Yanbu Cement snags 12% of market share in Q1, says GM

07/04/2015 Argaam

Yanbu Cement Company, Saudi Arabia’s third-largest cement maker, dominated 12 percent of the local market share in first quarter compared to 11 percent during the same quarter last year, said Ahmed Zugail, general manager of the company. 

 

In the kingdom’s western region,​Yanbu controlled 40 percent of the market, Zugail was quoted as saying by Al Arabiya TV.  First quarter sales jumped 22 percent since fourth quarter 2014.  

 

Yanbu ​currently ​has 2.7 million tons in clinker inventory, which is higher than the standard levels set by the ministry of commerce and industry.

 

Zugail added that the average selling price in the western region had plunged due to fierce competition. The growth rate of sales volume​s​ in the western region reached 8 percent— compared to 12 percent in the kingdom overall— hurt by stalled projects in Mecca and the instability of real estate market.

 
Zugail ruled out new projects due to abundant inventory and market saturation. The company would rather buoy performance, he added.
 
According to data compiled on Argaam, the Tadawul-listed cement producer generated SAR 207 million profit (SAR 1.31 a share) in the first quarter, edging 1 percent higher year-on-year.

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