Cement News tagged under: Egypt

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Sinai Cement reports widening net loss in 2019

26 March 2020, Published under Cement News

Egypt’s Sinai Cement has reported a significant widening in its net loss for 2019. The net loss expanded to EGP442.25m (US$28.07m) from an EGP306m loss in 2018. The company has attributed the results to the accumulated effects of the Egyptian pound devaluation on imported fuel and an increase in the prices of electricity and oil.

China: outward bound

23 March 2020, Published under Cement News

China’s Belt and Road Initiative (BRI) is now an integral part of the country’s overseas expansion policy. Since its inception in 2013, the BRI has been one of the essential vehicles driving the global spread of Chinese technology and providing a platform for corporate cement and construction giants to enter new markets. ICR takes a look at the initiative’s progress to date and the impact on China’s cement industry, as its shifts from its purely domestic production base to establishing its p...

Suez Cement looks to sell stake in Hilal Cement

11 March 2020, Published under Cement News

Egypt’s Suez Cement has decided to place its 51 per cent stake in Kuwait-based Hilal Cement up for sale, according to a statement to the country’s stock exchange. Elsewhere, the company’s board has also approved a proposal to obtain a three-year US$125m loan from HeidelbergCement, its parent company. The funds are expected to be used to offset local overdue payments.

Tourah Portland Cement posts net loss in 2019

10 March 2020, Published under Cement News

Egypt’s Tourah Portland Cement has posted a net loss of EGP617.25m (US$39.3m) in 2019, compared with an EGP36.09m profit in the previous year. Total sales also declined 51.7 per cent YoY to EGP531.75m from EGP1.1bn. The company’s board of directors has reportedly stated that it has been one of the worst years for the industry due to higher supply, stronger competition and lower demand.

Suez Cement sees net loss narrow in 2019

10 March 2020, Published under Cement News

Egypt’s Suez Cement has seen its consolidated net loss narrow to EGP1.18bn (US$75.23m) in 2019 from EGP1.32bn in the previous year. However, sales declined 13.1 per cent YoY to EGP6.46bn from EGP7.43bn. In its standalone results, the company recorded a net loss of EGP1.26bn against an EGP10.69m profit in 2018.

Misr Cement-Qena reports 84% profit drop in 2019

02 March 2020, Published under Cement News

Egypt-based Misr Cement (Qena) an 84 per cent YoY decline in consolidated net profits to EGP16.45m (US$1.05m) in 2019, compared with EGP104.39m in 2018, according to a statement to the Egyptian Exchange. Sales fell to EGP3.1226bn in 2019, down from EGP3.1229bn the previous year. Stand-alone net profits more than halved from EGP76.54m in 2018 to EGP35.24m in 2019.

Arabian Cement sees 88% profit fall in 2019

28 February 2020, Published under Cement News

Arabian Cement Co posted a 87.5 per cent drop in net profit to EGP28.93m (US$1.85m) in 2019 when compared with the previous year, according to the company’s consolidated financial statement. In 2018 the company reported a consolidated net profit of EGP231.64m. The Egypt-based cement producer’s sales declined to EGP3.1bn, compared to EGP3.27bn in 2018. As a stand-alone business net profits fell to EGP30.09m in 2019 from EGP233.64m in the previous year.

Arabian Cement’s positive energy

19 February 2020, Published under Cement News

Following its response to Egypt’s 2014 energy crisis, Suez-based producer Arabian Cement Co (ACC) has become a pioneer in the field of industrial energy efficiency. Having made the switch from natural gas to solid fuels the company has since placed even more emphasis on improving its energy performance as well as signing a private solar energy power purchase agreement, the largest of its scale in the country. By Arabian Cement Co, Egypt. The story behind ACC’s drive to enhance its ind...

North Africa in focus

10 February 2020, Published under Cement News

North Africa is experiencing a turbulent political and economic period. Meanwhile the region seeks to increase the pace of development with cement consumption reaching 100Mt in 2018. Domestically, surplus capacity has translated into a more competitive environment, with many producers increasingly turning to the export market. Morocco is seeing higher levels of domestic demand, but with new capacity on the way there is pressure to export surplus volumes. Pictured: Ciments du Maroc’...

Egypt's cement sector is relying more heavily on coal

22 January 2020, Published under Cement News

Egypt saw thermal coal imports rise by 31 per cent to 6.32Mt in 2019, according to official data from the port of Alexandria, driven by strong demand from the cement sector. Most coal was imported from the US. The latest data confirm a two-year growth period in thermal coal imports. In 2018 they spiked by 174 per cent to 4.81Mt from 1.75Mt in 2017. The country’s largest importer of thermal coal is Egypt’s largest cement producer, El Arish Cement, which imported 2.04Mt or 32 per cent of to...