Egyptian Sinai Cement

Egyptian Sinai Cement
Published: 09 April 2004

The net profit of Egyptian cement producer Sinai Cement may exceed 65m Egyptian pounds ($10.5m) in 2004, according to the estimates of French building materials supplier Vicat, which owns a 28.57 per cent stake in the company, Sinai Cement chairman Hassan Rateb said. Sinai Cement managed to achieve a net profit of 35.5 mln pounds ($5.7m) in 2003 despite a price war between Egyptian cement producers which had led to a decline in cement prices to 120 pounds ($19.4) per tonne, said Rateb, who is also the chairman of Sinai Investors Association. Sinai Cement had reported a net profit of 19.5 mln pounds ($3.2m) for 2002. Sinai Cement was established by private investors in 1998 and was listed on the Cairo and Alexandria Stock Exchanges (CASE) in 2000. In 2003, Vicat bought a 28.57 per cent stake in Sinai Cement through a capital increase reserved for Vicat.