Displaying items by tag: Saudi Arabia

Bangladesh: Saudi Arabian company Engineering Dimensions has signed a partnership agreement with Bangladesh Chemical Industries Corporation (BCIC) to build a cement plant at Chhatak in Sunamgan. BCIC Chairman Shah M Aminul Haque and Engineering Dimensions President Mohammed N Hijji signed the deal, according to the Financial Express newspaper. Representatives of the Ministry of Industries and the Saudi Arabian embassy also attended the ceremony.

Saudi Cement: City Cement’s Al Madina Cement subsidiary says it has reached a final settlement with China’s Sinoma International about the construction of a second production line. The parties have agreed an 8% discount on the total cost of the project worth around US$11m. Trial operation on the second line at the plant was originally announced in late 2014.

Saudi Arabia/Yemen: Southern Province Cement has signed a deal to sell 20,000t of cement to Yemen. The deal will last for three months. It started in early December 2018 with the export of a 7000t consignment. It follows a similar agreement that Tabuk Cement agreed in late November 2018 to export products to Yemen.

Saudi Arabia/Yemen: Tabuk Cement has signed a memorandum of understanding to export 6000t of cement to Yemen. The agreement has a duration of three months.

Bangladesh: Saudi Arabian company Engineering Dimensions has expressed interest in building a cement plant at Chhatak in Sunamgan. The company’s president Mohammed N Hijji has met Secretary-in-Charge of the Industries Ministry M Abdul Halim about the project, according to the Financial Express newspaper. Engineering Dimensions says that the country’s high population, local demand and skilled workforce have attracted it to the location.

Saudi Arabia: Cement despatches dropped by 5.4% year-on-year to 37.3Mt in the first 10 months of 2018 from 39.4Mt in the same period in 2017. The local industry’s utilisation rate has declined in consecutive months since October 2017 to just 54.8% in October 2018, according to Aljazira Capital. At the same time clinker inventories increased by 1.6% month-on-month to 41.6Mt in October 2018.

Saudi Arabia: Saudi Cement’s sales revenue fell by 5.8% to US$217m in the first nine months of 2018 from US$231m in the same period in 2017. Its net profit after tax decreased by 20% to US$73.5m from US$92.2m. The cement producer has blamed falling sales, rising costs and an increase in Islamic finance charges for its declining profits.

Yemen: Saudi Arabia’s Al Jouf Cement says it has completed its first export to Yemen. It transported 9000t of cement. The financial impact of the shipment will be recorded in its financial report for the third quarter of 2018.

Germany: ThyssenKrupp has decreased its earnings forecast for its 2017 – 2018 financial year due to the poor performance of its Industrial Solutions division. The division is expected to report a negative adjusted earnings before interest and taxation (EBIT) of Euro200m in the third quarter of the year due to higher expected total costs, particularly for a cement plant in Saudi Arabia and two other industrial projects. The group said that the number of major projects in the cement and fertiliser sector had decreased ‘considerably,’ partly due to the production overcapacity in the cement market.

"It is important to me to call it what it is. The results of our analysis at Industrial Solutions are anything but satisfying. The structure of plant construction must be adjusted to the changed market conditions in order to achieve a turnaround and finally become competitive again. We must act swiftly here," said Guido Kerkhoff, chairman of the executive board of ThyssenKupp. The group has proposed focusing its Industrial Solutions division on small and medium-sized projects and targeting plant construction on the higher-margin service business.

In mid-2017 the group announced plans to reorganised its Industrial Solutions division, including the decision to cut 1500 jobs in operational areas.

Saudi Arabia: Southern Cement’s net profit fell by 31% year-on-year to US$36.8m in the first half of 2018 from US$53.3m in the same period in 2017. The cement producer blamed the fall in profit on poor demand as well as effects from the Ramadan and Eid public holidays.