Riyadh – Mubasher: Riyadh Cement Company inked a $34.80 million contract with Sinoma Energy Conservation Limited for the Waste Heat Recovery project.
The two sides penned the 20-month deal on 28 November 2023 to develop a power generation plant from waste heat, according to a bourse statement.
The project, which will be funded by a local bank, holds a production capacity of 12.64 megawatts (MW).
Riyadh Cement recently obtained the approval of the Saudi Exchange (Tadawul) to transfer 120 million shares from the Parallel Market (Nomu) to the Main Market.
In the six-month period that ended on 30 June 2023, the listed company logged net profits after Zakat and tax valued at SAR 126.64 million, up 53.18% year-on-year (YoY) from SAR 82.67 million.
