Newsbytes from Saudi Arabia’s cement industry

Umm Al Qura Cement

Umm Al Qura Cement, based in Riyadh, Saudi Arabia is set to raise approximately SAR275 million through a flotation on the country’s stock market. The company is planning to sell 27.5 million shares at SAR10 each, which are expected to be floated on the market at the end of April (a prospectus will be published in advance).

Dr Tawfiq bin Fawzzah Al-Rabiah, Saudi Arabia's Minister of Commerce and Industry, stated that half of the shares will be sold to the general public and the rest will be retained by the project's partners.

Qassim Cement Company

Qassim Cement Company reported a net profit of SR159 million for the first quarter of 2014, a 5.59 % y/y decrease compared to the same period a year earlier. In a statement the company noted that dividends per share within the three months amounted to SR1.77, a slight decline compared to SR1.87 in the first quarter of 2013.

Qassim Cement produces around 4 million tpa of cement. Cement types produced by the company include ordinary Portland cement (OPC/Type I), sulfate resistant cement (SRC/Type V) and limestone cement (finishing cement).

Edited from various sources by Rosalie Starling

Read the article online at: https://www.worldcement.com/africa-middle-east/09042014/newsbytes_from_saudi_arabias_cement_industry_19/