GulfBase GCC Cap Indices
Large Cap3,912 -0.22
Med Cap3,902 0.08
Small Cap5,065 -0.07
Micro Cap8,584 0.50

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Ticker Price Volume
QNBK 143.8 312,074
SABIC 97.75 1,713,132
STC 67.25 110,859
ALMARAI 73 11,920
BCI 25.2 276,336
RIBL 10.35 460,608
ORDS 103.8 74,035

KSA Cement Sector

Source: NCB Capital

Strong YoY growth continues in Dec-09

The strong YoY increase in sales volume continued in Dec-09 with domestic sales up 46% vs. Dec-08. The 28% MoM fall in the clinker-to-sales ratio to 312% is also encouraging.

Sales: Domestic sales volumes reached 3,347 million tons in Dec-09, up 46% YoY and up 13% MoM. For 2009, domestic sales grew 22.7% YoY to 36.7 million tons compared to 29.9 million tons in 2008.

Exports: Cement exports stood at 129,000 tons in Dec-09, down 1.5% MoM but up 37% YoY. In 2009, cement exports stood at 1.22 million tons, down 57% from 2.84 million tons in 2008

Production: In Dec-09 cement production increased 5.2% MoM and 35% YoY to 3.31 million tons, falling short of domestic demand and export sales, thus reducing stock levels.

Stock: Clinker stock as a percentage of cement sales declined to 312% in Dec-09 from 340% in Nov-09. In addition, cement stock as a percentage of sales also reduced to 18.3% in Dec-09 from 25.9% Nov-09.

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