Published: Sep 22, 2014
Source: Tadawul


Email this story Print this page zoomin zoomout

Addendum announcement from Saudi Cement Company related to Rehabilitation and Reoperation of Kilns 4 & 5 in Hofuf Factory

This is further to the Company announcements on Tadawul website dated 23-4-2013(13-6-1434) and 07-5-2013 (27-6-1434) and 21-11-2013 (18-01-1435) about rehabilitation and re-operation of Kilns 4 & 5 in Hofuf factory with a total designed capacity of 3000 (Three Thousand) tons of clinker/day during Q3: 2014. The Company hereby announces the completion of rehabilitation works for kilns 4 & 5 in Hofuf factory. The Company also announces its decision not to operate these kilns currently due to high clinker inventory levels at the end of August 2014 of about 19.8 million tons for the Saudi cement companies, and in light of absence of any real growth in demand kingdom-wise during the period up to August 2014 compared with the corresponding period of last year, and in addition to a drop in Company sales quantity during the same period by around 14%. The feasibility of operating these two kilns shall be reconsidered whenever market conditions warrant that. The financial impact of this decision shall be annual depreciation charges of around SAR 7.6 million commencing Q4: 2014 in order to extinguish the capital costs of the project amounting to about SAR 76 million.

Middle East Stock Markets

Index Last Change %Change
TASI 5,651.80 +129.23 2.34%
ADI 4,315.48 +21.02 0.49%
DFMGI 3,357.01 +16.52 0.49%
QE 10,429.76 -8.74 -0.08%
KSE 5,324.73 +3.27 0.06%
MSM30... 5,549.570 -12.740 -0.23%
ASE... 2,117.27 -3.75 -0.18%

Recent Analyst Actions  >>

Company Price Opinion
Saudi Telecom Co. 68.90 Overweight
Abdul Mohsen Al-Hokair Group 40.50 Overweight
Bupa Arabia for Cooperative 137.60 Overweight
The Saudi British Bank 27.30 Strong Buy
Samba Financial Group 27.50 Strong Buy

Markets Today Quick Links


Get all the latest updates about the GCC & Global Markets directly to your email