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RELATED ARTICLES: Saudi Cement beats 2009 but slips against Q2 | Yanbu Cement Company profits fall 16% against Q2 | ABB lands supply contract for Kuwait power project
Saudi Cement Company, the largest producer of the commodity in the Kingdom, said its board has approved setting up a joint venture in Kuwait valued at KD4 million.
The Kuwaiti company that will form the other half of the JV is yet to be disclosed. Kuwait has three listed cement manufacturers, with two concrete product makers – Acico Industries and Kuwait Building Materials Manufacturing – and an aggregate importer, Gulf Rocks Company.
Saudi Cement Company has seen sales, revenue and net profits increase for the third quarter of this year against the same period in 2009, citing improved efficiency of production. Revenues gained 6% to SAR327.1 million compared with SAR307.7 million last year.
Operating income increased 11.5% to SAR143 million, with after-tax gains rising almost 14% to SAR140.28 million.
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A joint venture internationally is one of few options available to Saudi cement manufacturers, who are not incentivised to export their product and are competing for the same projects around the country.
In the last quarter Al Jouf Cement Company became the latest company to list on the Tadawul, the country’s stock exchange, and there will be an estimated four more companies to be listed in the next two-to-three years, according to an analyst at Securities & Investments Company in Bahrain.
Analysts at NCB Capital and HSBC gave the company a ‘neutral’ rating in October after the announcement of third-quarter profits.
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