Egypt’s Amreya Cement H1 net profit surges 83%

Egypt’s Amreya Cement H1 net profit surges 83%
Published: 15 August 2008

Egypt’s Amreya Cement posted a net profit of E£193.8m (US$36.4m) in the first half of 2008, a 83 per cent rise on the previous year, the stock exchange said on Thursday.
 
Egypt banned cement exports in March until Oct. 1 to reduce prices in the local market. Amreya Cement exported only 3 percent of its production in 2007. Investment bank EFG-Hermes forecast that Egypt’s demand for cement would grow at double-digit rates in the next three years to approximately 39Mt in 2008 and 43Mt in 2009.