Suez Cement reports 2Q loss

Egypt-based Suez Cement reported losses during the second quarter of 2017 YoY, according to a bourse filing on Monday.

Losses amounted to EGP82.15m (US$4.6m) in 2Q17, versus profits of EGP49.43m in 2Q16.

The cost of sales rose to EGP1.48bn in 2Q17, compared to EGP1.19bn YoY.

In the first half of 2017, consolidated losses reached EGP40.61m, versus profits of EGP53.76m in 1H16, taking minority rights into consideration.

Stand-alone profits dropped to EGP20.82m in 1H17 from EGP124.14m in 1H16.

Consolidated profits soared 860 per cent to EGP41.53m in 1Q7 from EGP4.3m in 1Q16.

Suez to liquidate Saudi subsidiary
Meanwhile, the company announced that its board of directors has decided to dissolve and liquidate its subsidiary Al Madinah International for Precast Concrete Company in Saudi Arabia.

Suez Cement said in a statement to the Egyptian Exchange (EGX) on Monday that it has delegated CEO, Jose Maria Magrina, to take the necessary actions.