During the third quarter of 2011 the cement market suffered from the ongoing weak demand, capacity additions mainly through the new cement producers, fuel cost increases and declining prices. As a result of this the consolidated net sales of the Suez Cement group realised at EGP1.002m EGP (-22% vs Q3 2010), penalised by the negative volume and price effect.
Gross profit and operating profit amounted to EGP195m (-44 % versus 3Q10) and EGP 155m (-55% vs 3Q10), respectively. The total net profit "after non-controlling interest" amounted to EGP104m (-59 % vs 3Q10).
Over the first nine months of 2011 the consolidated net sales reached to EGP3758m (-19.8% vs the same period of 2010). Gross profit and operating profit amounted respectively to EGP946m and EGP810m while the net profit "after non-controlling interest" amounted to EGP517m (-43% vs the same period of 2010).
Meanwhile, the company announced that it has allocated EGP50m on environmentally-friendly investments, which includes using alternative fuel and new filters to reduce emissions.
