Displaying items by tag: Saudi Arabia

Saudi Arabia: Hail Cement has appointed Abdul Aziz Bin Saad Al Saud as its chairman. The move follows the resignation of Saud Bin Abdul Mohsen Al Saud in the role, according to Reuters.

Saudi Arabia: Cement sales have fallen by 19% year-on-year to 22.6Mt/yr in the first five months of 2017. Clinker production decreased by 11.3%, according to a market report by Al Rajhi Capital. Northern Cement and Najran Cement recorded the highest declines in the period at 50% and 43% respectively. The report does not expect demand to pick up in the remainder of 2017. Overall it forecasts a 14% fall in sales volumes to around 47Mt in the year. Saudi Cement, Yamama Cement, Yanbu Cement and Najran Cement hold 50% of the total inventory in the sector at 4.9Mt, 4Mt, 3Mt and 2.8Mt respectively.

Saudi Arabia: Saudi Electricity Company (SEC) has signed a co-operation agreement with Al Safwa Cement Company to reuse carbon ash and oil residues byproducts that result from the burning of heavy fuel in power generation plants. They will be used as an alternative source of energy at the cement plant, instead of being landfilled.

Khalid Bin Abdulrahman Al Tuaimi, the executive vice president for the generation at SEC, pointed out that SEC was the first company to adopt this policy. "This will reduce the dependence of the cement plant on heavy fuel, thereby reducing dependence on oil, which is a key element of the Kingdom Vision 2030 to restructure the national economy," he said.

Saudi Arabia: Hail Cement Company has obtained an export licence from the Ministry of Commerce and Investment. The licence is valid for one year from the date of issue. No significant financial impact is expected upon the financial results of the company.

Saudi Arabia: Tabuk Cement made a net profit of US$2.3m in the first quarter of 2017 from revenues of US$15.3m. For the same period, Umm Al Qura Cement made a net profit of US$4.5m from revenues of US$13.8m. Saudi Cement made a net profit of US$44m and Yanbu Cement made US$33m in profit from revenues of US$81.9m. Eastern Province Cement made US$13.3m from total sales of US$53.9m.

Saudi Arabia: Yamama Cement’s net profit fell by 66% year-on-year to US$13.5m in the first quarter of 2017. Its revenue fell by 41% to US$59m. according to Trade Arabia. The cement producer’s cement sales fell by 25% to 1.24Mt. The result has been blamed on low cement sales and prices.

Bahrain: Cement companies in Bahrain have stopped importing cement from Saudi Arabia following a change in export laws that has increased the price. United Cement Company chief executive Faisal Shehab said that the four cement companies in Bahrain used to import a total of 25,000t/week, according to the Gulf Daily News. In March 2017 the law changed in Saudi Arabia allowing producers to export cement. However, the law has specified that companies should repay government subsidies and this has increased the price of exports to Bahrain by nearly 50%. The imported cement represents about half of Bahrain requirements. Previously, Bahrain imported cement from Saudi Arabia under a special arrangement set up in 2009. Bahrain producers are now seeking alternative imports from the UAE.

Saudi Arabia: Tabuk Cement says it has obtained an export license from the Ministry of Commerce and Investment. The licence will be valid for one year, according to Mubasher. Sales volumes of cement fell by 25% year-on-year to 4Mt in February 2017.

Saudi Arabia: Mubasher has reported that cement-making companies in Saudi Arabia witnessed a near 35% decrease in sales in February 2017. The cement companies sold 4.1Mt of cement in February 2017, down from 5.4Mt for the year-ago period. The companies' production also decreased by 26% in February 2017 to 4.0Mt, compared to 5.5Mt in the same month of 2016.

The country's cement inventory increased to 1.07Mt in February 2017, up by 18.2% year-on-year from 906,000t. Yanbu Cement topped cement sales in February 2017, as it registered sales of 474,000t, with a drop of 21.26% year-on-year from 602,000t.

Saudi Arabia: Najran Cement has temporarily shut down its second production line due to poor market conditions and high inventory. The line has a clinker production capacity of 3000t/day. The cement producer intends to announce any financial impact arising from the shutdown in its financial report for the first quarter of 2017.