Cement News tagged under: Egypt

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Metallurgical Industries sells 6.4m shares in Tourah Portland Cement

30 November 2020, Published under Cement News

Egypt’s Metallurgical Industries Holding has reportedly sold 6.4m shares in Tourah Portland Cement. The share sale has a value of EGP45.7m (US$2.91m). Tourah Portland also reported a net loss in its 3Q20 results last week.

Tourah Portland Cement reports 10% decline in net sales

24 November 2020, Published under Cement News

Egypt’s Tourah Portland Cement has reported a net loss of EGP56.7m (US$3.62m) in the third quarter of 2020, compared to a net loss of EGP55.3m in the year-ago period. Net sales declined 9.8 per cent YoY to EGP13.8m from EGP15.3m in the 3Q19.

Suez Cement sees net loss widen in 9M20

23 November 2020, Published under Cement News

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 share...

Misr Cement (Qena) sees consolidated net profit surge 32% YoY

17 November 2020, Published under Cement News

Egypt's Misr Cement (Qena) has reported a consolidated net profit of EGP39.2m (US$2.51m) during the 3Q20, up 31.8 per cent YoY from EGP29.7m. Revenues fell 18.5 per cent to EGP1.84m from EGP2.26m in the year-ago period. In its standalone business, the company saw its net profit surge 106.7 per cent YoY to EGP45.16m from EGP21.85m in the 3Q19. "The company stood alone from all its rivals in the Egyptian market by achieving more remarkable successes in the third quarter of 2020," said Abdel...

Arabian Cement posts net loss in the 9M20

17 November 2020, Published under Cement News

Egypt’s Arabian Cement Co has reported a consolidated net loss of EGP39.78m (US$2.54m) in the first nine months of 2020, compared to a net profit of EGP33.3m in the year-ago period. The company’s standalone net loss reached EGP38.25m in the January-September period of 2020, against a net profit of EGP32.58m in the corresponding period a year earlier, according to statements filed on the Egyptian Exchange.

Sinai Cement reports net loss in 9M20

16 November 2020, Published under Cement News

Egypt’s Sinai Cement has announced that its standalone net loss widened to EGP421.4m (US$26.95m) in the first nine months of 2020, against a loss of EGP311.2m in the year-ago period. However, the company’s net sales rose 5.2 per cent YoY to EGP588.7m from EGP559.8m in the 9M29.

ICSID rules in Egyptian states favour in Spanish cement case

06 November 2020, Published under Cement News

After seven years of arbitration proceedings, the International Center for Settlement of Investment Disputes (ICSID) has turned down a lawsuit filed by Spanish companies Cementos La Unión and Aridos Jativa against the Egyptian State. The dispute concerned a compensation claim of more than EUR236m for damages allegedly incurred by both companies. Cementos La Unión and Aridos Jativa claimed that the Egyptian State had not upheld its international obligations and argued that a bilater...

Egypt sees demand rise 10% MoM

28 October 2020, Published under Cement News

Egypt saw total cement sales decline 12.5 per cent YoY to 3.8Mt, including exports, in September, according to Daily News. However, this represents a 10 per cent increase MoM and is the highest monthly cement demand since April 2020. The average industry utilisation rate stood at around 56 per cent in September. Sinai Cement was the best performer in terms of volumes, which increased three per cent YoY. Suez Cement reported sales of 617,000t, up 28 per cent MoM, while Arabian Cement sa...

South Valley Cement sees net loss contract in the 1H20

19 October 2020, Published under Cement News

Egypt’s South Valley Cement has seen its net loss contract to EGP69.82m (US$4.45m) in the 1H20, compared with EGP100.82m in the 1H19. However, in the 2Q20 sales declined 21.5 per cent YoY to EGP196m from EGP249.67m in the corresponding period of 2019.

Qalaa Holdings achieves 105% YoY growth in 2Q20

01 October 2020, Published under Cement News

Qalaa Holdings has reported its consolidated financial results for the quarter ended 30 June 2020, with revenues of EGP7.4bn (US$470m), up 105 per cent YoY. " Qalaa’s performance was anchored by a recovering cement market in Sudan and an optimised pricing strategy by Al Takamol, which played a key role in offsetting the impacts of Egypt's underperforming cement market," said Qalaa Holdings' Chairman and Founder, Ahmed Heikal.