Qassim Cement and Yanbu Cement saw the highest YoY increase of 21 and 18 per cent, respectively, for the combined period of April and May.

However, when comparing the first two months of 1Q20 with the first two months of 2Q20, volumes have declined by almost 50 per cent.

"We estimate that for the next couple of years, the industry will witness moderate volume growth of around 4-5 per cent (prior estimate 6-7 per cent growth)," said Al Rajhi Capital in its report.