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FINANCIAL NEWS
Saudi Cement will not restart new kilns due to weak demand
23 Sep 2014
(MENAFN) Saudi Cement Company, the kingdom’s largest cement producer by market value, announced it will not restart its two kilns at Hofuf factory, despite refurbishment work being done due to high inventory levels and weak demand, Arabian Business reported.
The company has been affected negatively by soft local demand for cement this year, reporting a drop in its profit for the last two quarters, and registering a decrease in its sale by 14 percent in the January-August period.
“The feasibility of operating these two kilns shall be reconsidered whenever market conditions warrant that,” the company said in a statement.
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