Yanbu Cement to receive SAR 37 million government subsidies in the 2nd quarter

Yanbu Cement Co. will receive SAR 37 million in government subsidies to import 740,000 tons of clinker in the 2nd quarter this year, which will be reflected in the company’s financial results in that quarter, General Manager Ahmed Zaqil told the al-Arabiya television. 

Yanbu’s profit declined 17 percent to SAR 205 million in the first quarter because of higher cost of imported clicker, according to Argaam.

In 2013, Saudi Arabia’s king Abudllah instructed to build 3 or 4 cement factories as well as importing 10 million tons of cement to meet the rising demand triggered by government-led infrastructure projects.