2023-11-05T08:00:43+00:00
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/ The Saudi Northern Province Cement Company announced today, Sunday, that it had signed a contract with the German company KHD to establish a cement factory in Iraq at a financial cost of $139 million.
The company said in a statement published on the main Saudi stock market website, Tadawul, that it had signed a contract with KHD to establish the factory with a production capacity of 1.32 million tons annually.
She added that the duration of the contract is 16 months, and its financial impact on the results of Northern Region Cement is expected to appear in the second half of 2025.
Northern Cement Company works in the production of all types of cement, in addition to managing and operating Portland cement factories of all types, and wholesale and retail trade in the company’s products and building materials, including importing and exporting them abroad. The company’s business is distributed in Saudi Arabia, Jordan and Iraq, where it directly and indirectly owns 100% of the shares of “Northern Cement” in Jordan, and 100% of the shares of the “Umm Qasr Northern Cement Industry” Company in Iraq, in addition to 6 companies in the Emirates whose main activity is focused on… Ownership in the two aforementioned cement companies in Jordan and Iraq.
According to the financial statements of the Saudi Northern Cement Company for the year 2022, the value of the revenues of its subsidiary in Iraq amounted to 34.4 million dollars, compared to about 30 million dollars in 2021, while it recorded a net profit of 1.2 million dollars compared to about two million dollars in 2021.