Al Baha Cement Company
Saudi Arabia’s Minister of Commerce and Industry, Dr Tawfig Fawzan Alrabiah, has issued a ministerial decision announcing the approval of a license for the establishment of Al Baha Cement Company. The cement and building materials manufacturer is a closed joint stock company, which is currently under construction. It will be located in Riyadh and will have a capital of SR400 million.
The license approval forms part of the Ministry of Commerce and Industry’s efforts to boost economic activity and increase competitiveness in the face of regional and international competition and challenges.
Saudi Cement Company
In January, Saudi Cement Company reported its results for 4Q13 and full year 2013. Net profit and gross profit were down by 7.91% and 3.73% on 4Q12, respectively. The decline has been attributed to lower sales volumes, the high cost of cement from imported clinker, in addition to rising general and administration costs. However, net sales did see an improvement when compared to the previous quarter, rising from SR229 million to SR256 million. In full year 2013, net profit grew by 2.72% y/y, while operating profit rose by 3.85% y/y, driven by increased sales and enhanced operating efficiency.
Cement and clinker sales
Local reports put clinker production in Saudi Arabia at 4.89 million t in December 2013, up from 4.26 million t in the corresponding period in 2012. However, cement producers saw sales fall by 6% y/y to 4.79 million t during the month, down from 5.08 million t in December 2012.
Edited from various sources by Louise Fordham
Read the article online at: https://www.worldcement.com/africa-middle-east/07022014/cement_newsbytes_from_saudi_arabia_709/