Egypt’s Suez Cement counts cost of unrest

Egypt’s Suez Cement counts cost of unrest
Published: 21 March 2011

Suez Cement, Egypt’s biggest listed cement maker by market value, said the political unrest that ousted Hosni Mubarak cost it and a subsidiary E£80m (US$13.5m), Reuters reports.

"The firm lost a total of nine days during the events of the months of January and February 2011, while the company’s estimated total losses were E£30m due to the interruptions," it said in a statement on Sunday.

Suez said its 99 per cent owned Helwan Cement unit lost another EG£50m after its plants stopped operations for 16 days.

The firm, a subsidiary of Italcementi, said it will pay a 3.90 pound per share cash dividend after its 2010 net profits declined 4.9 percent to E£1.2bn. Suez has about 26 per cent of Egypt’s grey cement market and 42 per cent of its white cement market.