{"id":87241,"date":"2024-06-24T00:00:00","date_gmt":"2024-06-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/24\/two-of-pifs-cement-heavyweights-could-merge-creating-western-regional-champion\/"},"modified":"2024-06-24T00:00:00","modified_gmt":"2024-06-24T00:00:00","slug":"two-of-pifs-cement-heavyweights-could-merge-creating-western-regional-champion","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/24\/two-of-pifs-cement-heavyweights-could-merge-creating-western-regional-champion\/","title":{"rendered":"Two of PIF\u2019s cement heavyweights could merge, creating western regional champion"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Two of PIF\u2019s cement heavyweights are mulling a merger. <\/strong><a target=\"_blank\" href=\"https:\/\/yanbucement.com\/en\/\" style=\"\" rel=\"noopener\">Yanbu<\/a><a target=\"_blank\" href=\"https:\/\/yanbucement.com\/en\/\" style=\"\" rel=\"noopener\">Cement<\/a> and <a target=\"_blank\" href=\"https:\/\/spcc.sa\/\" style=\"\" rel=\"noopener\">Southern<\/a><a target=\"_blank\" href=\"https:\/\/spcc.sa\/\" style=\"\" rel=\"noopener\">Province Cement (SPCC)<\/a> have signed a non-binding MoU to assess the feasibility of merging, they said in separate disclosures to Tadawul (<a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/jZDLDoJADEW_xQVbWkUQ3WFUjI8IEiPOxgw6jiQwQ3CU8PeOutL46q7tubc3BQIxEEEvKacqlYJmut8QZ2t7DrbGLi78UWuI4ajbDwdDv4nTNqyfAYwCWwPB3JrhEn10gPyjxw_l4W89-Yr4nVfgTcQ78CXDBAjPZPL4hycSy-VASnZgJSvNc6nHR6WKU89AA6uqMrmUPGPmTuYGvpMc5UlB_EzeuJvL3UTRPa3OmVYTvSqoqKM6T6Q-ZKGDEDEBRb6KMQ3ytavspO01rvPdLOg!\/dz\/d5\/L0lDU0NTQ2xDbENRb0tVUW9LVVFvZ3BSQ2lDbEVpUSEhL1lGVUVBQUFJSUVNQ0lFQUtJS0dJR0lPQkpCSk9CRk5GTk9GRERMRExISUVFRFBQQXZBblBNSW9FTUEhIS80SkNpaksyTVhIRUlKU1pDa21vcHlGTk5Relc3V1d6bXA1cmRyTFlMVVVxcU1VQSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi84MDkxMi9jb21wYW55U3ltYm9sLzMwNjAvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">here<\/a> and <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/lVDLbsIwEPyWHjiCN0SEtDe3qAHEs4ECuSDHWUKkJI4cB0q_vg6piqBQUcsH73hmdnaJR5bES9kuCpmKRMpiXa88a92iFjS7NoyhO3sBC1zHms9so9O0yOKcYA8dC6YjOh032y1w3oF4_9KDO2nB9HUyNAfwBg5Y9-nhxqF39PfOKWP62NYJ-s9Ob0BN22pfEq6MeNHk9wxHwh8h-8QLY-FXC6epb9oh8SRuUKJsFFLDW6Wy_KkGNdjv941QiDDGBhdJDa5JtiJXZHnOJC6mx3W1b-6jZ5CFxFwUkiN5C1HRNBVFyjHBVA2iXHWYYmTKGd_iAHcYT1iIxC3nY8EuyoXMSxZZ1Y0Sy5ErITtZL_hBDokvYrIq35kUQcHV7JBhBSih7b_fmTZ2o09dGVBZMcm3J275PyoSH2XH15wS2kiRnAxYmZyXuSuRsa4SKPxQ7tGs4gVaMUEZCZ2RZMl8voSoV_f8g2kmNLHN87unD19eiZLV\/dz\/d5\/L0lHSklna0tDbEVLSUtVUW9ncFJBL29Od1FBRU1JQUFDRUVoZ0NLTTR6bEdDRklVbFF3Z1d0RzBaV2dBISEvNEpDaWpzWXBNaFRqVUUxdTBsc3BxYWEzYVMyTTFMSSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvY29tcGFueVN5bWJvbC8zMDUwL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzgwOTEz\/\" style=\"\" rel=\"noopener\">here<\/a>). They\u2019ve given themselves up to 12 months to wrap up their talks. The disclosures say nothing about valuation or future strategic plans for the merged entity.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>The merger would create a substantial new player in the Kingdom\u2019s west and comes as the <a target=\"_blank\" href=\"http:\/\/enterprise.news\/ksa\/en\/news\/story\/21b92bd1-ce7a-4d09-b834-a40f900a7830\/pif-plans-to-acquire-stake-in-saudi-binladin-group\" style=\"\" rel=\"noopener\">PIF looks to better-structure<\/a> the nation\u2019s relatively fragmented construction industry. PIF lists both SPCC and Yanbu among its holdings. Publicly available data suggest PIF directly holds 10% of Yanbu and 37.4% of SPCC.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About SPCC:<\/strong> Southern Province Cement is one of the largest cement manufacturers in the Middle East, according to the <a target=\"_blank\" href=\"https:\/\/www.pif.gov.sa\/en\/our-investments\/our-portfolio\/southern-province-cement-spcc\/\" style=\"\" rel=\"noopener\">PIF\u2019s website<\/a>, and had a market cap of SAR 5.2 bn at yesterday\u2019s market close. The Abha-based cement producer owns and operates a total of three plants in Jazan, Assir, and Makkah with a combined manufacturing capacity of 40k tons per day.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Yanbu Cement: <\/strong>Yanbu Cement is the largest cement producer in the western region, <a target=\"_blank\" href=\"https:\/\/www.pif.gov.sa\/en\/our-investments\/our-portfolio\/yanbu-cement\/\" style=\"\" rel=\"noopener\">according to the PIF<\/a> with an installed capacity of 7 mn tons of clinker and a total dispatch capacity of over 10 mn tons of cement per year. Its plant is located in Ras Baridi northwest of the Yanbu Port. The Jeddah-headquartered company has a market cap of SAR 4.4 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A look at their financials:<\/strong> <\/p>\n<ul>\n<li><strong>SPCC\u2019s net income rose 27% y-o-y to SAR 62.1 mn in 1Q 2024<\/strong>, while its revenues were down 16.4% y-o-y during the period to SAR 250.7 mn, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1436.pdf\" style=\"\" rel=\"noopener\">financial statements (pdf)<\/a>. <\/li>\n<li><strong>Yanbu Cement\u2019s net income was up 14.3% y-o-y to SAR 58.3 mn<\/strong> during the first three months of the year, with its revenues inching up 4.6% y-o-y yo SAR 234.2 mn, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1435.pdf\" style=\"\" rel=\"noopener\">financial statement (pdf)<\/a>.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The merger would create a production powerhouse in the Kingdom\u2019s west<\/p>\n","protected":false},"author":1,"featured_media":87242,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2575],"tags":[142,14,1151],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-construction","tag-ma-watch","tag-public-investment-fund-pif","wpautop","entry"],"acf":{"mongo_id":"2a476776-6983-4473-b21a-64dfc78ea90d","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/970.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Two of PIF\u2019s cement heavyweights could merge, creating western regional champion","related_issue":[87234],"teaser":"The merger would create a production powerhouse in the Kingdom\u2019s west","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.8360b442-7a60-4935-8df2-94f2d39d9bb3.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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