Sales of Saudi Cement Companies Fall 7% in October

CMA
CMA
TT

Sales of Saudi Cement Companies Fall 7% in October

CMA
CMA

Sales of Saudi cement companies are expected to rise after witnessing significant decline in recent months, which contributed to the low profitability of firms in the sector.

The latest data on sales of Saudi cement companies issued monthly showed that aggregate sales of 17 listed firms dropped seven percent to 4.10 million tons in October 2017, from 4.43 million tons in October 2016.

The only seven percent drop in sales in October confirms the improvement in the local real estate market in light of the increasing number of programs of the Ministry of Housing and the implementation of several government projects at the infrastructure level.

As Saudi Arabia moves towards a more expanding budget in 2018, according to Finance Minister Mohammed al-Jadaan, local cement companies are facing a new opportunity to increase sales and direct most of their production to the local market.

This comes despite the fact that some of these firms have obtained overseas export licenses during the past few months.

Saudi Arabia's cement companies posted a 58.7 percent drop in profits in the first nine months of the year compared to the same period last year.

On the other hand, Saudi Arabia Stock Market (TASI) increased 18 points or 0.26 percent to 6,954 on November 9 from 6,936 in the previous trading session.

During last week’s trades, cash flow rates increased by 22.5 billion riyals ($6 billion) compared to 15.9 billion riyals ($4.24 billion) during the previous week.

These new developments came at a time when the board of the Capital Market Authority (CMA) issued a resolution to adopt the updated Mergers and Acquisitions list, replacing the one adopted in 2007, with the updated list coming into force last Thursday.

This list proves the efforts of the CMA to regulate mergers and acquisitions in line with the best international practices in the field of mergers and acquisitions and with the powers conferred by the new corporate system in the Authority in respect with merger processes, one of which is a listed company in the Saudi Stock Exchange market, contributing to the implementation of the program of the CMA to achieve the Kingdom Vision 2030.



Russia Hikes Import Tariffs for Consumer Goods from 'Unfriendly Countries'

A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
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Russia Hikes Import Tariffs for Consumer Goods from 'Unfriendly Countries'

A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)

Russia increased imports tariffs for consumer goods, including candies, biscuits and shampoo, produced in countries that support sanctions against Moscow, according to a government order published late on Friday.

Russian imports from nations that imposed sanctions against Moscow over its military conflict with Ukraine slumped in 2022.

Some Western producers stopped selling to Russia, but Moscow has found roundabout ways to keep goods coming, including a grey imports scheme, and plenty of foreign goods remain on store shelves.

According to the order, the tariffs for perfume, cosmetics and shampoo from Poland, for example, will amount to 35% of the customs value. Duties for wallpapers from Lithuania, Latvia and Estonia will rise to 50%.

The new tariffs will be in place until and including Dec. 31 2024 and take effect seven days after publication.