Northern Cement reports ‘robust’ financial results in Q3, says GM

Northern Region Cement Co. has reported “robust” financial statements in Q3 2019, due to higher sales volumes and the white Portland cement project, CNBC Arabia has reported, citing General Manager, Obeid bin Saad Al-Subaie.

“The Kingdom did not witness an improved cement demand, yet, the prices’ increase helped the cement producers adjust their status,” stated Al-Subaie.

The company’s Q3 2019 financials were backed by its geographically-diversified investments base, which accounted for around 35 percent of the company’s total revenues.

The white cement imports from Turkey and Egypt represent an industry overhang, Al-Subaie noted, adding that the company has an abundant stockpiles of white cement.

In November, Saudi Arabia’s King Salman launched the Northern Region Cement Co.’s white Portland cement project, with a capacity of 1500 tons daily. The new project will narrow the current market gap and it will more difficult for competitors to penetrate the market.