Suez Cement net income up 84 per cent

Suez Cement net income up 84 per cent
Published: 05 April 2005

The Suez Cement group, in which the Italcementi Group has a 54.2 per cent stake, increased net income by 84.3 per cent in 2004 to 394.3 million Egyptian pounds (US$68m), the company said yesterday. It did not give a net income figure for 2003.  “The group’s results were achieved despite sharp rises in energy costs, which were offset in part by higher sales prices,” it added in a statement. “For the current year, signs are emerging of a recovery in domestic demand ... while the upbeat trend in clinker and cement exports is continuing,” the statement added. First quarter 2005 sales volumes on the domestic market climbed by around 10 per cent year on year, it said. The Suez Cement group produced 5.3Mt of cement in 2004 and exported 1.7Mt. It holds a 22.4 share of the Egyptian cement market.