RIYADH: Arabian Cement Co. said a project to build new cement mills in Rabigh has been delayed by 150 days and will now be completed in the fourth quarter of 2021.
The delay was due to contractor China National Building Materials Corp. being unable to travel to Saudi Arabia to complete the installation and commissioning work because of coronavirus travel restrictions, Arabian Cement said in a statement to the Tadawul stock exchange.
The suspension of international flights in Saudi Arabia and elsewhere in the region has affected a number of infrastructure projects with key site personnel having to wait until restrictions are lifted to re-enter the country.
Egypt s cement sector sees sales rise 15% YoY 15 April 2021
Egypt s cement industry recorded strong sales in March with total sales reaching 4.99Mt, up 22 per cent MoM and 15 per cent YoY.
The industry’s utilisation rate also surged to 74 per cent from 60 per cent in February. The average utilisation rate in 2020 was 59 per cent.
Watania Cement (Beni Suef) recorded the highest sales of 990,000t with a market share of 20 per cent, according to Daily News Egypt. Therefore, volumes were up 40 per cent MoM and 141 per cent YoY.
Sinai Cement recorded the strongest MoM growth in sales at 51 per cent, but most other companies recorded a decline in sales on a YoY basis.
Arabian Cement reports net loss in 2020 01 March 2021
Egypt’s Arabian Cement Co has reported an EGP122.78m (US$7.8m) net loss during 2020, compared with an EGP28.92m profit in the previous year. Sales revenues declined 20 per cent YoY to EGP2.48bn from EGP3.1bn.
On a standalone basis, the company saw losses reach EGP116.21m against an EGP30.09m profit in 2019.
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The aggregate sales of 17 Saudi cement producers rose 6 percent to 5.1 million tons in January 2021, compared to 4.8 million tons in the same month last year, according to recent data issued by Yamama Cement Company.
As many as 12 cement producers reported higher sales, led by Arabian Cement Co. with a 50 percent rise year-on-year (YoY). It was followed by Najran Cement and Tabuk Cement with (+25% YoY each).
On the other hand, five other companies reported lower sales, led by Yamama Cement that saw a 21 percent YoY drop in sales.
Six companies exported 127,000 tons of cement in January. Saudi Cement Co. came on top with 61,000 tons of exports. It was followed by Yanbu Cement Co. with 32,000 tons, and Najran Cement with 19,000 tons.
The Capital Market Authority (CMA) imposed a SR5.4 million ($1.44 million) fine on Ahmed bin Abdulrahman Al-Joaithen for violating the Capital Market Law.
Al-Joaithen violated articles of the Capital Market Law and the market conduct regulations, while trading shares of Arabian Cement, Makkah Construction and Development, Jabal Omar Development, Jazan Energy and Development, Saudi Arabian Cooperative Insurance, Bawan, Saudi Research and Marketing Group, Buruj Cooperative Insurance, Saudi Arabia Refineries, and Emaar the Economic City during the period from April 5 to Oct. 11, 2016.
CMA also imposed fines worth SR7.5 million on a number of investors against the illegal gains achieved in their investment portfolios as a result of trading violations committed by Al-Joaithen, the authority said in a statement.