Displaying items by tag: Saudi Arabia

Saudi Arabia: Arabian Cement says it is considering how it can complete work on the construction of new cement mills at its integrated Rabigh plant. The announcement follows a statement from the cement producer reporting that contractor China National Building Materials Company (CNBM) said that it was unable to complete the project due to the necessity of “involving a third party.” The project has suffered repeated delays, such as Covid-19-related travel bans, and dates back to at least 2015.

Saudi Arabia: Qassim Cement has concluded a non-binding memorandum of understanding (MoU) with Hail Cement for acquisition of the latter’s issued shares. After any acquisition takes place, Qassim Cement plans to issue US$377m-worth of share capital in favour of Hail Cement’s existing shareholders.

Saudi Arabia: Riyadh Cement Company’s net profit after Zakat and tax shrank by almost 47% to US$22.6m in the first half of 2022, compared to US$42.7m in the same period in 2021. The firm ascribed the drop earnings to lower sales, with its revenues standing at US$68.8m in the first six months of 2022, compared to US$107m in the first six month of 2021, a 36% drop year-on-year.

Saudi Arabia: Qassim Cement's sales fell by 30% year-on-year to US$78.4m in the first half of 2022 from US$112m in the first half of 2021. High costs compounded the decline to result in a net profit drop of 73% to US$14.4m from US$53.5m. The fall in profit was less sharp in the second quarter of 2022 than in the first: it fell by 75% year-on-year to US$6.68m in the first quarter of the year and by 71% year-on-year to US$7.71m in the second quarter of the year.

Saudi Arabia: Al Jouf Cement has appointed Abdul Karim bin Muhammad Al Nuhair as its chief executive officer. He succeeds Jamal bin Salem Al Amer in the post who has resigned for personal reasons. Al Amer has now been appointed as president ex-executive advisor to the company.

Al-Nuhair holds a bachelor’s degree in Industrial Management and a master’s of Executive Directors from King Fahd University of Petroleum and Minerals. He holds both management and board-level experience in a number of private and public companies.

Saudi Arabia: Southern Province Cement's first-half 2022 sales were US$150m, down by 42% year-on-year from US$193m. Increased operating costs diminished the company's net profit by 42% from US$68.4m to US$39.9m.

Saudi Arabia: Al Jouf Cement has appointed Abdullah bin Odeh Al-Ghabeen Al-Enezi as its chair. It follows the resignation of Mohammed Saeed Attia in mid-July 2022.

Saudi Arabia: Mohammed Saeed Attia has resigned as the chair of Al Jouf Cement. He will continue working for the company as a part-time consultant until mid-2023. Mohammed Saeed Attia was originally appointed as the chair of the cement producer in 2020.

Saudi Arabia: Arabian Cement says that the Jeddah Commercial Court has ruled in its favour in a lawsuit it filed against Emaar, the Economic City Company, to claim outstanding quantities of limestone it was due in an agreement the companies signed in 2012. The court has ordered Emaar to give Arabian Cement around 4.6Mt of limestone. As part of the deal, from 2012 to 2018, Emaar agreed to provide the cement company with 44.7Mt of limestone. However, Arabian Cement maintains that it did not receive 5.3Mt of the total.

Arabian Cement previously gave land to Emaar in return for a limestone supply deal. Emmar company has been developing the King Abdullah Economic City.

Saudi Arabia: Southern Province Cement has completed technical studies and commenced construction of a new 5000t/day line at its Jazan cement plant. The company will also build the infrastructure for another 5000t/day line at the site. Reuters new has reported that, together, the lines will replace the plant’s existing production lines.