Suez Cement net jumps

Suez Cement net jumps
Published: 26 May 2004

Suez Cement has released FY03 results ending December, in which net income jumped a significant 3x to come in at LE153m, versus LE49.3m, recorded in the comparable period last year.

Revenues, on the other hand, advanced a more moderate three per cent reading LE655m, while the COGS/Revenue ratio witnessed a notable improvement marking 54.3 per cent down from a comparable 59 per cent, due essentially to relatively high cement prices during FY03. Interest expense continued its downward trend slipping 14.5 per cent culminating at LE87.2m.

Investment income hiked up 7x reading LE37.9m, of which LE33m represents Suez’s stake in 66 per cent owned subsidiary, Torah Cement (TORA.CA).