Beni Suef losses

Beni Suef losses
Published: 25 March 2004

Egyptian cement company Beni Suef Cement reported a net loss of 318.8m Egyptian pounds (US$51.7m) for 2003, up from 84.92m pounds (US$13.8m) in 2002.  The wider net loss came despite an 11.4 per cent year-on-year increase in net sales to 244.28m pounds (US$39.6m), coupled with a 6.6 per cent growth in the cost of goods sold to 186.49 mln pounds. Beni Suef Cement has a capital of 330 mln pounds ($53.5m) divided into 33 million shares at a par value of 10 pounds ($1.62/1.32 euro). The company is 95 per cent owned by French building materials group Lafarge and Greek cement producer Titan through their 50/50 joint venture Lafarge Titan Egyptian Investments Limited. The remaining 5.0 per cent are owned by the company’s employees who have recently offered their stake for sale.