Egyptian cement producer Ameriya Cement, majority owned by Cimpor reported a 58.1 per cent year-on-year drop in net profit for 2003 to 20.87 mln Egyptian pounds (US$3.4m).  The decrease in earnings came despite a 14 per cent growth in net sales to 370.95 mln pounds (US$60.5m), coupled with a 10 per cent increase in the cost of goods sold to 244.26 mln pounds (US$39.8m). Gross profit jumped to 126.69 mln pounds (US$20.7m) from 53.91 mln pounds (US$8.8m).  The company’s results were affected by the surge in total expenses to 100.37 mln pounds (US$16.4m) from 26.64 mln pounds (US$4.3m). The company will hold its annual general meeting in the Hilton Borg El Arab Hotel in Alexandria, northern Egypt, on April 19, 2004 to discuss the financial results for 2003 and approve the proposed cash dividend of 0.23 pounds (US$0.038) per share. Published under Cement News