Suez Cement sees net loss widen in 9M20

Egypt’s Suez Cement has posted a consolidated net loss of EGP888.9m (US$56.79m) in the first nine months of 2020, widening from an EGP521.4m loss in the year-ago period. The company’s sales also declined 21.8 per cent YoY to EGP3.84bn from EGP4.91bn.

In its standalone business, net losses contracted to EGP587.2m from EGP736.77m in the 9M19.

Elsewhere, the Egyptian Stock Exchange has announced the execution of HeidelbergCement France’s mandatory takeover offer (MTO) for Suez Cement’s shares. A total of 25,736,191 shares were sold at a value of EGP193m.