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Sabic Q2 profit drops 76%
Saudi Basic Industries Corp (Sabic) has posted a 76% drop in second-quarter net profit, attributing the results to the drop on lower petrochemicals and metals prices, Reuters has reported. Net profit has reached SR1.81bn in the three months to June 30, 2009 down from SR7.55bn during the previous year.
Egypt extends cement export ban
Egypt's Trade Ministry has extended a ban on grey clinker and grey portland cement exports until October 1, 2010 due to rising local demand, Reuters has reported. 'The increased demand for cement came as a result of continuing activity in the construction sector, which was not markedly affected by the global financial crisis,' the ministry has said.
Yansab begins Yanbu production
Saudi Arabia's Yanbu National Petrochemicals Co. (Yansab) has announced the start of production at its complex in Yanbu Industrial City. The Yansab complex, which comprises eight plants, will add a total annual capacity of over four million metric tons of petrochemical products, including 1.3 million tons of ethylene.
Ashapura ends Oman mining
India's mining firm, Ashapura Minechem Ltd has said that its UAE unit has ended its joint venture in Oman, Ashapura Zawawi Minerals LLC, and divested its entire stake in the company, Reuters has reported. Ashapura did not give a reason for ending its association in the joint venture with Alawi Enterprises LLC.
Centamin hikes Sukari gold resource estimates
Egyptian gold producer, Centamin has upgraded its gold resource estimates at its flagship Sukari project in Egypt by about 520,000 ounces, or 6%, from its February estimate to 9.91 million on a measured and indicated basis. The company said the Sukari project contains about 3.3 million ounces of inferred resources, adding that drilling indicates that mineralization continues further north of the existing reserve, with continuous high grades in the deeper zones.
Firm to set up glass processing complex in Bahrain
Bahrain-based Glasstech Industries has announced plans to set up an industrial complex for glass processing for architectural works in the Park in Hidd area in the kingdom, the Gulf Daily News has reported. The new plant will produce one million metres of glass annually per shift of a wide range of glass of different sizes including tempered, laminated, insulated, sandblasted and silk screen printed glass, the company said. The construction contract for the complex will be awarded in October this year and Glasstech expects to be producing for the local market, Gulf and Middle Eastern countries by the end of 2010.
Qassim Cement Q2 net profit dips 2.4%
Saudi-based Qassim Cement Co. has posted a 2.4% drop in its second quarter net profit, blaming a price fall after the kingdom imposed an export ban, Reuters has reported. The company made a net profit of SR148.2 million ($39.52m) in the three months to June 30, compared with SR151.9 million a year earlier. A government ban on exports imposed in June last year, along with the introduction of new production facilities in the Saudi cement market has led to an oversupply in the local market that drove cement prices down.
Suez Cement to start importing clinker
Suez Cement, one of Egypt's largest listed cement makers, has said it plans to begin importing 25,000 tonnes of clinker and bagged cement from Croatia and Cyprus in July to meet growing demand in the Egyptian market, Reuters has reported. The first shipment of 7,000 tonnes from Croatia is due to arrive on July 16.
Almarai eyes acquisitions in Egypt
Hatem Saleh, the head of the dairy division at the Egyptian Union of Industries, has said that Almarai Co., Saudi Arabia's biggest listed dairy firm, is considering more acquisition opportunities in Egypt after spending $115m last month to buy an Egyptian company, Al Madina newspaper has reported. Almarai is 'preparing the conclusion of new expansion agreements in Egypt' and is seriously studying expansion in dairy production mainly in addition to juices and baked products, he said.
Yansab's $4.9bn plant set to launch
Saudi Arabia' monarch, King Abdullah will inaugurate Yanbu National Petrochemicals Company's (Yansab) complex today, Reuters has reported. The $4.93bn complex has a production capacity of about 4 million tonnes, and its main products include ethylene, ethylene-glycol propylene and polyethylene. Saudi Basic Industries Corp. (SABIC) owns a 51% stake in the project.
Sabic, Sinopec JV cost up 20%
Saudi Basic Industries Corp. (Sabic) has said that a 20% increase in the estimated cost of the Sinopec joint venture was due to the expanded scope of the petrochemicals plant, Reuters has reported. Sabic had earlier announced that the cost of the project was now estimated at $3bn, 20% more than the amount projected in June.
Saudi firm in $3bn Turkey investment
Saudi-based private firm, Planet Food World (PFWC) will invest around $3bn to build 20,000 industrial farms in Turkey over the next five years to export food products to the Gulf region, the Saudi Press Agency has report. Turnover from the activities may be in the range of $20bn in five years for the agricultural goods, and could go higher when additional planned food and animal-processing plants are functioning, head of PFWC's Turkish unit, Mete Mutluoglu has said.
Safco Q2 profit down 60%
Saudi Fertilizers Co (Safco) has reported a 60% drop in its second-quarter net profit, an 8.6% decline compared to the first quarter, Reuters has reported. Safco has made a net profit of SR480m ($128m) in the three months to June 30, compared with SR1.19bn a year earlier. Operating profit in the second quarter was SR438m, down 59% compared to the year-earlier period. The company will give shareholders an SR5 dividend for the first half of 2009, the company has added.
CPC inaugurates plant in Syria
Saudi-baed Construction Products Holding Company (CPC) has inaugurated its industrial complex in Adra, Syria. The $110m industrial complex which spreads over 515,000 mē is intended to supply the Syrian market with various construction products. The facility is set to be fully operational by end of this year.
Dubai diamond boiling facility opened
Dubai Diamond Exchange (DDE) has announced that Diamond Boiling Facility DMCC has set up a state-of-the-art boiling facility in the Almas Tower. According to DDE the new facility has created a new diamond trading centre in the region. Boiling is a process used to remove dirt and trace materials from rough and polished diamonds, allowing diamonds to reach their highest potential value.
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