Cement News tagged under: Saudi Arabia
Northern Region Cement signs US$44m Iraq partnership04 January 2024, Published under Cement NewsSaudi Arabia-based Northern Region Cement Co has signed a partnership agreement with Al-Diyar Al-Iraqia for Investments Co which sees the Iraqi company acquire 49 per cent of Northern Region Cement’s Iraqi investments. The deal is valued at US$43.95m and proceeds will be used to inject external investments in promising opportunities and repay a portion of the high-cost loans amid high financing costs, according to a bourse disclosure. The agreement will enable Northern Region Cement to... |
Saudi exports increase 12% YoY in October15 December 2023, Published under Cement NewsSaudi Arabia recorded 807,000t of cement exports in October 2023, according to Aljazira Capital. This marks an 11.9 per cent advance on the 721,000t reported in the same month a year earlier. Local sales, meanwhile, came in at 4.21Mt in October, down 11.1 per cent from the 4.7Mt seen in October 2022 as the ongoing weakness in housing construction continues. On a MoM basis, local shipments grew 7.5 per cent. Clinker inventories in October 2023 stood at 39.75Mt, reports Zawya, represent... |
Al Jouf Cement Co's profit balloons 836.43% YoY in 9M2313 November 2023, Published under Cement NewsAl Jouf Cement Co announced the initial consolidated financial results for the period ending 30 September 2023 on the Saudi Stock Exchange. The company saw its net income surge to SAR72.6m (US$19.36m) for the first nine months of 2023 (January-September), compared to SAR7.8m for the same period in 2022. This interprets into the expansion of profit 836.43 per cent YoY. The sales/revenue jumped to SAR217m from SAR172m during this period and grew 26.3 per cent over the past period. The incr... |
Northern Region Cement awards EPC contract for new line07 November 2023, Published under Cement NewsKHD Humboldt Wedag and AVIC have been awarded a major EPC contract for engineering, equipment supply, construction, commissioning and site services for a new 3500tpd production line for Northern Region Cement Co , Saudi Arabia. The plant will be located in Iraq and marks a total investment of around US$139m. KHD Humboldt Wedag will design and deliver the plant with the latest sustainability-driven technologies, while AVIC, KHD’s parent company, will complete the EPC project in a record ... |
Saudi Cement sees drop in 3Q profit06 November 2023, Published under Cement NewsSaudi Cement Co reported a 15.4 per cent drop in quarterly net profit after tax and zakat to SAR68.3m (US$18.2M) in the 3Q23 when compared with the year-ago period when net profit reached SAR80.7m. Sales in the 3Q23 fell four per cent YoY to SAR315m to SAR328.1m, due to a drop in volumes and price of local sales. Selling and distribution expenses as well as general and administrative expenses increased. Financial charges were also higher. |
Umm Al Qura Cement and City Cement see fall in profit03 November 2023, Published under Cement NewsSaudi-Arabia-based Umm Al Qura Cement Co reported net profits of SAR1.44m (US$0.38m), representing a 76.4 per cent drop YoY from SAR6.12m in the third quarter of 2023. Revenues decreased by 38.2 per cent YoY to SAR33.51m from SAR54.2m in the 3Q23. In the first nine months of 2023 the company posted net profits of SAR10.05m, down 65.7 per cent YoY from SAR29.3m. Revenues fell by 33.9 per cent to SAR118.5m in the 9M23 from SAR179.29m in the 9M22. Meanwhile, City Cement Co saw its net pr... |
Najran Cement to buy 20-25 per cent stake in the building materials industry24 October 2023, Published under Cement NewsNajran Cement Co of Saudi Arabia announced the signing of a non-binding memorandum of understanding (MoU) with Ayan for Commerce & Industry (Ayan), according to which Najran Cement Co will study the feasibility of purchasing a minority stake in one of Ayan’s subsidiary companies that works in the building materials industry. According to the Saudi Stock Exchange, the data of signing the MoU was 18 October 2023. The MoU is valid until 31 December 2023 and can be extended with the approva... |
Saudi Arabian exports top 11Mt18 October 2023, Published under Cement NewsSaudi Arabia exported a total of 11.33Mt of cement and clinker in the 21-month period covering 2022 and the opening nine months of 2023. The figures from the Saudi Trade Ministry mark a notable ramp up in output by the country’s cement producers. Exports were primarily destined for Jordan, Yemen, Bahrain, Iraq and Bangladesh, reports Zawya. In 2022 Saudi Arabia received a total of 181,000t of cement and clinker as construction activity stepped up following COVID-19. Key markets for importe... |
Saudi cement sales drop 6% YoY11 October 2023, Published under Cement NewsSaudi Arabian cement sales declined to 4.01Mt in September 2023, down six per cent compared to the 4.26Mt seen in the same period a year earlier, according to Aljazira Capital. Over the same timeframe, cement exports advanced too 776,000t, up slightly from 773,000t in September 2022. Over the first nine months of 2023, export sales have remained stable YoY at 6.4Mt. September 2023 saw clinker inventories of 39.69Mt, marking an 11 per cent increase YoY and 0.4 per cent advance MoM, reports... |
Saudi Arabia's exports fall 21% YoY in August15 September 2023, Published under Cement NewsSaudi Arabia saw its cement exports decline by 21.3 per cent in August 2023 to 620,000t. This compares to 788,000t in the same month a year earlier, according to Aljazira Capital. Domestic sales in August 2023 came in at 3.96Mt, marking a contraction of 9.6 per cent from the 4.38Mt recorded in August 2022, reports Zawya. Clinker inventories stood at 39.5Mt in August, up 10.5 per cent YoY and 1.2 per cent compared to July 2023. This marks the highest inventory level since Septem... |