South Valley Cement losses increase sharply

South Valley Cement Company, Egypt, posted a 930 per cent year-on-year increase in losses during the first nine months of 2019, according to the company’s financial statements.

The cement producer’s losses amounted to EGP173.9m (US$10.83m) in the January-September period, compared to EGP16.8m in the same period in 2018, according to a statement to the Egyptian Exchange.

During the same period, the company’s sales fell by almost half to EGP345.26m from EGP656.3m in the same period in 2018.