Cement News tagged under: Middle East
Nesher Cement fined for breaking Clean Air Law22 August 2022, Published under Cement NewsNesher Israel Cement Enterprises ( Clal Industries ), Israel’s only producer of cement, has been fined nearly ILS6m (US$1.9m) for violations of the Clean Air Law, the Environmental Protection Ministry said on Sunday. The fine is for exceeding the permitted level of pollution on numerous occasions, including “exceeding the emissions values for particulates, mercury and mercury compounds,” by the company’s main factory in the Ramla industrial zone during 2019-20, the ministry said, adding... |
Lafarge Emirates Cement uses first-of-its-kind finance facility to install WHR system18 August 2022, Published under Cement NewsStandard Chartered, a UK-based banking and financial services company, has closed a ‘transition trade’ facility with Lafarge Emirates Cement to enable the cement producer to invest in a waste heat recovery (WHR) system. The transition trade facility is believed to be the first of its kind in the Middle East and forms part of Standard Chartered’s commitment to provide US$300bn in ‘green’ and transition finance by 2030. “This market-first transition trade finance facility is a result of ... |
Al Jouf Cement appoints new CEO18 August 2022, Published under Cement NewsSaudi Arabia-based Al Jouf Cement has appointed Abdul Karim Al-Nuhair as CEO, effective from 21 August 2022. Mr Al-Nahair replaces Jamal bin Salem Al-Amer who resigned as CEO on 16 August 2022 but will continue as the company’s president ex-executive advisor, according to Arab News. Prior to joining Al Jouf Cement, Mr Al-Nuhair held a number of leadership roles in joint-stock companies. |
Qassim Cement Co sees 73% fall in profits in 1H2217 August 2022, Published under Cement NewsQassim Cement Co posted a 73 per cent drop in profit during the 1H22, hit by lower cement demand. The Saudi cement producer’s profit fell to SAR54m (US$14m), compared to SAR201m in the prior-year period. The company’s performance declined due to lower sales both in value and volume terms, higher costs of goods sold, as well as lower returns on financial investments, Arab News reported. Company revenue also declined by 30 per cent during the 1H22 to SAR295m. |
ASEC wins two-year operation and maintenance contract with BMIC16 August 2022, Published under Cement NewsArab Swiss Engineering Co (ASEC) has won a two-year contract for the operation and maintenance of Building Material Industries Co ’s Assuit cement plant , Egypt. This follows the first phase of preparation. The contract was signed by Dr Said Mohamed Hussein, chairman and managing director of BMIC and Ashraf Al-Kahky, CEO and managing director of ASEC. Previously, ASEC had the technical management responsibility for the plant during the 2011-19 period. |
Fujairah Cement sees narrowing 2Q loss12 August 2022, Published under Cement NewsUAE-based Fujairah Cement Industries Co reported a loss of -AED14.2m (US$3.86m) in the second quarter of 2022, an improved result when compared with a loss of -AED21.1m in the equivalent quarter of the previous year. Second-quarter revenues came in at AED88.7m, down from AED90.8m in the 2Q21. |
City Cement posts 26% drop in 2Q sales11 August 2022, Published under Cement NewsSaudi Arabia-based City Cement Co saw a 50.1 per cent drop in net profit after zakat and tax to SAR24.8m US$6.61m) in the second quarter of 2022. In the 2Q21 net profit after zakat and tax stood at SAR49.7m. The company reported sales of SAR89.2m in the 2Q22, down 25.5 per cent from SAR119.8m in the 2Q21. The company attributes the decrease to reduced sales volumes and values. |
Southern Province sees 42% fall in 1H net profits11 August 2022, Published under Cement NewsIn the first half of 2022, Saudi Arabia-based Southern Province Cement Co reported net profits after zakat and tax of SAR150m, down 41.6 per cent YoY from SAR257m in the 1H21, according to Mubasher. The company’s revenues declined by 22.4 per cent YoY to SAR564m from SAR727m in the 1H21. During the second quarter of 2020 net profits after zakat and tax fell 29.9 per cent yoY to SAR61m from SAR87m in the 2Q21. Revenues decreased by 18.5 per cent to SAR234m in the 2Q22 from SAR287m in 2Q21. |
Two Saudi cement firms report declining 1H22 profits10 August 2022, Published under Cement NewsTwo cement companies have posted their interim financial results at the Saudi Stock Exchange (Tadawul) for the period ending on 30 June 2022, showing lesser earnings during this period. City Cement Co and Arabian Cement Co reported lower profits during the 1H22, continuing the trend of declining cement sector profits. The City Cement Co reported SAR42m (US$11.2m) in profit for the first half compared to SAR115.72m, down 63.71 per cent from the same period in 2021. Its revenues fell b... |
Arabian Cement posts 34% rise in 2Q profit10 August 2022, Published under Cement NewsSaudi cement producer Arabian Cement Co reported a 2Q net profit after zakat and tax of SAR45m (US$12m), up 34.2 per cent from SAR33.5m in the 2Q21. The increase in profit was achieved despite sales slipping from SAR233m in the 2Q21 to SAR231m in the 2Q22 as the average sale price increased. In addition, there was an increase in the share of profit of associated companies and a decrease in finance costs. The 2Q22 also saw a decrease in sales volumes of Arabian Cement and its subsidiary i... |