Cement News tagged under: Egypt

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Arish cement truck drivers to receive military protection

20 November 2017, Published under Cement News

El Arish Cement Company factory in northern Sinai has been visited by a military delegation after armed militants attacked contracted drivers to reassure them of military protection. The Second Field Army chief General Khalid Mujawar, central Sinai battalion, aimed to address the fact that contracted drivers had refused to resume work after the 9 November attack on eight trucks that left nine people dead. The halt in transportation has left tonnes of unsold cement stockpiled in the factory...

Minya's coal storage solution

15 November 2017, Published under Cement News

To help meet the Egyptian rules and regulations on the storage of coal, ASEC Cement Company called on OYK Consultants to design and deliver a suitable storage solution quickly and cost-effectively. By OYK Engineering Consultants, Egypt. Erection of the steel structure at Minya’s new coal storage facility Faced with insufficient supplies of natural gas, the Egyptian government turned to imported coal as an energy source for the country’s cement industry. A number of rules and reg...

Alexandria Cement losses widen to EGP359m

15 November 2017, Published under Cement News

Alexandria Cement, Egypt, reported audited financial results for 9M17 ended 30 September 2017 with consolidated losses widening to EGP-358.78m (US$-20.3m) when compared with EGP-85.17m in the year-ago period. In addition, standalone net losses increased from -EGP177.6m to EGP-281m over the same period.

Sinai Cement swings into the red in 9M17

14 November 2017, Published under Cement News

Egypt’s Sinai Cement has reported losses of EGP-253.5m (US$-14.4m) in the first nine months of the year, against profits of EGP21.8m in 9M16, as shown by the company’s independent financial statements. During the nine-month period, sales rose to EGP939.29m, up 1.1 per cent from EGP929.22m in the year-ago period. Sales costs quadrupled to EGP972.2m from EGP235.3m.

Misr Cement Qena sees a fall in net profit

13 November 2017, Published under Cement News

Misr Cement Qena has released its financial report for the first nine months of the financial year ended 30 September 2017. The company has seen a fall in consolidated net profit to EGP38.55m (US$2.18m) from EGP234.68m in the year-ago period, according to Arab Finance. The company also reported a standalone net profit of EGP37.52m, down from EGP234.68m of 9M16.

Egypt doubles value of cement exports in 9M17

16 October 2017, Published under Cement News

Egypt’s cement exports rose 88 per cent during the first nine months of 2017, reaching around US$72m compared to US$38m last year, its building industries export council said on Sunday. Ten countries have captured 89.3 per cent of the Egyptian cement exports, which Saudi Arabia came on the top of the list, the report said. Exports to Saudi Arabia reached 11.186 million compared to US$15.483m last year. Exports to the Kenyan market have soared 1127 per cent to record US$9.385m in nine m...

Qalaa Holdings announces 2Q17 net loss of US$158m

02 October 2017, Published under Cement News

Qalaa Holdings, a leading energy and infrastructure investment company based in Egypt, announced its consolidated financial results for the quarter that ended in 30 June with a net loss worth EGP2.8bn  (US$158m) in 2017, compared to EGP277.5m in 2016. The company announced its revenues reached EGP2.3bn during the second quarter 2Q17, with revenue growth of 25 per cent YoY. Chairperson and Founder of Qalaa Holdings, Ahmed Heikal said, Qalaa achieved a 76 per cent EBITDA growth YoY to reach E...

Sinai Cement posts 1H consolidated net loss of EGP153m

31 August 2017, Published under Cement News

Sinai Cement incurred consolidated net losses of EGP153.2m (US$8.7m) in 1H17, vs net profits of EGP15.4m in 1H16, the company announced in a statement to the Egyptian stock exchange. The Egyptian cement producer also posted standalone net losses of EGP155.4m in the first six months of 2017, compared with EGP14.8m in the year-ago period.

Suez Cement reports 2Q loss

15 August 2017, Published under Cement News

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...

Misr Beni Suef sees 41% drop in 1H net profit

11 August 2017, Published under Cement News

Egyptian cement producer, Misr Beni Suef Cement, announced in a statement sent to the Egyptian Stock Exchange, the audited financial results for the first six months of 2017, posting a 41 per cent decline in net profits. The company reported net profits of EGP55,722,455 (US$3,132,487), versus net profits of EGP94,574,290 in the same period a year ago.