Egyptian Assiut Cement 2004 Net Profit Soars

Egyptian Assiut Cement 2004 Net Profit Soars
Published: 08 April 2005

The net profit of Egyptian cement producer Assiut Cement soared to 286.2 mln Egyptian pounds ($49.4m) in 2004 from 28.92 mln pounds ($5.0m) in 2003.  The surge in bottom-line profit followed a 40.1 per cent year-on-year increase in operating revenue to 1.124 bln pounds ($194m) and a 11.5 per cent growth in the cost of sales to 706.2 mln pounds ($122m). The company’s gross profit rose to 417.97 mln pounds ($72.2m) in 2004. 
Assiut Cement is traded on the Cairo and Alexandria Stock Exchanges. The company is a subsidiary of Cemex.