Cement News tagged under: Saudi Arabia
Arabian Cement posts 12% rise in profits in 202228 February 2023, Published under Cement NewsSaudi-Arabia-based Arabian Cement has reported net profits after zakat and tax of SAR181m (US$48.3m) in 2022, representing a YoY increase of 12.1 per cent from SAR161.5m. The company saw a six per cent decline in revenues to SAR970.9m in 2022, up from SAR1.03bn in 2021. Earnings per share grew to SAR1.81 from SAR1.62 in 2021. |
Yamama Cement to exceed 30,000tpd clinker production27 February 2023, Published under Cement NewsSaudi Arabia-based Yamama Cement Company expects its clinker production to exceed 30,000tpd following the launch of commercial operations at its new factory and relocation of its seventh production line to the new facility, said the company's CEO Jehad bin Abdulaziz Al-Rasheed. The expected completion date for the relocation project is the second half of 2025, reports Zawya. The company has signed an agreement with China’s Sinoma Overseas Development Company to relocate and install th... |
GCC cement: set for a revival?13 February 2023, Published under Cement NewsWith oil prices expected to remain elevated, GCC governments are easing their budgets and restarting construction projects. For cement producers this is good news and the sector prepares for its revival as demand for its products is forecast to show significant growth in the short- to medium term. By U Capital Research, Oman. After challenging times due to economic restrictions, caused by the COVID-19 pandemic and low oil prices, the GCC cement sector can now look forward to better... |
Tabuk Cement appoint a new chairman and vice-chairman27 January 2023, Published under Cement NewsTabuk Cement ’s board of directors have appointed Yazid bin Khalid Al-Shathri as chairman, and Tareq Alangari as vice-chairman, according to a statement to Tadawul. Amal Redaa was also appointed as board secretary. The board approved the formation of the executive committee, which comprises Yazid Al-Shathri (non-executive) as chairman, as well as Abdul Aziz Al-Khamis (independent), CEO Ali Al-Qahtani (executive) and Mohsen Al-Fahadi (independent) as members. The nominations an... |
IKN commissions Southern Province Cement cooler25 January 2023, Published under Cement NewsIKN has successful commissioned the new Southern Province Cement Co Bisha line 1 clinker cooler in Saudi Arabia. This is the conclusion of a very challenging project that started with the preassembly of the IKN equipment, directly followed by the shutdown, whereby the existing cooler was demolished and replaced by the latest generation IKN cooler. The excellent collaboration between Sweden Industrial Services and IKN was key in bringing this endeavour to a successful close, workin... |
Bullish 4Q22 results expected for Saudi Arabian producers19 January 2023, Published under Cement NewsTwelve Saudi Arabian cement companies' aggregate profit listed on Tadawul are expected to surge 101 per cent YoY and 20 per cent QoQ to SAR617m (US$164.5m) in the 4Q22, according to a local research house. Argaam sees bullish forecasts for most Saudi Arabian cement producers in the 4Q22 compared to the year-earlier period. Tabuk Cement Co , Yamama Cement Co , Yanbu Cement Co , City Cement Co and Arabian Cement Co are expected to post the biggest rise in the fourth-quarter profit. ... |
Saudi cement demand to remain flat in 202310 January 2023, Published under Cement NewsCement demand in Saudi Arabia is forecast to remain flat in 2023 before expanding by five per cent YoY in 2024, according to a report by SICO Bank. Cement demand fell by 1.8 per cent YoY in November 2022, despite the previous month being the strongest October since 2015. For the whole of 2022, SICO predicts demand to have declined by one per cent YoY. Looking ahead, 2024 growth is expected to be driven by a boom in construction activity on the back of developments in the tourism sector an... |
Yanbu Cement pays out US$31m in dividends12 December 2022, Published under Cement NewsYanbu Cement Company is to pay out cash dividends worth SAR118.12m (US$31.49m) to shareholders in the second half of 2022. This represents 7.5 per cent of capital. According to the bourse disclosure, the Saudi Arabia-based company will disburse SAR0.75 per share for 157.5m eligible shares. The cement producer reported a 4.38 per cent YoY advance in net profit after zakat and tax to SAR156.24m in the opening nine months of 2022. Revenues slipped 0.13 per cent to SAR741.9m, while earning... |
Saudi cement sales rise 5% in November08 December 2022, Published under Cement NewsThe aggregate sales of 17 Saudi cement producers rose one per cent YoY to 4.8Mt in November 2022, according to Yamama Cement Co ’s data. Locally, nine market players reported sales growth, led by United Cement Co with 110 per cent YoY, followed by Northern Region Cement Co with 54 per cent YoY. Eight cement producers reported lower sales, including Umm Al-Qura Cement Co with a fall of 46 per cent YoY. Al Jouf Cement Co had the next largest drop in sales at 22 per cent YoY. Seven... |
Umm Al Qura Cement sees net profit slide 54% YoY in 9M2208 November 2022, Published under Cement NewsSaudi Arabia’s Umm Al Qura Cement Company has reported a 15.13 per cent drop in revenue to SAR179.29m (US$47.8m) in the first nine months of 2022. This compares to SAR211.25m in the same period a year earlier, according to Zawya. Net profit after Zakat and tax over the same period fell from SAR61.92m to SAR28.44m marking a contraction of 54.06 per cent. In the third quarter of 2022, revenues fell 4.81 per cent YoY from SAR56.95m to SAR54.21m, while net profit after Zakat and tax plunged ... |