The preliminary financial results of Egyptian cement producer Misr Cement Qena show a 50 per cent YoY increase in revenue for the first nine months of 2004, the company said in a statement.

The company’s exports to Europe, the Gulf states and the Red Sea countries reached 370,000t during the period.

Misr Cement Qena registered a working capital of E£55.3m (US$8.9m) at end-September 2004, against a negative working capital of E£38.6m (US$6.2m) at end-September 2003. The company also reported an E£80m (US$12.9m) increase in assets.

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The preliminary results for the nine months of 2004 also show an 80 per cent YoY surge in after-tax profit. The company is currently studying the possibility to set up a new production line with an annual output of 1.4Mt of clinker, directed entirely for export.