Shoeil Al-Ayed, CEO ofRiyadh Cement Co.
Riyadh Cement Co.‘s CEO Shoeil Al-Ayed expects demand for cement in Saudi Arabia in Q1 2025 to continue to increase by 10% year-on-year.
In an interview with Argaam, Al-Ayed said that despite the challenges of fluctuating fuel and shipping prices, the company remains optimistic about maintaining a strong performance, leveraging the strong urbanization momentum that the Kingdom is witnessing, especially in Riyadh city.
Demand for cement witnessed a remarkable increase of more than 10% YoY in the fourth quarter of 2024, amid strong demand from major projects in Riyadh, which reflected positively on the company’s sales, according to the top executive.
He further indicated that the average selling price during the fourth quarter rose to SAR 200 per ton, a growth of 7% QoQ and 31% YoY, reflecting improved market conditions and stability of prices.
Moreover, the company’s stockpile of black clinker exceeded 600,000 tons, while the white clinker inventory reached more than 350,000 tons, Al-Ayed stated.
Commenting on financial results, the CEO said that the company saw a qualitative leap in its profits by the end of 2024, reaching SAR 310.4 million, compared to SAR 188.7 million in 2023, noting that this growth was driven by a 25% increase in selling prices, which boosted revenues by 23%, in addition to returns on short-term investments.
Additionally, the recovery of SAR 25 million from the Zakat, Tax Customs Authority further spurred the company’s profits, said Al-Ayed, noting that the strong performance reflects improved demand and market stability.
Riyadh Cement has maintained its footprint in the market, reaching a market share of 6.7% by the end of 2024, which solidifies its competitive position in the sector, according to the CEO.
Shoeil Al-Ayed, CEO ofRiyadh Cement Co.
Riyadh Cement Co.‘s CEO Shoeil Al-Ayed expects demand for cement in Saudi Arabia in Q1 2025 to continue to increase by 10% year-on-year.
In an interview with Argaam, Al-Ayed said that despite the challenges of fluctuating fuel and shipping prices, the company remains optimistic about maintaining a strong performance, leveraging the strong urbanization momentum that the Kingdom is witnessing, especially in Riyadh city.
Demand for cement witnessed a remarkable increase of more than 10% YoY in the fourth quarter of 2024, amid strong demand from major projects in Riyadh, which reflected positively on the company’s sales, according to the top executive.
He further indicated that the average selling price during the fourth quarter rose to SAR 200 per ton, a growth of 7% QoQ and 31% YoY, reflecting improved market conditions and stability of prices.
Moreover, the company’s stockpile of black clinker exceeded 600,000 tons, while the white clinker inventory reached more than 350,000 tons, Al-Ayed stated.
Commenting on financial results, the CEO said that the company saw a qualitative leap in its profits by the end of 2024, reaching SAR 310.4 million, compared to SAR 188.7 million in 2023, noting that this growth was driven by a 25% increase in selling prices, which boosted revenues by 23%, in addition to returns on short-term investments.
Additionally, the recovery of SAR 25 million from the Zakat, Tax Customs Authority further spurred the company’s profits, said Al-Ayed, noting that the strong performance reflects improved demand and market stability.
Riyadh Cement has maintained its footprint in the market, reaching a market share of 6.7% by the end of 2024, which solidifies its competitive position in the sector, according to the CEO.
