Riyadh – Mubasher: Eastern Province Cement Company obtained the board’s approval to build a new production line with a daily capacity of 10,000 tonnes at a value of $270.52 million.
The company plans to replace some of the low-efficiency production lines in its plant to maximize the benefit from the current plant infrastructure, according to a bourse statement.
Eastern Province Cement awarded the project to Sinmoa CDI, a leading Chinese company in the cement industry, on 4 January 2024.
Meanwhile, the two parties are expected to sign the contract within two months from the date of the award.
In the first nine months (9M) of 2023, the Tadawul-listed firm logged 55.79% higher net profits after Zakat and tax at SAR 148 million, compared to SAR 95 million in 9M-22.
Revenues hiked by 31.07% to SAR 696 million in January-September 2023 from SAR 531 million a year earlier, while the earnings per share (EPS) rose to SAR 1.72 from SAR 1.11 in 9M-22.
