Egypt: SCG reports 18% drop in 3Q revenue

Egypt: SCG reports 18% drop in 3Q revenue
Published: 03 November 2015


Suez Cement Group of Companies (SCGC) reported an 18 per cent decrease in revenues for the third quarter of the year versus the same period in 2014 and 12 per cent for the first nine months.

The company said that during this period the market demand experienced a limited growth (2.1 per cent for the quarter, 1.6 per cent for the nine months). Combined with a steep reduction in exports, a marked oversupply was witnessed in the domestic market, causing prices to decline. This overall trend was even more pronounced in the third quarter as demand slowed, in part due to the Eid holidays. Prices fell by almost 10 per cent  to the first semester of 2015, and were down 20 per cent compared to 3Q14.

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