Saudi Eastern Province Cement Awards $270.5 Million Project Contract to Sinmoa CDI
Eastern Province Cement Company in Saudi Arabia has approved a new production line project worth $270.52 million, contracted to Sinmoa CDI, a leading Chinese cement industry company.
The Eastern Province Cement Company in Saudi Arabia has obtained board approval to construct a new production line with a daily capacity of 10,000 tonnes, valued at $270.52 million. The project aims to replace some of the low-efficiency production lines in the plant to maximize the benefit from the current plant infrastructure.
The contract for this significant project has been awarded to Sinmoa CDI, a prominent Chinese company in the cement industry. The agreement between Eastern Province Cement and Sinmoa CDI was finalized on January 4, 2024, and the contract is expected to be signed within two months from the date of the award.
In the first nine months of 2023, Eastern Province Cement reported a 55.79% increase in net profits after Zakat and tax, amounting to SAR 148 million, compared to SAR 95 million in the same period of the previous year. The company's revenues also saw a hike of 31.07% to SAR 696 million in January-September 2023 from SAR 531 million a year earlier.
This new production line is a strategic move by Eastern Province Cement to enhance its production efficiency and capacity, positioning the company for further growth in the competitive cement industry.
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