Cement News tagged under: Middle East & Africa
Tabuk and Al Jouf net profit dragged down by lower demand08 August 2017, Published under Cement NewsSaudi-based producers Tabuk Cement and Al Jouf Cement have reported a decline in second quarter net profit due in part to lower demand. Tabuk Cement, which operates a 1.2Mta plant in Duba, said net profit fell by 93.84 per cent YoY to SAR1.3m (US$346,619). Quarter-on-quarter, net profits fell 85.06 per cent. The smallest of Saudi’s established grey cement producers, Tabuk Cement attributed the decrease to lower demand and prices. In the first half of 2017, net profits declined 76.42 per c... |
Northern Region Cement 2Q net profit down 83%04 August 2017, Published under Cement NewsNorthern Region Cement Co on Wednesday announced that its net profits fell 83 per cent YoY in the second quarter of 2017. Profits fell to SAR8.26m during the three months ending June 2017, from SAR48.66m in 2Q16, according to a bourse filing. On a sequential basis, net profit was down by 49.8 per cent YoY. The Saudi cement company attributed the decrease in its YoY net profits to the increase rising interest rates on debt and the drop in other revenues. Sales went down 55.1 per cent to ... |
Oman Cement and Sultan Qaboos University sign research pact26 July 2017, Published under Cement NewsOman Cement Company and Sultan Qaboos University signed a Research Cooperation Programme agreement on 19 July to pursure a mutual interest in the fields of research and training. The agreement was signed by Dr Rahma Ibrahim Al-Mahrooqi, Deputy Vice Chancellor for Postgraduate Studies & Research, Sultan Qaboos University, and Salem Abdullah Al-Hajry, Acting CEO, Oman Cement Co. Under the programme, both parties agreed to explore opportunities to potentially collaborate in the areas of ... |
Procim to operate under the Binastore banner18 July 2017, Published under Cement NewsProcim, the distribution network of LafargeHolcim Cote d'Ivoire, will now operate under the Binastore brand, the parent company’s specialised retail network for construction materials in the Middle East and Africa. The company said in a statement yesterday that the new sign will be deployed progressively from mid-July to the end of August 2017 across Procim's sales network. Serving the needs of end-consumers, self-builders, masons and smaller contractors, Binastore shops sell a broad r... |
Expected decline in 2Q Saudi cement sales14 July 2017, Published under Cement NewsSaudi cement sales volumes are expected to have declined by 17 per cent YoY and 11 per cent QoQ due to a lower pace of project spending, Riyadh Capital writes in its latest preview report on the domestic cement sector. However, some welcome relief could come in the form of the government's decision to reduce the export tariff by 50 per cent, the research house adds. The Saudi cement industry has been affected by falling cement prices and lowering demand amid the ongoing supply glut. Dispatc... |
Drop in Saudi 2Q earnings expected05 July 2017, Published under Cement NewsSix Saudi cement companies are expected to see a decline in their revenues and profits, by 37.1 to 62.8 per cent in the second quarter of 2017, according to a recent report by Al Rajhi Capital. The companies covered in the report are Arabian Cement, Yamama Cement, Saudi Cement, Qassim Cement, Yanbu Cement and Southern Province Cement. The sales volume of the Saudi cement sector declined by 17 per cent YoY in the first two months of the second quarter as a result of a continuous slowdown in... |
Yamama agrees raising credit facility limit20 June 2017, Published under Cement NewsYamama Cement announced that it has agreed with the National Commercial Bank (NCB) and Samba Financial Group to raise its sharia-compliant credit facility limit from SAR1bn to SAR3.6bn (US$266.6m to US$960m). The maturity date for the last instalments for these facilities is on 2 January 2025, the company said in a statement to the Saudi Stock Exchange. The new limits will be used to open new letters of credit worth SAR500m, as well as Murabaha facilities at SAR 2.1bn, financial website M... |
Arabian Cement wins energy management award16 June 2017, Published under Cement NewsEgypt-based Arabian Cement Company (ACC) has been honoured with the ‘2017 Award of Excellence in Energy Management’ by Clean Energy Ministerial (CEM8), a high-level global forum that promotes policies and programmes to advance clean energy. CEM8 energy ministers presented the award to Mahmoud Mohsen, director of the energy department at ACC, at the annual CEM meeting in Beijing, China, earlier this month. The Award of Excellence in Energy Management recognises efforts by organisations... |
LafargeHolcim expands its MEA retail network16 June 2017, Published under Cement NewsLafargeHolcim announces the rollout of its specialised retail network for construction materials in Middle East Africa under the new Binastore banner. LafargeHolcim said in a statement that it already has the largest network in the region with 500 stores of different sizes. Serving the needs of end-consumers, self-builders, masons and smaller contractors, Binastore shops sell a broad range of LafargeHolcim’s own products and solutions as well as a variety of other construction materials f... |
Saudi five-month cement sales down 18.7%15 June 2017, Published under Cement NewsSaudi cement sales fell by 18.7 per cent YoY in the first five months of this year to 22.6Mt, while clinker output was down 11.3 per cent, according to the Saudi Cement Sector Monthly by Al Rajhi Capital. Northern Cement and Najran Cement reported the steepest declines during the period, with reductions of 50 and 43 per cent, respectively. Al Rajhi Capital said in the report that demand is unlikely to pick up in the remainder of the year given that construction activity is expected to ... |