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|17 January, 2019

Saudi Tabuk Cement negotiates clinker export to Bangladesh

The financial impact of the deal will be recorded in the company’s statements for the first quarter of 2019, Tabuk Cement’s chairman said

image used for illustrative purpose A factory worker rolls bags of cement at the East African Portland factory in Athi River near Kenya's capital Nairobi August 18, 2011.

image used for illustrative purpose A factory worker rolls bags of cement at the East African Portland factory in Athi River near Kenya's capital Nairobi August 18, 2011.

REUTERS/Noor Khamis

Riyadh –  Tabuk Cement Co. is in talks with the Bangladeshi government to export clinker to the Asian country.

The financial impact of the deal will be recorded in the company’s statements for the first quarter of 2019, Tabuk Cement’s chairman Saeed bin Saeed Obaid said on Wednesday.

The company’s clinker inventory will decline to 1.2 million tonnes following the execution of the deal, he added.

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Obaid expected that his company will achieve profits at the end of 2019.

Tabuk Cement reported a 57.2% year-on-year loss increase during the third quarter of 2018.

Tabuk Cement suffered a net loss of SAR 19.19 million ($5.12million) after calculating Zakat and Tax by the end of Q3-18, up from SAR 12.2 million ($3.25 million) in Q3-17.

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