Saudi Arabia's Tabuk Cement resuffles senior board positions
Dr Saeed Obaid will resign as chairman of the listed firm on 14 April, and will be replaced by Saud Suliman AlJuhani
Saudi Arabia’s Tabuk Cement Company has reshuffled the senior ranks of its board of directors, two weeks after its 2018 financial results revealed the firm slipped further into the red last year.
According to a filing on Saudi bourse Tadawul, Tabuk's board has accepted the resignation of Dr Saeed Obaid as chairman of the board “due to his other business commitments", effective 14 April, 2019.
Maintaining his seat on the board, he will be replaced by incoming chair, Saud Suliman AlJuhani.
Tareq Khalid Al Angari will also step into the role of vice chair on the same date.
The reshuffle comes 10 days after Tabuk’s 2018 financial results revealed a net loss of $27,000 (SAR99,000) for 2018. This figure represented a 24% hike on 2017's net loss of $6,345 (SAR23,800).
Tabuk Cement, one of eight cement firms listed on Tadawul, was established in 1994 and manufactures Portland pozzolan, ordinary and resistant cement, and clinker.
Cement firms across the kingdom continue to face headwinds due to increasing competition, rising material prices, and what is described as a ‘slowdown’ in infrastructure spending over the last couple of years.
Other sectors are also facing pressure, as evidenced by the financial performance of the kingdom’s Amiantit Group, which announced the shutdown of two units after posting $137m (SAR514.4m) in accumulated losses from 2016 to date.
According to a February 2019 Tadawul missive, the company’s Ameron Saudi Arabia business in Dammam, and the Jeddah-based Saudi Arabia Concrete Products, will both close.
The group said losses were partly a result of “the continuation of the decline or slowdown in the infrastructure projects in [Saudi Arabia] during […] 2016 and 2017”.