Egypt’s Suez Cement counts cost of unrest

Egypt’s Suez Cement counts cost of unrest
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.
Published under Cement News