Saudi Arabia's Southern Province Cement Co (SPCC) said on Thursday that it would replace existing clinker production lines at its Jizan Cement Factory with new 10,000 tonnes per day production line.
 
Construction is expected to start in the second half of 2021, the company said in a bourse statement.
 
Details about project cost, financing and expected completion date would be announced at a later date, the statement said.
 
SPCC owns three plants in Jazan, Assir and Makkah regions with a total production capacity of 40,000 tonnes/day, according to the company website. The Jizan plant's estimated capacity is more than 6,000 tonnes/day (based on its annual capacity of 2.3 million tonnes).
 
SPCC reported 31.5 percent increase in 2020 net profit on the back of higher sales and lower financing costs, according to its annual result statement filed with Tadawaul in March. Net profit for 2020 increased to 609 million Saudi riyals ($162 million) compared with 463 million riyals ($123.5 million) a year earlier.
 
(Writing by Anoop Menon; Editing by Mily Chakrabarty)
 
 
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here. 
© ZAWYA 2021