Egyptian National Cement approves

Egyptian National Cement approves
Published: 05 May 2004

The general shareholders’ meeting of Egypt’s National Cement Company (NCC) approved on May 3, 2004 the company’s draft budget for the fiscal 2004/05, ending June 30, 2005, eyeing a net profit of about 50 mln Egyptian pounds ($8.1m) for the year.

NCC reported a net loss of 91.35 mln pounds ($14.8m) for 2002/03. The company targets an operating revenue of 589.93 mln pounds ($95.4m) for 2004/05, against 392.6 mln pounds ($63.5m) in 2002/03. The estimated clinker output for 2004/05 is 2.75Mt, while investments in renovation and upgrade projects during the year are expected to reach 28.5 mln pounds ($4.6m).  NCC’s projected cement exports for 2004/05 stand at some 600,000t. The company exported 531,316t of cement and 190,639t of clinker in the first nine months of 2003/04.