Local demand down 4%, improvement in Q2 ‘unlikely’: Southern Cement CEO

23/05/2024 Argaam Special
Aqeel Kadasah,CEO ofSouthern Province Cement Co.

Aqeel Kadasah, CEO of Southern Province Cement Co.

Southern Province Cement Co.’s (SPCC) CEO Aqeel Kadasah said local market demand declined 4% in Q1 2024, adding that demand in Saudi Arabia will not improve in Q2 2024 as it coincides with the holy month of Ramadan and the Hajj season.

 

Demand will hopefully get stronger in H2 2024, Kadasah added in an interview with Argaam.

 

For more exclusive interviews 

 

Commenting on Q1 2024 financial results, Kadasah said the Q1 2024 earnings increase of 27% was spurred by improved selling prices despite a slump in sales volumes to 1.22 million tons.

 

SPCC inventory stockpiles amounted to 4.7 million tons in Q1 2024, with the company holding a 10% market share, the CEO added.

 

Q1 2024 net profit stood at SAR 62 million, an increase of 27% from SAR 49 million a year earlier.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.