Egypt’s Alexandria Cement nine-month net gains 10%?
Egypt’s Alexandria Cement posted a 10 per cent gain in net profit for the first nine months of 2010, the stock exchange said on Sunday, defying a slowdown in its Greek parent company’s main markets.
The Egyptian firm, a subsidiary of Titan Cement, posted net profit of E£404.5m (US$70m), up from E£366.4m in the same period last year. Titan, Greece ’s biggest cement producer, says its sales have been hit by the collapse of the U.S. housing market and the recession in Greece, but the company is adding 3Mt of new production capacity in Egypt and Albania.
The Egyptian unit plans to buy another Egyptian cement maker, Beni Suef Cement, also owned by Titan.
Published under Cement News
