Cement dispatches: According to the data released by Yamamah Cement Co, cement dispatches for the month of September-2017 stood at 3.15mn tons, compared to 3.40mn tons in September-2016, depicting a decline of 7.38%YoY, and a decline of 15.47%MoM. We believe that the YoY decline is ascribed to the continued pressure on the sectors fundamentals, and the MoM decline is attributed to Hajj season and vacation. Clinker
inventory continued to increase and stood at 34.74mn ton, depicting an increase of 30.5%YoY and 4.1%QoQ. For 9M-2017, cement dispatches stood at 35.25mn ton compared to 42.68mn ton in 9M-2016, depicting a decline of 17.4%YoY.

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