National Cement is intending to do without both World Bank and Egyptian Environmental Affairs Agency (EEAA) loans amounting to US$13.9m which was set to finance renovation of the company’s lines 3 and 4 with investment of EGP568m (US$96m).
Othman Sadek, managing director of the company, stated that the project’s feasibility study targets to improve company’s net profits and revenues from 19.9% during 2010/11 to 32.9% in the first year of operation, 29.2% in the second year, 28.8% in the third and 28.3% in the fourth year. He added that the company is seeking to pump EGP299.3m investments during the current fiscal year.
