Arabian Cement profits fall 41% in 1Q 2016

Arabian Cement profits fall 41% in 1Q 2016
Published: 30 May 2016

Tagged Under: Arabian Cement Company 

Arabian Cement (Egypt) reported a 40.5 per cent fall in earnings in the first quarter of 2016.

According to consolidated financial results, the company earned EGP34.15m (US$3.85m) in Q1 2016, compared with EGP57.37m (US$6.47m) over the same period last year.

Further, its first quarter unconsolidated profits decreased 40.5 per cent YoY to EGP33.32m from EGP56.03m.

In 2015, the company's consolidated profits slipped 26 per cent YoY to EGP277.2m from EGP374.7m.

The ordinary general meeting (OGM) earlier approved distributing dividends at EGP0.53 per share for the fiscal year 2015.

Meanwhile, cement prices in Egypt have remained stable and are reported in the range of EGP620/t (US$69.81/t) to EGP800/t (US$90.08/t) in May.