Misr Beni Suef Cement 2005 profit jumps, Egypt

Misr Beni Suef Cement 2005 profit jumps, Egypt
Published: 29 March 2006

The net profit of Egyptian Misr Beni Suef Cement (MBSC) jumped to E£132.8m (US$23.2m) in 2005 from E£51.5m (US$9m) in 2004, the company said in a statement to Cairo and Alexandria Stock Exchanges (CASE). MBSC’s net profit soared 290 per cent YoY to E£101m (US$17.6m) in the first nine months of 2005, the Egyptian News Digest said.  The upsurge in earnings resulted mainly from the 40 per cent increase in net sales to E£284.5m (US$49.6m). The cost of sales rose 31.6 per cent to E£138.33m (US$24.1m), which led to a gross profit of E£146.16m (US$25.5m), up from E£97.98m (US$17.1m).