Cement News tagged under: Egypt

RSS feed

Arabian Cement sees reduced profit in the 9M19

18 November 2019, Published under Cement News

Egypt’s Arabian Cement Co has reported an 85 per cent YoY fall in profit to EGP32.9m (US$2.04m) in the first nine months of 2019, compared to EGP214.8m in the year-ago period. The company’s standalone results declined to EGP32.58m in the 9M19, down from EGP215.1m in the corresponding period of 2018.

Beni Suef Cement records 6% dip in revenue

18 November 2019, Published under Cement News

Egypt’s Misr Beni Suef Cement has noted a 72 per cent YoY profit decline to EGP67.11m (US$4.16m) in the first nine months of 2019, against EGP237.8m in the 9M18. Revenues were also down 6.2 per cent YoY to EGP1.36bn from EGP1.45bn in the January-September 2018 period.

Sinai Cement sees net loss widen 30% YoY

15 November 2019, Published under Cement News

Egypt’s Sinai Cement has seen its net loss widen 30 per cent YoY to EGP331.22m (US$20.53m) during the first nine months of 2019, compared to EGP293.14m in the 9M18. The cost of sales also showed a modest 3.7 per cent increase to EGP699.931m from EGP675.11m. In the 1H19 the company’s consolidated loss widened to EGP187.23m from EGP155.74m in the corresponding period of 2018.

Misr Cement (Qena) records 67% net profit decline

15 November 2019, Published under Cement News

Egypt’s Misr Cement (Qena) has recorded a 67 per cent YoY net profit fall to EGP29.7m (US$1.84m) during the first nine months of 2019, compared to EGP89.42m in the year-ago period. However, sales increased 5.9 per cent YoY to EGP2.36bn from EGP2.22bn. In its standalone results, the company saw a 68.9 per cent YoY decline in net profit to EGP21.8m in the 9M19.

Alexandria Portland Cement sees net losses narrow in 9M19

14 November 2019, Published under Cement News

Egypt’s Alexandria Portland Cement has seen its consolidated net losses narrow by 61 per cent YoY to EGP96.58m (US$5.98m) during the first nine months of 2019, compared with losses of EGP245.7m recorded in the year-ago period. However, sales decreased by 26 per cent YoY to EGP1.636bn from EGP2.21bn. The company’s standalone losses also improved from EGP162m to EGP72m in January-September 2019.

President al-Sisi suggests state's military cement company should be privatised

01 November 2019, Published under Cement News

Egyptian President Abdel Fattah al-Sisi has announced companies owned by Egypt’s military must be allowed to sell shares on the stock exchange. Last year, Egypt's government had plans to offer shares on the stock market of a US$1.1bn cement plant owned by the military, but no steps have yet been announced, reported Reuters. The military-owened Beni Suef cement complex is the largest cement plant in the country with an installed capacity of 12Mta and was inaugurated in August 2018. The mili...

Egyptian market sees higher utilisation rates in 3Q19

28 October 2019, Published under Cement News

Egyptian cement has seen a recovery in its 3Q19 sales. Total dispatch volumes in 3Q19 for 20 cement companies researched by Naeem Holdings were up 6.3 per cent QoQ, while utilisation rates rose to 73 per cent compared to 69 per cent in 2Q19. According to the research house the companies that witnessed improved utilisation rates are Arabian Cement, Misr Beni-Suef, and Suez Cement (HeidelbergCement group) with rates of 85, 98 and 67 per cent, respectively. On the other hand, prices are l...

Reliance Logistics acquires 92% of Sama Cement's share capital

04 October 2019, Published under Cement News

Reliance Logistics Co has acquired 3.68m stocks of Egypt’s Sama Cement, representing 92 per cent of the company’s share capital. Sama Cement owns 6.8 per cent of Sinai cement, with Reliance Logistics reporting that its indirect and direct stakes in the latter have now reached 17.4 per cent.

Gas prices lowered in Egypt for cement sector

04 October 2019, Published under Cement News

Egypt has reduced the domestic price of gas for the cement, metals and ceramic industries, said Prime Minister, Mostafa Madbouli. Gas prices will continue to be reviews, but the cement industry will have a set price of US$6/mBtu down from US$8m/Btu, while metals and ceramics will pay US$5.50/mBtu down from US$7m/Btu. Egypt has also started to link energy prices to the international market as part of subsidy-cutting reforms in line with recommendations from the International Monetary Fund.

Turbulent times for Africa?

17 September 2019, Published under Cement News

For the cement sector, turmoil has probably come to a head in many parts of Africa. Cement demand has slowed or fallen back into the red in many African countries, while overcapacity and low utilisation rates are characteristic of many markets. However, much of this turmoil is self-inflicted. Tony Hadley provides an uncompromising assessment of the industry on the continent and examines the root causes of business failure in some key markets. By Tony Hadley African Advisory. A perfect...