Egypt’s Sinai Cement says 2006 profit up 58 per cent
Egypt’s Sinai Cement reported a 58 percent increase in 2006 net profit to E£286.9m (US$50.3m), the company said in a statement to the stock exchange on Monday.
Net profit in 2005 was E£182m.
HSBC has downgraded its price target for the shares to E£40 from E£47 and maintained its "underweight" rating for the stock.
Most cement and steel stocks in Egypt have been hit after a government decision late in February to impose duties on exports of cement and steel.
Published under Cement News
