Cement News tagged under: Middle East
Riyadh Cement reports drop in 1H profit07 September 2022, Published under Cement NewsSaudi Arabian cement producer Riyadh Cement Co posted a 28.8 per cent decline in 1H22 sales to SAR285.6m (US$76.2m) from SAR401.4m in the 1H21. The company’s net profit after zakat and tax fell by 46.9 per cent to SAR85.1m in the 1H22 from SAR160.4m in the 1H21. |
RAK White Cement board approves delisting from Boursa Kuwait07 September 2022, Published under Cement NewsThe board of Ras Al Khaimah Co for White Cement and Construction Materials has approved the delisting of the UAE company’s shares from Boursa Kuwait. The company retains its listing on the Abu Dhabi Securities Exchange. In the 1H22 the company reported net profits attributable to the owners of KWD1.41m (US$4.57m), up 22 per cent from KWD1.16m in the 1H21. Total operating revenues expanded by five per cent YoY to KWD10.71m from KWD10.16m in the year-ago period. |
Larestan plant switches to gas07 September 2022, Published under Cement NewsTo reduce the burning of mazut, an eco-unfriendly fuel, at the Larestan Cement Plant in Fars Province, Iran, the works has now been connected to the national gas grid. A 35km-long pipeline will supply the plant with 20Mm 3 of gas each year, reducing the burning of mazut by 25Ml annually, reports the Financial Tribune. Mazut is a low-quality heavy fuel oil containing 2-3.5 per cent sulphur, often used in power plants and similar applications. |
Riyadh Cement reports 47% profit fall in 1H2206 September 2022, Published under Cement NewsSaudi-based Riyadh Cement has reported a 47 per cent YoY decline in profit to SAR85m (US$22.67m) in the opening six months of 2022. Over the same period, the company saw its revenue contract by 35 per cent to SAR258m, reports Arab News. The fall is being blamed on lower cement sales. According to the company, which operates an integrated plant in Muzahmiyah , it plans to pay SAR0.75/share in cash dividends in the 1H22. |
Al Jouf Cement sees profits tumble 92% in 1H2229 August 2022, Published under Cement NewsSaudi Arabia’s Al Jouf Cement Co has reported a 19.2 per cent YoY fall in revenue to SAR98.29m (US$26.2m) in the first half of 2022. Net profit after zakat and tax tumbled 92 per cent over the same period to SAR1.82m, compared to SAR25.7m in the 1H21. According to the company, the fall in profit was due to lower sales volumes along with reduced domestic selling prices. The second quarter of 2022 saw a 7.9 per cent YoY decline in revenue to SAR49.48m. Net profit after zakat and tax fell... |
South Valley Cement Co posts net loss of 55% in 1H2226 August 2022, Published under Cement NewsSouth Valley Cement Co posted a net loss of 54.50 per cent during the first 1H22 to EGP117.08m (US$31.2m), compared to EGP75.75m in the 1H21. However, sales stood at EGP325.86m in the 1H22, a considerable growth from EGP106.43m in 1H21. In the second quarter of 2022, the cement company reported higher net losses at EGP85.87m from EGP40.05m in the 2Q21. In the meantime, the company’s sales grew to EGP119.71m during 2Q22 from EGP44.30m in the 2Q21. |
WCA focus on MENA region decarbonisation23 August 2022, Published under Cement NewsThe World Cement Association (WCA) has held its first CEO-exclusive, pre-conference webinar, in which participants concluded that cement producers in the Middle East and North Africa (MENA) can halve carbon emissions with zero or low capital expenditure. The webinar brought together thirty CEOs representing cement-producing companies from Iraq, UAE, Saudi Arabia, Egypt and Turkey among others, ahead of WCA’s annual conference which will be held in Dubai, in September 2022. The CEO’s re... |
Najran Cement appoints new chairman and vice chairman23 August 2022, Published under Cement NewsSaudi-Arabian cement producer Najran Cement Co has appointed Waleed Bin Abdulrahman Al-Mousa as chairman of the company’s board of directors. Fahd bin Abdullah Al-Rajhi has been appointed as vice chairman of the board. |
Iran’s cement market expands by 34% in July 202222 August 2022, Published under Cement NewsIranian cement demand reached 5.36Mt in July 2022, according to the Iranian Cement Association. This represents a YoY increase of 34 per cent when compared with July 2022, when domestic dispatches were 4Mt. In addition, cement producers exported 0.81Mt of clinker in July 2022, up from 0.3Mt in the year-ago period. However, cement exports declined to 0.34Mt in July 2022 from 0.41Mt in July 2021. Total clinker output stood at 5.24Mt, up from 3.95Mt YoY, while cement production advanced from... |
Umm Al-Qura Cement Co posts 55% fall in net profit in 1H2222 August 2022, Published under Cement NewsSaudi cement producer, Umm Al-Qura Cement Co has posted a 55 per cent fall in net profit during the 1H22 owing to lower cement sales, compared to the 1H21. Profits in the first half dropped from SAR49m (US$13m) in the same period last year to SR22m (US$5.9m), according to a bourse filing. The company attributed the decline in net profit to a decrease in sales value and an increase in selling, marketing, and administrative expenses. Its revenue declined 19 per cent to SAR125m durin... |