Cement News tagged under: Egypt

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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.

South Valley Cement Co 1Q profit drops

10 July 2017, Published under Cement News

Egypt-based South Valley Cement Co on Sunday posted a 53 per cent YoY drop in profits for the first quarter of 2017, according to a bourse statement. The company achieved profits of EGP20.1m (US$1.12m) in the three months ended March, compared to EGP42.85m in the corresponding period of 2016. Cement sales increased to EGP261.55m in the quarter under review from EGP254.80m a year earlier, while the cost of sales rose to EGP226m compared to EGP204.7m in the same period of 2016. The com...

Arabian Cement wins energy management award

16 June 2017, Published under Cement News

Egypt-based Arabian Cement Company (ACC) has been honoured with the ‘2017 Award of Excellence in Energy Management’ by Clean Energy Ministerial (CEM8), a high-level global forum that promotes policies and programmes to advance clean energy. CEM8 energy ministers presented the award to Mahmoud Mohsen, director of the energy department at ACC, at the annual CEM meeting in Beijing, China, earlier this month. The Award of Excellence in Energy Management recognises efforts by organisations...

EMG planning new Egyptian plant

15 June 2017, Published under Cement News

The Electro-Mechanical Design Group (EMG) is conducting preliminary studies for the construction of a  new ce ment plant in Egypt having secured the cement licence prospectus documents. Vice chairman Islam Solaiman, told Daily News Egypt that the plant will be in Foukah area in Marsa Matrouh. It will serve  demand for cement in the governorate and possibly export to Libya and other Arab countries in the future.

Gebr Pfeiffer delivers complete coal grinding plant to Egypt

12 June 2017, Published under Cement News

BMIC, headquartered in Cairo, awarded Gebr Pfeiffer a contract for a complete coal grinding plant on a turnkey basis for its cement plant in Assiut, Egypt. As a single-source contractor, Gebr Pfeiffer, together with its global and local partners, suppliers and subcontractors, is responsible for the complete scope, including engineering, supply of plant parts, imported or locally manufactured, construction and commissioning of the plant. Detailed description of scope: •    procuremen...

Cemex to boost investment in Egypt

12 June 2017, Published under Cement News

Cemex plans to boost its investments in Egypt, according to Cemex Egypt’s President, Ramon Piza. The company, which owns a 5.5Mta plant at Assiut, plans to invest US$20m in the country this year, Piza said following a recent meeting with Egyptian Minister of Investment and International Cooperation, Sahar Nasr, in Cairo, according to Egypt Daily news. Mr Nasr has welcomed the Mexican company's intention to increase its investments in Egypt, pointing out that the new investment law ratified...

Sinai 1Q17 loss widens

31 May 2017, Published under Cement News

Sinai Cement reported an increase in losses by 55 per cent YoY during the first quarter of 2017, due to the rise of financing and administrative costs. The company said in a statement to the Egyptian Exchange (EGX) on Monday that losses amounted to EGP57.98m (US$3.2m) in 1Q17 compared to EGP37.28m in 1Q16. During the three-month period that ended 31 March 2017, sales increased to EGP385.6m from EGP292.6m in the same period last year. Total expenses grew 33 per cent to EGP68.5m compar...

Egyptian Cement Co seeks loan for Sohag plant

31 May 2017, Published under Cement News

Egyptian Cement Co has entered into negotiations with a local banking alliance to obtain a loan of EGP4bn (US$221m) to partly finance the cost of its first plant and construction materials complex in Sohag province. The alliance is made up of the National Bank of Egypt, Banque Misr, CIB and Arab African International Bank, sources told Al Mal newspaper. The details of terms and conditions memorandum are being agreed upon in preparation for addressing other local banks to contribute to ...