Torah cement impressive

Torah cement impressive
Published: 12 March 2004

Egypt: Torah Cement released FY03 results ending December, in which the company recorded an impressive 15.3 x net income hike to LE55m (US$8.9m) compared to LE3.6m realized in FY02. The improved bottom line stemmed from a 10.6 per cent jump in revenues thanks to improving cement prices during FY03.  Interest expense also dropped a significant 87.4 per cent at LE11.3m down from a comparable LE89.5m as the company settled the entirety of LE222m in short-term facilities at the beginning of FY03.  Torah further reported LE10.6 million in FX gains, on the back of considerable export activities, which provided a significant boost to the bottom line.