Sinai Cement’s H1 profit more than doubles, Egypt

Sinai Cement’s H1 profit more than doubles, Egypt
Published: 19 October 2006

Egyptian cement company Sinai Cement more than doubled net profits in the first half of 2006 to E£147.3m (US$25.7m), the company said in a statement. 
 
It made a net profit of E£65.5m in the first six months of 2005, the company said. 
 
Investment bank and equities researcher EFG-Hermes on Monday said it was raising its long-term fair value estimate for Sinai Cement due to its favourable exposure in the export market. 
 
Cement companies in the domestic sector have been affected by the government’s decision in July to raise the prices industrial companies pay for natural gas by about 30 percent and for fuel oil by 67 percent, adding about 10 percent to the overall cost of making cement in Egypt.