South Valley Cement 9M14 net profit up 10.5% YoY

Giza-based South Valley Cement Co's net profit for the first nine months of 2014 rose by 10.5 per cent YoY to EGP100.58m (US$14m).

Net profit for the corresponding period of 2013 stood at EGP91m, the company said in a filing to the Cairo stock exchange.

Last month, South Valley Cement approved a capital increase of more than EGP602.8m and ratified a long-term loan of EGP1.27bn from five Arab banks. The company is planning to use the cash to finance expansion in cement milling and storage and alternative energy projects, as well as to cover its financial obligations.