Saudi Cement Company, the largest producer of the commodity in the Kingdom, said its board has approved setting up a joint venture in Kuwait valued at KD4 million.
The Kuwaiti company that will form the other half of the JV is yet to be disclosed. Kuwait has three listed cement manufacturers, with two concrete product makers – Acico Industries and Kuwait Building Materials Manufacturing – and an aggregate importer, Gulf Rocks Company.
Saudi Cement Company has seen sales, revenue and net profits increase for the third quarter of this year against the same period in 2009, citing improved efficiency of production. Revenues gained 6% to SAR327.1 million compared with SAR307.7 million last year.
Operating income increased 11.5% to SAR143 million, with after-tax gains rising almost 14% to SAR140.28 million.
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