Riyadh – Mubasher: Saudi Arabia’s Tabuk Cement Company on Wednesday announced signing a one-year memorandum of understanding (MoU) with International Tataloat Co. Ltd. to export 600,000 tonnes of clinker and 150,000 tonnes of cement to Yemen.
The transaction’s financial impact is expected to appear in Tabuk Cement’s financial results during the first half of 2019, according to a statement to the Saudi Stock Exchange (Tadawul).
In November 2018, the Saudi cement firm signed a three-month MoU to export 6,000 tonnes of cement to Yemen.
Tabuk Cement last reported a 57.2% year-on-year loss increase during the third quarter of 2018, reaching SAR 19.19 million, up from SAR 12.2 million.
Moreover, during the first nine months of 2018, Tabuk Cement’s net losses deepened by 2,881% to SAR 66.49 million, from SAR 2.23 million in the same period last year.
Tabuk Cement Company’s stock levelled down 0.36% to close Wednesday’s trading session at SAR 11.04.
