Profit drops 31% at Egypt’s National Cement in Q1

Profit drops 31% at Egypt’s National Cement in Q1
Published: 20 November 2006

Egypt’s National Cement reported a 31 per cent drop in net profit to E£106m (US$18.5m) for its fiscal first quarter ended September, the stock exchange said on Sunday.

Net profit for the same period last year was E£155m, the stock exchange said.

Egypt’s HC Securities brokerage recently said that changes put in place in August in Egyptian government pricing regulations could cut into profit margins for Egyptian cement firms. Egypt, to keep local prices from soaring, set a non-binding domestic price ceiling for bagged cement bought from the factory at E£290/t, below the market price at the time. It also vowed to clamp down on non-producers selling cement for export.