Saudi Cement Company witnesses a fall in 1Q14 profit
Published by Rosalie Starling,
Editor - Hydrocarbon Engineering
World Cement,
Saudi Cement Company (SCC) posted a net profit of SAR286 million for the first quarter of 2014 (ended 31 March 2014), a 16% y/y fall compared to SAR340 million registered in the corresponding period in 2013.
The fall in 1Q14 profit was partly attributed to sluggish local demand, due to a slowdown in the Saudi construction sector. Following the expiration of the government amnesty and the beginning of correction campaigns against illegal migrant workers, the structural change in the labour market has affected the demand for cement in Saudi Arabia and resulted in delays in construction work. SCC also attributed the fall in net profit to an associated company's loss, following an impairment of some of its assets.
SCC operates two cement facilities in the Eastern Province of Saudi Arabia. The two plants, Hofuf and Air Dan, have production capacities of 7825 tpd and 6000 tpd of clinker, respectively.
Edited from various sources by Rosalie Starling
Read the article online at: https://www.worldcement.com/africa-middle-east/15042014/saudi_cement_company_witnesses_fall_in_1q14_profit_47/
You might also like
Ready to revolutionise the cement industry?
Join World Cement in Lisbon, 10 – 13 March 2024, for our first in-person conference and exhibition: EnviroTech.
This exclusive knowledge and networking event will bring together cement producers, industry leaders, technical experts, analysts, and other stakeholders to discuss the latest technologies, processes, and policies being deployed at the forefront of the cement industry’s efforts to reduce its environmental footprint.
Meeting The Needs Of The World
TÜRKÇIMENTO (the Turkish cement manufacturers’ association) provides an update on the state of the Turkish cement sector.