Egypt’s Torah Portland Cement made a net profit of 763 million Egyptian pounds (US$133m) in 2005, five times more than in 2004, the company said in results published on Tuesday. Net profits in 2004 were 153 million pounds, it said.
HC Brokerage’s research department said the net profit included 608 million pounds from the sale of long-term investments, including 7 per cent of Suez Cement, 10.3 percent of cement company ASEC and stakes in two other ASEC firms.
The profits are equivalent to 32 pounds a share, the company added. The shares closed on the Egyptian stock exchange on Tuesday at 173.80 pounds. Torah Cement is a subsidiary of Suez Cement, which is itself now majority owned by Italy’s Italcementi.