Misr Qena Cement posts 1H rise, Egypt

Misr Qena Cement posts 1H rise, Egypt
Published: 09 August 2010

Net profit at Egypt’’s Misr Cement Qena, which has been boosting capacity in southern Egypt, rose 14.2 per cent in the first half of 2010, the stock exchange said on Tuesday.

Profit rose to E£19.6m (US$38.6m) from E£192.3m in the first half of 2009.

This implies a second-quarter profit of E£104m, down from E£115.4m in the first quarter.

Misr Cement Qena agreed on Monday to buy a stake in a new cement company and in May formed a joint venture with ASEC Cement, a unit of private-equity firm Citadel Capital, to make ready-mix concrete.