Displaying items by tag: Saudi Arabia

Saudi Arabia: Al Jouf Cement has entered an agreement with Italy-based Webuild to supply cement worth US$27.7m for various projects in the upcoming NEOM city. The contract spans 41 months from signing, with potential for increased quantities. Al Jouf Cement anticipates a profitable impact on its financial statements from the third quarter of 2024 until the contract's conclusion.

Saudi Arabia: Al Qura Cement has appointed Abdullah Abdulaziz Suleiman Alabdulatif as its chair. Saud Mahamed Ali Al Sabhan has been appointed as the Vice Chair. Both positions started in early July 2024 and will last until early July 2027.

Saudi Arabia: Southern Province Cement and Yanbu Cement have signed a non-binding memorandum of understanding to evaluate a potential merger. The due diligence process will assess various aspects including operational, technical, financial, legal and actuarial factors, according to Mubasher.

The memorandum was signed on 23 June 2024 and is set to expire in 12 months unless a merger agreement is reached beforehand. The feasibility of the merger will depend on agreement on final terms, regulatory approvals and endorsements from both companies' general assemblies.

Saudi Arabia: Qassim Cement Company (QCC) has successfully completed the acquisition of Hail Cement Company (HCC) for US$378m. The transaction, initially announced on 25 September 2022, involved increasing QCC's capital to facilitate the acquisition of all HCC shares. The acquisition follows a binding implementation agreement reported by HCC on the Saudi Exchange.

Saudi Arabia: Hoffmann Green Cement Technologies has initiated construction of H-KSA 1, its first production unit in Saudi Arabia, located at Rabigh. The foundation stone was laid following a licensing agreement with Shurfah Group, which includes building four Hoffmann units under an exclusive 22-year deal. These units will use Hoffmann's clinker-free cement, aligning with Saudi Arabia's Vision 2030 objectives. Completion is anticipated by end of 2025.

Co-founders Julien Blanchard and David Hoffmann said "We are delighted to participate in the decarbonisation of the Saudi construction sector by building several of our units on their territory and marketing our 0% cement clinker."

Saudi Arabia: The net profit of Southern Province Cement rose by 27% year-on-year to US$16.5m in the first quarter of 2024 from US$13.0m a year earlier. However, its revenues fell by 16% relative to the first quarter of 2023, reaching US$66.9m.

Saudi Arabia: Cement sales in Saudi Arabia recorded a 12.5% increase in April 2024 to 2.92Mt, up from 2.6Mt in 2023, despite the impact of Ramadan. This is according to a report by Aljazira Capital. However, cement exports saw a significant decrease, dropping by 30% year-on-year to 554,000t from 790,000t. Additionally, clinker inventories reached 43.4Mt in April 2024, marking an 18% year-on-year increase and a 3% rise from March 2024.

Saudi Arabia: Yamama Cement has appointed Naif bin Sultan bin Mohammed bin Saud Al Kabir as its chair. Abdullah bin Abdulrahman Al Obeikan has been appointed as the vice-chair. Members of the Compensation and Nomination Committee and the Audit Committee have also been announced.

Saudi Arabia: Riyadh Cement has reported its annual financial results for the period ending on 31 December 2023. Revenues were US$171m, a 7.6% year-on-year increase from US$159m in 2022. However, net profit marginally decreased by 0.6% to US$50.3m, compared to US$50.6m in the previous year.

Saudi Arabia: Southern Province Cement Company’s revenues fell by 12% year-on-year to US$285m in 2023, from $US325m in 2022. The company’s net profit also fell, by 35% from US$80.2m to US$52m.