Cement News tagged under: Egypt
Egyptian cement demand falls almost 10% in April15 May 2020, Published under Cement NewsThe Egyptian cement industry's sales volumes for April, excluding exports, dropped 9.7 per cent MoM and 13.4 per cent YoY. Moreover, local sales witnessed almost the same level of drop of 9.2 per cent MoM and 12.6 per cent YoY, respectively. The cement demand fell during April and May as construction activity slowed, impacted by the ongoing coronavirus containment measures and Ramadan. Egypt's cement industry has for some time been struggling with a supply glut of more than 40 per cent, wh... |
Alexandria Portland Cement sees net loss contract in 1Q2014 May 2020, Published under Cement NewsEgypt’s Alexandria Portland Cement has seen its consolidated net loss contract 54 per cent YoY to EGP35.82m (US$2.27m) in the first quarter of 2020, compared to a loss of EGP77.58m in the year-ago period. Company revenues saw a minor fall in revenue to EGP575.1m from EGP581.3m. As for its standalone business, net losses widened to EGP28.57m from EGP27.73m in the 1Q19. |
Qalaa Holdings records revenues of EGP14.9bn in FY201905 May 2020, Published under Cement NewsQalaa Holdings of Egypt has reported total revenues of EGP14.9bn (US$945m), for its consolidated financial results for the year ended 31 December 2019, up 11 per cent YoY. Qalaa's EBITDA remained steady at EGP1.3bn in FY19 and increased by 17 per cent YoY in the 4Q19 to EGP325m. Flat full-year EBITDA was largely the result of a 60 per cent YoY decline in ASEC Holding’s EBITDA in FY19. The cement segment's performance was affected by an underperforming cement market in Egypt, and social an... |
Suez Cement announces new chairman30 April 2020, Published under Cement NewsEgypt’s Suez Cement Group has appointed Ambassador Yasser El-Naggar as the new chairman of the group, effective from 23 April. Mr El-Naggar has succeeded Hayrullah Hakan Gurdal in the role. Mr El-Naggar has previously served as principal deputy minister of planning and was a member of the senior management overseeing the implementation of Egypt's 2030 Vision. Elsewhere, the company has also announced plans to reduce the salaries of the managing director and members of the management commit... |
Celebrating industry excellence02 April 2020, Published under Cement NewsCemtech Middle East and Africa 2020 welcomed delegates from over 35 nations to the Grand Hyatt Dubai, UAE, on 16-19 February. The conference and exhibition offered a comprehensive overview of the regional cement industry and gave attendees the opportunity to network with cement producers and international industry specialists. The conference opened with a discussion of the GCC cement markets and global prospects The 15th Cemtech MEA conference and exhibition was successfully hel... |
Egyptian cement prices fall 3% in March01 April 2020, Published under Cement NewsThe price of Portland cement in Egypt fell 2.5 per cent MoM to EGP780/t (US$49.4/t) in March 2020, compared to EGP800/t in February, according to the Central Administration of Needs and Building Materials. White cement prices remained stable at EGP2400/t during the first three months of 2020, the report added. Elsewhere, ready-mixed concrete prices remained stable YoY at around EGP725/m 3 in the 1Q20. |
Sinai Cement reports widening net loss in 201926 March 2020, Published under Cement NewsEgypt’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 bound23 March 2020, Published under Cement NewsChina’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 Cement11 March 2020, Published under Cement NewsEgypt’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 201910 March 2020, Published under Cement NewsEgypt’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. |