Saudi cement sales surge in Q1

Rise was due to project boom

  
Image used for illustrative purpose. Pouring concrete to the foundations of the building.

Image used for illustrative purpose. Pouring concrete to the foundations of the building.

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Cement sales in Saudi Arabia surged by nearly a third in the first quarter of 2020 as a result of an upturn in housing and other projects, according to a local cement firm.

Sales by the Kingdom's 17 listed cement companies jumped by around 34 percent to 5.34 million tonnes in March from around 3.98 million tonnes in March 2019, Yamama Cement said in its monthly report.

Sales also soared by around 35.3 percent to 4.78 million tonnes last February from nearly 3.54 million tonnes in February 2019, the report said.

They also surged by around 30 percent to 4.8 million tonnes last January from about 3.7 million tonnes in January 2019, the report showed.

Production by the firms leapt by around 31 percent to 5.36 million tonnes last month from nearly 4.08 million tonnes in March 2019.

The report said an upswing in projects, mainly in the housing sector, boosted cement sales in the world's top oil exporter and the largest Arab economy.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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