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FINANCIAL NEWS
Qatar Cement, Saudi Samba sign USD100mn deal
02 Aug 2016
(MENAFN) Qatar National Cement Co. signed a financing contract with Saudi’s Samba Financial Group (Samba) for USD100mn.
Furthermore, QNCC proclaimed that the funding was to finance plant its plant 5, while in 2014, the firm signed the letter of intent with fives FCB.
On the other hand, the estimated cost of the plant was USD260.68mn, whereas the fifth production line was predicted to become operational amid the next 27 months.
Additionally, the firm said that it achieved a net profit of USD69.06mn for the Jan-June period this year, compared to USD66.57mn for the corresponding period 2015.
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