saudi cement producer’s net profit (after zakat and tax) edged down from SAR18m in 3Q17 to SAR17m in 3Q18.

Saudi cement sales drop 26% in August

12 September 2018, Published under Cement News

Saudi-based cement companies reported a decrease in sales of around 26 per cent in August to 2.76Mt from 3.7Mt in August 2017, according to data from Al Yamama Cement. The producer also reported a YoY fall in total output of 27.7 per cent YoY to 2.74Mt in August. Cement stocks were slightly lower by 0.6 per cent to 1.16Mt. While Southern Cement led sales at 463,000t, it noted a 1.7 per cent YoY drop from 471,000t in August of the year before. Saudi Cement followed with 355,000t, down eight...

Saudi Cement to use GE Power's Advanced Gas Path technology

15 May 2018, Published under Cement News

Saudi Cement has signed an agreement with GE Power for the upgrade of three GE 6B gas turbines at its Hofuf plant to increase power output and efficiency. This is the first GE Power's Advanced Gas Path (AGP) solution for a cement plant. CEO of Saudi Cement, Mohammed AlGarni said, "Power supply is both a key input, as well as one of the major costs in our manufacturing process. Reliable, efficient electricity supply is thus essential for the continuous operations of our facility, as well ...

Red Sea City plan raises Saudi cement firms' share prices

30 October 2017, Published under Cement News

Saudi Arabia’s plan to build an entirely new US$500bn city, Neom, by the Red Sea has breathed life into the country’s beaten-down cement sector. Shares of companies such as Saudi Cement Co, Southern Province Cement Co and Yanbu Cement Co, the country’s biggest by market value, have all risen since the kingdom announced the Neom plan earlier this week, reports Arabian Business. The announcement "is surely a long-term positive for the cement sector - a sector which has been reeling...

Saudi Cement net profit down 37%

15 May 2017, Published under Cement News

Saudi Cement has registered a 37 per cent drop in its net profit for the first quarter of SAR165m (US$44m) versus SAR265m (US$70.5m) attributed to lower volumes and selling prices amid slugglish demand. Despite weaker volumes, helped by locational advantage, the company's average realised price marginally declined by three per cent YoY and was down two per cent QoQ, as compared to deep discounts offered by other cement companies, according to Al Rajhi Capital report. Saudi Cement's gro...

Saudi producers unlikely to benefit from export ban

08 March 2017, Published under Cement News

Cement makers in Saudi Arabia are unlikely to benefit from the government's decision to lift a ban on exports due to higher tariffs, according to Saudi Cement Chairman, Khaled Al-Rajhi. The sector has suffered from weaker demand and lower government spending on infrastructure. As a result, clinker inventory had risen to record levels by the end of 2016, Mr Al-Rajhi commented in the company’s 2016 annual board report. Last September local cement producers competed for market share amid i...

Saudi Arabia cement companies see sales and production fall 10%

20 September 2016, Published under Cement News

Sales of cement by Saudi Arabian companies declined by 9.93 per cent YoY in August, while production dropped by 10.4 per cent, Mubasher reports. Output for August was 4.3Mt, while deliveries were 4.4Mt. The fall in sales was unevenly distributed, with some companies – notably Riyadh Cement and City Cement – seeing double-digit increases. Of the bigger players, Saudi Cement escaped the worst, with its sales falling by 1.5 per cent, while Yanbu fared particularly poorly, with sales dropping...

Saudi Arabia: cement firms come under pressure

09 August 2016, Published under Cement News

Saudi Arabia’s cement activities continue to come under pressure as falling sales volume and profitability remain subdued. Companies’ operational performance was impacted due to lower than estimated average realised price on the back of stiff competition, especially in the central region in 2Q16, coupled with the impact of lower fuel subsidy, reports Al Rajhi Capital. Saudi Cement and Southern Province Cement were the top performers in 2Q16. Saudi Cement revenue was up 11 per cent YoY, whi...

Saudi Arabia: Northern Cement profits fall 24%

26 July 2016, Published under Cement News

Northern Region Cement Company reported a net profit of SAR48.66m (US$13m) in 2Q16, down 24 per cent from SAR64m (US$17m) compared to the same period last year. However, profits were up 13.4 per cent compared to 1Q16. This QoQ rise is due to increased clinker sales and the YoY decrease is attributed to increased production costs as a result of higher energy prices and falling sales. Northern Cement’s profits for the first half of the year reach SAR91.6m, a 20.4 per cent decline from SAR11...