Qassim Cement rides high on Saudi construction bonanza
The Tadawul All Share Index gained 0.27 per cent to 8,792.80 points on Wednesday, February 5. Qassim Cement jumped by 2.50 per cent, hitting SAR92.25. Earlier in the day, Qassim says it generated a net income of SAR585 million ($157.95m) in 2013, up by 4.30 per cent year on year. Qassim claims that the profit increase was driven by higher sales volumes, lower costs and improved financial results of its subsidiary’s operations. “Saudi Arabia’s infrastructure investment is set to continue at a fast pace,” says Standard Chartered Bank in its global outlook for 2014, adding that: “We forecast a real GDP growth rate of 4.5 per cent in 2014, slightly higher than our earlier estimate of 4.2 per cent, as the non-oil economy accelerates.” According to a study conducted by the annual Big 5 construction show, the Saudi construction sector is poised to award projects worth SAR337.5 billion ($90bn) in 2014, Arab News reports.