Cement News tagged under: Saudi Arabia
Court ruling favours Arabian Cement in Emaar Economic City case13 June 2022, Published under Cement NewsArabian Cement Co reports that it has received a Jeddah commercial court order in its favour, ordering Emaar The Economic City to supply to the company 4.57Mt of limestone based on the agreement signed by the two parties on 28 April 2012. The ruling will be deemed final if no appeal is filed within 30 days. In September 2021 Arabian Cement filed a lawsuit before Jeddah Commercial Court against Emaar EC which is building King Abdullah Economic City, claiming the remaining quantities of l... |
Southern Province Cement starts work on new Jazan plant01 June 2022, Published under Cement NewsSouthern Province Cement Co has started work on its new 5000tpd plant in Jazan, Saudi Arabia. The project is part of the company’s plans to boost its production capacity to 10,000tpd and gradually replace its current production lines. Southern Province Cement’s performance remained under pressure in the first quarter of 2022 as revenues were down 25 per cent YoY . |
Najran Cement secures SAR328.5m loan from Al Rajhi Bank01 June 2022, Published under Cement NewsSaudi Arabia’s Najran Cement Co has obtained Sharia-compliant financing of SAR328.5m (US$87.6m) from Al Rajhi Bank. The loan will be repaid within seven years in semi-annual instalments with a six-month grace period, according to a bourse filing on 31 May. While the long-term financing will fully settle the company’s sole existing long-term loan, the funding also includes a SAR50m short-term facility to support the group’s capital. In the 1Q22 Najran Cement generated SAR23.28m in net p... |
Najran Cement reports 24% fall in revenue in 1Q2224 May 2022, Published under Cement NewsNajran Cement Co has recorded a 61.41 per cent YoY decline in net profit in the opening quarter of 2022. Net profit after zakat and tax came in at SAR23.28m (US$6.21m) in the 1Q22, compared to SAR60.34m in the same period a year earlier. Earnings per share in the first quarter of 2022 were SAR0.14, versus SAR0.35 in the same quarter a year earlier. According to Mubasher, revenue over the 1Q22 stood at SAR139.86m, down 24.2 per cent from the SAR184.43m reported in the opening quarter o... |
Yanbu Cement sees 17% fall in 1Q22 revenue23 May 2022, Published under Cement NewsYanbu Cement has reported a 17.4 per cent YoY decline in revenue to SAR242m (US$64.53m) in the opening quarter of 2022. However, this was still above the SAR224m estimated by Al Rajhi Capital. Gross profit over the same period contracted by 33 per cent YoY, while operating profit fell by 41.4 per cent, according to Trade Arabia. The Saudi company attributes the decline to a 6.7 per cent fall in cement volumes, which came in at 1.3Mt in the 1Q22. This compares to an average contraction... |
Southern Province revenue down 25% in 1Q2220 May 2022, Published under Cement NewsSaudi Arabia-based Southern Province Cement Co has posted a revenue of SAR330m (US$88m) for the first three months of 2022. This represents a 25 per cent drop when compared with the 1Q21. Cement sales volumes were down 23.7 per cent YoY to 1.6Mt. Gross profit declined 42.3 per cent YoY while operating profit decreased 47 per cent YoY in the 1Q22. Gross margins were down to 32.2 per cent in the 3M22 from 41.9 per cent in the 3M21. "For Q1 2022, cement volume of SPCC fell by 23.7 per cen... |
Tabuk Cement sees 1Q losses20 May 2022, Published under Cement NewsSaudi cement producer Tabuk Cement Co reported revenues of SAR62.18m (US$16.58m), down 19.2 per cent YoY, in the January-March 2022 period, according to the company Net losses after zakat and tax were posted at SAR6.92 in the1Q22, against net profits of SAR10.06m in the 1Q21. In 2021 Tabuk Cement Co posted a 65.6 per cent drop in net profits after zakat and tax to SAR17.76m, compared to SAR51.58m in 2020. |
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. |
Arabian Cement 1Q profits see 37% drop17 May 2022, Published under Cement NewsArabian Cement’ s net profit after zakat and tax declined 37 per cent YoY to SAR41.9m (US$11.2m) in the first quarter of 2022. When compared with the fourth quarter of 2021, net profits surged by 79.3 per cent from SAR23.3m. Revenues decreased 19.3 per cent YoY to SAR259.3m in the 1Q22 from SAR321.5m, according to a bourse filing. When compared with the previous quarter, 4Q21, revenues edged up by 1.4 per cent from SAR255.8m. |
Eastern Province Cement sees 52% drop in 1Q profits13 May 2022, Published under Cement NewsSaudi Arabian cement producer Eastern Province Cement Co reported a net profit after zakat and tax of SAR29m (US$7.7m) in the 1Q22, down 51.7 per cent YoY. Revenues declined 25.8 per cent YoY to SAR161m in the 1Q22 from SAR217m. |