Suez Cement’s audited 1H net profit drops

Suez Cement’s audited 1H net profit drops
Published: 11 August 2010

Egypt’s Suez Cement, posted a 1.9 per cent fall in its audited first-half net profit to E£653.8m, it said on Tuesday.

Suez, Egypt’s largest listed cement company and a subsidiary of Italcementi, had last month reported an unaudited consolidated first-half net profit for 2010 of E£766m.

The company did not explain the discrepency between its audited and unaudited net profit figures. One official had no comment and others could not be reached.

One analyst said he was surprised by the scale of the difference and the reason for the adjustment was unclear.

Suez Cement’s net sales rose 4.8 per cent to E£3.4bn in the first half, unchanged in both audited and unaudited figures.

Government stimulus spending on infrastructure and growing demand for housing helped fuel demand for cement last year, but new policies, including a five per cent sales tax and a rise in electricity costs, are seen as likely to crimp demand.

The figures include all companies in the Suez group, including Helwan Cement and Torah Portland Cement.