Cement News tagged under: Hail Cement
Saudi cement sales exhibited growth in 2QFY2424 September 2024, Published under Cement NewsSaudi Arabia's cement industry recorded a 1.8 per cent sales growth in the 2Q124, reaching 10.85Mt. Al-Yamama Cement 's data showed that 95 per cent of these sales were domestic, with only five per cent being exported. The data covers 17 Saudi cement companies, with Al-Yamama holding the largest share of domestic sales at 12 per cent, amounting to 1.28Mt, despite a seven per cent decline during the period. According to a local media report, Qassim Cement followed with a 10 per cent share,... |
Saudi cement sales up 13% YoY in April14 May 2024, Published under Cement NewsSaudi Arabian cement sales increased by 12.5 per cent YoY in April 2024 but fell 18.4 per cent compared to the previous month. According to Aljazira Capital, domestic cement dispatches in April stood at 2.92Mt, compared to 2.6Mt in the same month in the previous year, due to the base month having 11 extra days of Ramadan. The 18.4 per cent MoM decrease was due to the Eid Al-Fatir holidays. Total cement and clinker exports in April 2024 came in at 554,000t, down 30 per cent on the 790,000t se... |
Qassim Cement Co is to acquire all of Hail Cement Co's shares20 February 2024, Published under Cement NewsTwo cement producers in Saudi Arabia are in the amalgamation process and have informed their intention with limited details to the local bourse. According to a notification of both firms at the Saudi Exchange, Qassim Cement Co (QCC) is to acquire all of Hail Cement Co ’s shares. Concerning the announcement made by Hail Cement Co (HCC) on the Saudi Exchange website recently regarding the entry into a binding implementation agreement (the “Implementation Agreement”) with Qassim Cement Co... |
Hail Cement's posts net profits of SAR24.5m24 August 2023, Published under Cement NewsIn the 1H23 Hail Cement recovered net profits after zakat and tax valued at SAR24.48m (US$6.53m), compared to net losses of SAR13.72m during the same period a year earlier. Revenues plummeted by 26.3 per cent YoY to SAR121.63m in the 1H23 from SAR164.93m in the 1H22. During the first three months of 2023, the company also turned profitable at SAR5.97m, versus net losses after zakat and tax worth SAR6.82m in the year-ago period. The revenues reached SAR59.78m during April-June 2023, l... |
Hail Cement returns to profit in 1Q2315 May 2023, Published under Cement NewsSaudi Arabian cement producer Hail Cement Co saw revenue decline by 9.9 per cent YoY to SAR61.85m (US$16.5m) in January-March 2023 from SAR68.61m. The company posted a profit of SAR18.51m in the 1Q23, an improved results when compared with net losses after zakat and tax of SAR-6.89m in the year-ago period. The company attributed the increased profitability to a reduction in costs of sales and zakat expenses. The net profit after zakat and tax in the 1Q23 fell by 17.1 per cent QoQ to SA... |
Saudi cement companies fined for price manipulation14 April 2023, Published under Cement NewsSaudi 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... |
Hail Cement sees net income tumble 113% in 9M2202 November 2022, Published under Cement NewsHail Cement has posted revenue of SAR268.22m (US$71.5m) in the opening nine months of 2022, up 31.6 per cent compared to the SAR203.88m seen in the 9M21. However, net income fell by 112.5 per cent from SAR47.17m in the 9M21 to a loss of -SAR5.9m in the same period a year later. Earnings per share in the 9M22 came in at -SAR0.06 versus SAR0.48 in the same period a year earlier. According to the company, the loss is being attributed to lower average selling prices and higher cost of sales... |
Qassim Cement initiates growth strategy30 September 2022, Published under Cement NewsThis 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 Cement26 September 2022, Published under Cement NewsQassim 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 ... |
Hail Cement posts 1Q22 sales losses of SAR6.9m19 May 2022, Published under Cement NewsSaudi Arabia's Hail Cement Co has reported losses of SAR6.9m (US$1.8m) in the 1Q22 after it witnessed a drop in sales. The cement producer had made profits of SAR25.9m in the same period last year, but a 16 per cent decline in sales weighed on the current year’s results, a bourse filing showed. The company's revenue went down from SAR82m to SAR69m YoY. Hail Cement also attributed the results to an increase in expenses, which led to operating losses of SAR7.36m during the quarter. |