Saudi Cement Company Rose to The Highest in More Than Three Years

Saudi Cement Company rose to the highest in more than three years after the producer of the building material said cement companies are in talks to sell as much as 600, 000 tonnes of extra clinker supplies. The shares advanced 1.8 per cent to 84 riyals (Dh82.23) at 3.30pm in Riyadh, the highest close since June 2008. Southern Province Cement Company, which last month posted a 52 per cent gain in quarterly profit, rose 0.9 per cent. The benchmark Tadawul All Share Index increased 0.4 per cent to 6, 758.87, the highest close in more than a year. The cement index climbed 1.3 per cent, bringing this year s advance to 7.7 per cent. Saudi Arabia s cement makers are benefiting from increased government spending, including a $384 billion (Dh1.4 trillion) plan for infrastructure in the largest Arab economy. Cement production climbed 13 per cent to 48.4 million tonnes last year, according to data on the website of Yamamah Saudi Cement Company. The kingdom will require cement producers to operate at full capacity to help end a supply shortage, Al-Eqtisadiah reported on Saturday, citing an unidentified person at the Ministry of Commerce. Source: uaecement.com