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Saudi Arabia decides to establish a cement factory in Iraq worth $139 million
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Economy News - Baghdad
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Added 11/05/2023 - 12:04 PM
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Economy News - Baghdad
The Saudi Northern Cement Company signed a contract with the German company KHD to establish a cement factory in Iraq with a production capacity of 1.32 million tons annually.
The Northern Province Cement Company said in a statement on the main Saudi stock market website, Tadawul, that the cost of this project amounts to $139 million.
She added, "The duration of the contract is 16 months, and its financial impact on the results of Northern Region Cement is expected to appear in the second half of 2025."
According to the financial statements of the Saudi Northern Cement Company for the year 2022, the revenues of its subsidiary in Iraq amounted to 34.4 million dollars, compared to about 30 million dollars in 2021, while it recorded a net profit of 1.2 million dollars compared to about two million dollars in 2021.
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Added 11/05/2023 - 12:04 PM
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