Cement firm’s profits up
Saudi Cement Company reported a 19 per cent rise in its first-quarter net profit to beat analysts’ forecasts as higher production and lower costs boosted earnings, the firm said.
The company, Saudi Arabia’s second-largest cement producer by market value, made a net profit of SR210.8 million riyals ($56 million) in the three months to March 31, compared to SR176.6 million riyals in the year-earlier period.
'The reason for the rise in profit ... is the increased production capacity after adding new production lines, in addition to lower consumption costs,' the firm said in a statement to the Saudi bourse.
Volvo firms forge partnership
UD Trucks Corporation, a fully owned company of the Swedish Group AB Volvo, announced it has teamed up with Volvo Group Middle East (VGME) to expand its parts distribution and after-sales operations across the region.
VGME, a subsidiary of Volvo Parts Corporation, the world’s leading providers of commercial transport solution, will provide facilities for a Regional Parts Distribution Centre, a Regional Competence Development Centre and a Regional UD Trucks Middle East office, all at Jebel Ali Free Zone.
UD Trucks plans to reach out to no less than seven countries from its new base: the UAE, Saudi Arabia, Qatar, Kuwait, Oman, Jordan and Lebanon.
El Sewedy gets big contract
Egypt’s El Sewedy Electric, the Arab world’s biggest listed cable maker, said its Qatari unit had won a cable supply contract worth $440 million, helping boost its presence in the Gulf nation.
'This is an important event for Sewedy Electric because it upholds the firm’s presence in the Gulf,' the firm said in a statement.
'We believe Qatar represents an important market for us, particularly after the government announced its enormous investment plan for infrastructure.'
Flour facility increasing capacity
Bahrain Flour Mills Company is looking to invest up to BD10 million ($26.5 million) over the next three years to increase its capacity.
'We have managed to meet demand and produce 380 tonnes last year but we want to get this up to 600 tonnes because we see an increase of 10 per cent a year in demand,' said general manager Mohammed Nass.
He said the company planned to invest strongly in infrastructure and machinery.
