Misr Cement Qena posts 14% net rise

Misr Cement Qena posts 14% net rise
Published: 04 August 2010

Egypt’s Misr Cement Qena posted a 14.2 per cent rise in net profit for the first half of 2010, the stock exchange said on Tuesday, a day after it sealed its stake in a new cement company in the south of Egypt.

The firm posted profit of E£219.6m (US$38.6m), up from E£192.3m in the same period a year ago.

Misr Cement Qena has been scaling up its investments in Egypt, signing a E£43m ready-mix concrete joint venture in southern Egypt with ASEC Cement, a unit of private-equity firm Citadel Capital.