Southern Cement eyes higher market share, more exports: CEO

31/07/2019 Argaam

 

Southern Province Cement Co. (SPPC) currently aims to boost exports and its market share amidst fierce competition, its chief executive officer Safar bin Dhufayer told CNBC Arabia on Wednesday.

 

“The company has exported 300,000 tons of cement year to date, and is targeting 1 million tons of exports,” Dhufayer said.

 

The cement producer has a solid position, as demand and prices improved in Q2 2019, compared to the same period last year.

 

In addition, a decline in the second quarter finance charges was attributed to lower interest on a loan secured from a local bank.

 

“Southern Cement is expected to pay off the remaining SAR 500 million loan by 2025,” Dhufayer added.

 

SPPC’s second quarter net profit after zakat and tax more than doubled YoY to SAR 91 million, Argaam reported.

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