Displaying items by tag: Saudi Arabia

Bangladesh: The Chattogram Customs Authority has seized 30 containers of cement imported under false declaration by Pran Dairy at Chattogram Port. Sources quoted by the Daily Sun newspaper said that the company has attempted to avoid paying the correct import tariffs by falsely declaring the consignment as high-density polyethylene (HDPE) for the UAE. However, when custom officials examined the shipment they found Saudi Arabian-branded cement instead.

A total of 10,200 sacks of 50kg bags of cement were found. The duty payable on HDPE is 32% compared to 91% for cement. The importer was attempting to avoid paying import tariffs of over US$350,000.

Saudi Arabia: Saudi Cement’s revenue for the first quarter of 2019 rose 18% higher year-on-year to US$103.9m, driven by higher export sales volume of cement and clinker. It said that its prices had risen, but that the price rise was not as great as that achieved by some other producers. Its profit for the quarter was US$35.2m, a 7% fall year-on-year. However its profit was 6% higher compared to the fourth quarter of 2018.

Saudi Cement’s cement export volumes increased to 0.25Mt for the quarter, while clinker sales volumes (mainly exports) jumped to 0.41Mt. In contrast, local cement sales volumes declined by 16.5% year-on-year to 1.19Mt. Going forward, the company says it will continue to focus on exports in light of weak domestic demand.

Saudi Arabia: Mohammed Al-Subaie has been appointed as the chairman of Eastern Province Cement. He succeeds Abdulmohsen Al-Ruwaished, who has resigned. Ibrahim Al Ruwais has also been appointed as the company’s vice-chairman.

Saudi Arabia: Al Jouf Cement has signed a non-binding memorandum of understanding with China’s Riga Company to convert its second production line to produce white cement. The agreement will last six months.

Saudi Arabia: Tabuk Cement has appointed Saud Suliman Al Juhani as its new chairman. It follows the resignation of Saeed Obaid, who has left the position due to other business commitments but will retain a seat on the board. Tareq Khalid Al Angari has also been appointed as the Vice Chairman. Both positions will last until 25 January 2020.

Saudi Arabia: Arabian Cement says that the National Electricity Transmission Company plans to complete an expansion to a high-voltage plant in Rabigh by the third quarter of 2021. The project has been delayed but the cement producer said that this will have no financial impact, according to Mubasher. Arabian Cement originally signed an agreement with the National Electricity Transmission Company to supply electricity to its Rabigh plant in 2015. In November 2018 it said that an upgrade to its cement mills was 80% complete.

Kuwait: Saudi Arabia’s Qassim Cement has signed a contract with the Al-Aradah Building Materials Company to export cement to Kuwait. It has agreed to transport 120,000t of cement until the end of 2019. The financial impact of the deal will be disclosed in the cement producer’s financial results later in the year.

Saudi Arabia: Southern Province Cement’s sales fell by 16.5% year-on-year to US$237m in 2018 from US$283m in 2017. Its net profit after Zakat and tax nearly halved to US$52m from US$98.7m. The company blamed the fall in sales and profit on lowering prices, despite higher sales volumes.

The cement producer has also announced renewal of its export licence from the Ministry of Trade and Investment. It will export up to 1Mt of clinker and 0.5Mt of cement for a year from 13 February 2019.

Saudi Arabia: City Cement’s net profit after Zakat and tax grew by 19% year-on-year to US$29.6m in 2018 from US$24.9m in 2017. It attributed the result to operational efficiency and a settlement it reached in late 2018 with China’s Sinoma International about the construction of a second production line. The cement producer’s sales fell by 36% to US$92m from US$143m due to low demand for cement and local competition.

Saudi Arabia: Arabian Cement’s net sales fell by 34% year-on-year to US$160m in 2018 from US$241m in 2017. Its profit decreased by 89% to US$10.1m from US$93.2m. It blamed the fall in sales and profit on poor demand, increased competition, decreasing sales volumes and lowering prices.