Tabuk Cement Co.’s has exported 157,000 tons of clinker in Q2 2019, CNBC Arabiya reported citing Chief Executive Officer, Ali Al-Qahtani.
Al-Qahtani further said that the company has 1.7 million tons of clinker inventory.
The financial results of the second quarter reflect the challenges facing the cement industry in the Kingdom, he stated, adding that Tabuk Cement is proceeding with its cost-efficiency strategy and seeking to expand into new markets.
“The cement producer reported SAR 5 million in profit from associate company, Industrialization & Energy Services Co. (Taqa), in which it owns a 3.38 percent stake,” he explained.
He also said that the African market is forecast to account for 30 percent of the company’s exports in the third and the fourth quarters of 2019.
Second quarter earnings stood at SAR 8.98 million, versus net losses of SAR 36.08 million in year-earlier period. On a quarterly basis, net profit more than doubled, driven by lower costs, recording equity investment gains and reversing the inventory write-down.
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