Cement News tagged under: Saudi Cement

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Saudi Arabia: sales volumes fall 27%

25 July 2016, Published under Cement News

Total cement sales in Saudi Arabia declined 27 per cent YoY and 39.6 per cent MoM in June, to 4.1Mt. Cement production in June was 3.66Mt, down 25 per cent YoY and 34.6 per cent MoM. June’s fall in sales volume can be attributed to Ramadan, which fell solely in June this year, unlike last year when it was split across June and July. All cement producers reported a decline in sales during the month. Al Jouf, Saudi and City Cement experienced the lowest declines in sales, with figures falli...

Saudi Cement 1Q16 12.5% net profit fall

19 April 2016, Published under Cement News

Saudi Cement reported a 12.54 per cent drop in 1Q16 net profit on Monday, hurt by a decrease in sales and an increase in energy costs.   One of the kingdom’s largest cement firms by market value made a net profit in the three months to 31 March of SAR265m (US$70.7m), down from SAR303m in the corresponding period of 2015, according to a bourse filing says AME Info. Construction-related firms have been put under pressure though by a slowdown in the sector, caused by cutbacks in state spending...

Saudi Arabia lifts ban on cement exports as construction sector slows

13 April 2016, Published under Cement News

A senior official in Saudi Arabia has said that the kingdom's ban on cement exports has been lifted. According to reports from Reuters, the ban - imposed in 2008 and renewed in 2012 - has been overturned because of a slowdown in the construction sector, which has led to an oversupply of cement. Dr Ahmed Zugail, director general of Yanbu Cement Company and deputy head of the National Committee for Cement Companies, told the Al Riyadh newspaper that he welcomed the news, given that Saudi...

Saudi Cement shuts down two kilns

30 December 2015, Published under Cement News

Saudi Cement Co has closed down two kilns indefinitely as a result of high inventory, absence of growth in Saudi demand and the continuing ban on exports, it said in a bourse statement on Wednesday. The company reported an impairment charge of SAR66.2m (US$17.6m) in the fourth quarter of 2015 as a result of the kiln closures. Furthermore, Saudi Cement Co expects the fuel and electricity price hikes announced in the 2016 government budget to increase its production costs by SAR68m (US$18.13...

Saudi producers' 2Q net profit drops

16 July 2015, Published under Cement News

Saudi Cement reportedly dropped an 11.8 per cent in net profit for 2Q15 to SAR254m, from SAR288m in 2Q14. It attributed the fall in net profit to lower local sales without elaborating. Another Saudi producer, Najran Cement made net earnings of SAR77.8m in the second quarter ended 30 June, falling 7.77 per cent from SAR84.3m in the year-earlier period. The profit decline was mainly attributable to the increase in selling and distribution (cement transportation incentives), general and ad...

Saudi Cement net profit up 6%

17 April 2015, Published under Cement News

Saudi Cement has reported a 5.9 per cent increase in first-quarter net profit on Tuesday as higher exports boosted its earnings. Saudi Arabia's largest cement company by market value said in a bourse filing its net profit for the three months to 31 March was SAR303m (US$80.8m), compared to SAR286m in the corresponding period of 2014. It attributed its net profit rise to increased export sales and higher profit from associated companies.

Saudi Cement posts stable 3Q profit

22 October 2014, Published under Cement News

Saudi Cement reported a modest rise in 3Q net profit from SAR229m (US$61m) to SAR232m in the year-ago period, according to a bourse filing. The company attributed the rise to improved efficiencies although quarterly cement sales fell due to declining domestic demand.

Saudi Arabia: Southern Cement's third line is 70% completed

22 September 2014, Published under Cement News

Southern Province Cement Co has completed 70 per cent of the third line of its Tihama plant, according to the Tadawul website. Project delays have been caused by the difficulties the contractor to obtain the necessary working visas required, but the project is now expected to be complete on 30 March  2015.

Saudi Cement posts second-quarter net profit drop

15 July 2014, Published under Cement News

Saudi Cement posted a 6.2 per cent drop in second-quarter net profit on Monday as declining sales impact revenue. The kingdom’s largest listed cement producer by market value made a net profit of SAR288m (US$76.8m) in the three months to the end of June 2014, compared to SAR307m in the comparative period of last year.

Saudi Cement recommends dividend

02 June 2014, Published under Cement News

Saudi Cement Co’s board of directors has recommended paying a dividend of SAR3.5 per share for first six months of 2014, the firm said in a bourse filing on Sunday. Shareholders owning the company’s stock at the end of trading on 1 July will qualify for the dividend, which will be paid on 9 July the statement said.? Saudi Cement reported a 16 per cent drop in first quarter 2014 profit which it blamed on  sagging local demand and losses from an associate company.