Cement News tagged under: Saudi Arabia
Umm Al Qura Cement records 98% profit decline08 August 2018, Published under Cement NewsSaudi Arabia-based Umm Al Qura Cement Co (UACC) has seen its profit drop 97.6 per cent YoY in the second quarter of 2018, falling to SAR199,600 (US$53,226) from SAR8.4m. The significant decline in profit has been attributed to a decrease in sales value, alongside higher marketing and selling expenses. In the half-year period (Jan-Jun 2018), the company saw profits down 59.3 per cent to SAR10.4m from SAR25.5m. Sales slipped 3.3 per cent to SAR87.7m, compared with SAR90.6m of the year-ago pe... |
Eastern Cement records 46% fall in 2Q18 profit07 August 2018, Published under Cement NewsSaudi Arabia’s Eastern Province Cement Co has recorded a 45.7 per cent YoY decline in net profit for the 2Q18, falling to SAR19m (US$5.06m) from SAR35m. Sales dropped 4.4 per cent to SAR152m from SAR159m. In the 1H18 the company’s profit decreased 59.3 per cent to SAR35m, while sales dipped 19.9 per cent to SAR290m. Eastern Cement attributed the fall in 1H18 profit to a decline in the value and volume of precast concrete sales. |
Arabian Cement posts net loss in 2Q1801 August 2018, Published under Cement NewsSaudi cement manufacturer Arabian Cement has recorded a SAR50.9m (US$13.57m) net loss in the second quarter of 2018, compared with a SAR35.5m profit seen in the year-ago period. Net sales also saw a significant 51.5 per cent YoY fall to SAR107.8m from SAR222.4m in the period. |
Qassim Cement Q218 sees 65% profit fall31 July 2018, Published under Cement NewsSaudi cement producer Qassim Cement reported a 65.4 per cent fall in net profit to SAR18.4m in the second quarter of 2018, when compared with a net profit of SAR53.2m in 2Q17. Sales declined by 34.8 per cent from SAR135.1m in 2Q17 to SAR88.1m in the April-June 2018 period. |
Najran Cement losses surge to 651% in 2Q1831 July 2018, Published under Cement NewsSaudi Arabia’s Najran Cement’s losses reached SAR-31.73m (US$-8.46m) in the second quarter of 2018, representing an increase of SAR4.2m when compared with the 2Q17, according to a statement to the Saudi Stock Exchange (Tadawul). Quarter-on-quarter the company’s losses increased 212 from SAR18.18m. Najran has attributed the slide to a drop in average selling prices, combined with a fall in sales volumes as demand has fallen and competition increased. Higher production and finance costs... |
Hail Cement and Tabuk Cement increase production26 July 2018, Published under Cement NewsSaudi cement producers are beginning to raise production to contribute to the US$500 Neom megaproject, according to Mubasher. Tabuk Cement and Hail Cement lead the production increases in the 1H18, showing a 20 and 55 per cent YoY rise, respectively. "Hail and Tabuk are beating volume trends as some contracts were awarded in the Neom area earlier this year," Anoop Fernandes, an analyst at SICO, reported to Bloomberg. While demand in the country is currently low on-year, forecasts predict ... |
CEO of Hail Cement resigns10 July 2018, Published under Cement NewsSaudi Arabia's Hail Cement Co has announced that its CEO, Matar Alahrani, has resigned from his position with effect from 30 August 2018, due to moving to a new position. The company's board of directors have noted their appreciation for Mr Alahrani's efforts since the company’s inception, according to a press release. |
Saudi cement sector expected to record revenue decline in 2Q1803 July 2018, Published under Cement NewsSaudi Arabia’s cement sector is expected to record a fall in revenue in the 2Q18, according to Al Rajhi Capital. The companies monitored by Al Rajhi are expected to announce a revenue decline of around six per cent YoY for the period, while earnings could decrease by approximately 10 per cent. The sector’s sales volume fell 16.7 per cent in the first two months of the second quarter. Across the country, 15 companies have recorded a decline in sales volume, led by Riyadh Cement (-44.1 per c... |
Saudi Cement to use GE Power's Advanced Gas Path technology15 May 2018, Published under Cement NewsSaudi Cement has signed an agreement with GE Power for the upgrade of three GE 6B gas turbines at its Hofuf plant to increase power output and efficiency. This is the first GE Power's Advanced Gas Path (AGP) solution for a cement plant. CEO of Saudi Cement, Mohammed AlGarni said, "Power supply is both a key input, as well as one of the major costs in our manufacturing process. Reliable, efficient electricity supply is thus essential for the continuous operations of our facility, as well ... |
Saudi cement production falls 7% in April11 May 2018, Published under Cement NewsThe total production of Saudi cement companies fell 7.4 per cent YoY in April 2018, declining to 4.2Mt from 4.54Mt. Furthermore, sales in the country dropped 9.5 per cent YoY in the same period, according to a report released by Yamama Cement Co. However, cement inventories rose 4.6 per cent to 1.19Mt in April. Elsewhere, Saudi Cement Co reported a 7.9 per cent increase in sales volume to 519,000t for the April period. Northern Region Cement Co announced a seven per cent YoY decrease in sa... |