Displaying items by tag: Najran Cement

Saudi Arabia: Najran Cement has informed investors via a posting on the Saudi Exchange that it expects its cost of sales to rise by 13%. This is due to an increase in the price of fuels by its supplier Saudi Aramco. The cement producer noted that the waste heat recovery (WHR) system installed at its Najran cement plant has partly reduced the anticipated impacts on costs.

Najran Cement said “The company will work during the coming period to explore ways to reduce the financial impact of this adjustment on the company’s profits and will continue to implement its plans to reduce costs and improve production and operating efficiency. It will also work with government agencies to explore ways to diversify energy sources.”

Saudi Arabia: The General Authority for Competition (GAC) has fined 14 local cement producers around US$37m for price fixing. The companies were found to have broken local competition law following an investigation by GAC. They are now each liable for a US$2.7m penalty. The producers concerned are: Al-Safwa Cement; Al-Madina Cement; Umm Al-Qura Cement; Al-Jawf Cement Company; Qassim Cement; Najran Cement; Southern Province Cement; United Industrial Cement; Yamama Cement; Riyadh Cement (Saudi White Cement); Arabian Cement; Saudi Cement; Yanbu Cement; and Hail Cement.

Saudi Arabia: Najran Cement has signed a deal for a US$85m six-year financing facility from Al Rajhi Bank. The producer says that its logistics unit will use the funds 'to endorse its core business activities.'

Saudi Arabia: Najran Cement recorded sales of US$37.3m in the first quarter of 2022, down by 24% year-on-year from US$49.2m. The producer's net profit was US$6.21m in the quarter, down by 61% from US$16.1m. During the quarter, the production costs increased for the company.

Saudi Arabia: Najran Cement’s sales in the nine-month period which ended on 30 September 2021 were US$117m, up by 1.2% year-on-year from US$116m in the corresponding period of 2020. The company increased its nine-month net profit by 7.5% to US$34.5m from US$32.1m. It said that its cost of sales per tonne and finance expenses both declined.

Saudi Arabia: Najran Cement’s revenue grew by 13.7% year-on-year to US$82.3m in the first half of 2021 from US$74.1m in the same period in 2020. Its net profit after zakat and tax increase by 27.9% to US$24.9m from US$19.5m. It reported lower sales and profit in the second quarter of 2021 due to Ramadan and Eid al-Fitr.

Saudi Arabia: The Ministry of Transport has granted Najran Cement a licence to launch its own limited liability transportation company. Reuters News has reported that the company is in the process of obtaining the final licence for the launch.

Saudi Arabia: Najran Cement has announced that it has completed the repayment of a US$12m loan from Banque Saudi Fransi. Mubasher news has reported that the loan had been due for repayment in instalments in the first half of 2020. The cement producer retains US$94.6m in outstanding loans.

Saudi Arabia: Najran Cement Company has signed a financing agreement with Bank Al-Jazira for a loan of US$94.5m. Under the agreement, repayments are to be made at a rate of US$13.6m/yr for four years, and the remaining amount settled in the final year of the financing period ending 2025.

Saudi Arabia: Najran Cement’s board of directors voted on 27 November in favour of the establishment of limited liability transport company. Due to market conditions, the new subsidiary will not be incorporated until 30 June 2020. Najran Cement did not confirm the size of the investment in its statement.