Cement News tagged under: Saudi Cement
Saudi producers unlikely to benefit from export ban08 March 2017, Published under Cement NewsCement makers in Saudi Arabia are unlikely to benefit from the government's decision to lift a ban on exports due to higher tariffs, according to Saudi Cement Chairman, Khaled Al-Rajhi. The sector has suffered from weaker demand and lower government spending on infrastructure. As a result, clinker inventory had risen to record levels by the end of 2016, Mr Al-Rajhi commented in the company’s 2016 annual board report. Last September local cement producers competed for market share amid i... |
Saudi Arabia cement companies see sales and production fall 10%20 September 2016, Published under Cement NewsSales of cement by Saudi Arabian companies declined by 9.93 per cent YoY in August, while production dropped by 10.4 per cent, Mubasher reports. Output for August was 4.3Mt, while deliveries were 4.4Mt. The fall in sales was unevenly distributed, with some companies – notably Riyadh Cement and City Cement – seeing double-digit increases. Of the bigger players, Saudi Cement escaped the worst, with its sales falling by 1.5 per cent, while Yanbu fared particularly poorly, with sales dropping... |
Saudi Arabia: cement firms come under pressure09 August 2016, Published under Cement NewsSaudi Arabia’s cement activities continue to come under pressure as falling sales volume and profitability remain subdued. Companies’ operational performance was impacted due to lower than estimated average realised price on the back of stiff competition, especially in the central region in 2Q16, coupled with the impact of lower fuel subsidy, reports Al Rajhi Capital. Saudi Cement and Southern Province Cement were the top performers in 2Q16. Saudi Cement revenue was up 11 per cent YoY, whi... |
Saudi Arabia: Northern Cement profits fall 24%26 July 2016, Published under Cement NewsNorthern Region Cement Company reported a net profit of SAR48.66m (US$13m) in 2Q16, down 24 per cent from SAR64m (US$17m) compared to the same period last year. However, profits were up 13.4 per cent compared to 1Q16. This QoQ rise is due to increased clinker sales and the YoY decrease is attributed to increased production costs as a result of higher energy prices and falling sales. Northern Cement’s profits for the first half of the year reach SAR91.6m, a 20.4 per cent decline from SAR11... |
Saudi Arabia: sales volumes fall 27%25 July 2016, Published under Cement NewsTotal cement sales in Saudi Arabia declined 27 per cent YoY and 39.6 per cent MoM in June, to 4.1Mt. Cement production in June was 3.66Mt, down 25 per cent YoY and 34.6 per cent MoM. June’s fall in sales volume can be attributed to Ramadan, which fell solely in June this year, unlike last year when it was split across June and July. All cement producers reported a decline in sales during the month. Al Jouf, Saudi and City Cement experienced the lowest declines in sales, with figures falli... |
Saudi Cement 1Q16 12.5% net profit fall19 April 2016, Published under Cement NewsSaudi Cement reported a 12.54 per cent drop in 1Q16 net profit on Monday, hurt by a decrease in sales and an increase in energy costs. One of the kingdom’s largest cement firms by market value made a net profit in the three months to 31 March of SAR265m (US$70.7m), down from SAR303m in the corresponding period of 2015, according to a bourse filing says AME Info. Construction-related firms have been put under pressure though by a slowdown in the sector, caused by cutbacks in state spending... |
Saudi Arabia lifts ban on cement exports as construction sector slows13 April 2016, Published under Cement NewsA senior official in Saudi Arabia has said that the kingdom's ban on cement exports has been lifted. According to reports from Reuters, the ban - imposed in 2008 and renewed in 2012 - has been overturned because of a slowdown in the construction sector, which has led to an oversupply of cement. Dr Ahmed Zugail, director general of Yanbu Cement Company and deputy head of the National Committee for Cement Companies, told the Al Riyadh newspaper that he welcomed the news, given that Saudi... |
Saudi Cement shuts down two kilns30 December 2015, Published under Cement NewsSaudi Cement Co has closed down two kilns indefinitely as a result of high inventory, absence of growth in Saudi demand and the continuing ban on exports, it said in a bourse statement on Wednesday. The company reported an impairment charge of SAR66.2m (US$17.6m) in the fourth quarter of 2015 as a result of the kiln closures. Furthermore, Saudi Cement Co expects the fuel and electricity price hikes announced in the 2016 government budget to increase its production costs by SAR68m (US$18.13... |
Saudi producers' 2Q net profit drops16 July 2015, Published under Cement NewsSaudi Cement reportedly dropped an 11.8 per cent in net profit for 2Q15 to SAR254m, from SAR288m in 2Q14. It attributed the fall in net profit to lower local sales without elaborating. Another Saudi producer, Najran Cement made net earnings of SAR77.8m in the second quarter ended 30 June, falling 7.77 per cent from SAR84.3m in the year-earlier period. The profit decline was mainly attributable to the increase in selling and distribution (cement transportation incentives), general and ad... |
Saudi Cement net profit up 6%17 April 2015, Published under Cement NewsSaudi Cement has reported a 5.9 per cent increase in first-quarter net profit on Tuesday as higher exports boosted its earnings. Saudi Arabia's largest cement company by market value said in a bourse filing its net profit for the three months to 31 March was SAR303m (US$80.8m), compared to SAR286m in the corresponding period of 2014. It attributed its net profit rise to increased export sales and higher profit from associated companies. |