Cement News tagged under: Egypt

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Israel complaint over Egyptian circumvention of Gaza cement ban

16 May 2016, Published under Cement News

The Israeli government has filed an official complaint with its counterpart in Cairo after Egypt permitted the import of cement into Gaza, reports the Middle East Monitor. News services report that this has provoked considerable anger within the Israeli security establishment, who view the Egyptian move as running counter to its efforts at collaboration with the Palestinian Authority. They also point out that it may violate a UN agreement whereby the international body monitors cement use...

Suez Cement hit by Egyptian pound devaluation

13 May 2016, Published under Cement News

In its quarterly earnings statement for 1Q2016, Suez Cement announced that it has seen cement volumes rise 15.6 per cent YoY. However, net profits for the quarter have fallen to just EGP2m (US$0.2m), down from EGP58m a year earlier. Suez’s revenues were 14.5 per cent higher at EGP1606m, but EBITDA was down 12.5 per cent at EGP140m. Cement demand was driven by both infrastructure projects, and small and mid-sized private sector initiatives. Better energy availability allowed the company...

Cemex paves Egypt's first concrete highway

14 April 2016, Published under Cement News

Cemex in Egypt contributed to the paving of Egypt’s first concrete highway. The approximately 22-mile (35km) road connects Cairo, the country’s capital, with the seaport city of Suez, two of the nation’s most important economic centres. Cemex supplied 130,000m 3 of concrete for the Cairo-Suez highway. This concrete paving solution offers this country a number of advantages over traditional asphalt roads, including greater durability, higher tolerance, better visibility – especially at nig...

Egypt: Arabian Cement's revenue falls in 4Q15

28 March 2016, Published under Cement News

Arabian Cement Company (ACC) has  described its 4Q15  financial results as  "mixed". According to Egypt Daily News, the company added that nothing is alarming with regards to profits, losses, and the operating performance. During the quarter, the company’s cement selling price registered EGP497/t (US$55.89/t), three per cent higher than ACC had previously predicted. However, revenues and profits both declined compared to the previous quarter. The company reported EGP338m (US$38m) in rev...

ThyssenKrupp Industrial Solutions to expand in MENA

22 March 2016, Published under Cement News

Thyssenkrupp sees future growth in the MENA, and particularly in Saudi Arabia and Egypt, for its industrial solutions business area. Boris van Thiel, thyssenkrupp's CEO of the MENA region, said thyssenkrupp sees a huge potential especially in the area of energy efficiency programmes and downstream value chains. Mr Van Thiel further said that the importance of the MENA region for its business cannot be overstated. “Already today, more than 20 per cent of our global sales are achieved in th...

Suez Cement working to limit impact of Egypt's dollar shortage

14 March 2016, Published under Cement News

Suez Cement, a unit of Italy’s Italcementi SpA, is working to minimise the impact of Egypt’s dollar shortage on its operations and has no plans to “withdraw” from the country, Managing Director, Bruno Carre, said. “We are doing what we can to finance our operations locally and to work with local suppliers while getting extended credit facilities from our international suppliers and our group,” Carre told Bloomberg News. “Our key priority is to maintain our operations and to minimise the out...

Suez Cement says profit transfers hit by foreign currency crisis in Egypt

09 March 2016, Published under Cement News

Suez Cement is struggling to transfer shareholder profits out of Egypt because of a foreign currency crisis, Reuters reports. Egypt has been struggling to revive its economy since the uprising in 2011 that drove major sources of foreign currency such as foreign investors and tourists away. Pressure for a devaluation of the pound has been building but the central bank has kept it fixed at 7.7301 pounds per dollar. The bank has been trying to conserve hard currency by prioritising its use fo...

Arabian Cement Co launches new cement brand in Egypt

22 February 2016, Published under Cement News

Arabian Cement Company (ACC) recently announced the launch of its latest OPC brand in Egypt, under the brand name "Al Nasr". "We are extremely pleased to announce launching our new cement brand in Egypt, which reinforces our position as one of the largest cement producers in the market," said Jose Maria Magrina, ACC chief executive officer. "Projected to increase our competitiveness in the designated regions by diversifying our customer base to include price-sensitive customers, Al Nasr i...

Egypt receives 37 applications for new coal-fired cement plants

16 February 2016, Published under Cement News

A total of 37 companies have applied for licences to construct new coal-fired cement plants in nine governorates, Daily News Egypt reported on Saturday citing Egypt’s Industrial Development Authority (IDA). Ismail Gaber, head of the IDA, said the new licences aim to increase investments in the cement industry to meet local consumption. Minister of Industry, Tarek Qabil, announced earlier this year that the IDA would issue licences to establish cement factories in the governorates of Be...

Suez Cement results impacted by lower selling prices, higher energy costs

12 February 2016, Published under Cement News

Suez Cement Co, part of the Italcementi group, reported an 8.3 per cent drop in consolidated revenues for 2015 to EGP5.64bn (US$720m) from EGP6.15bn a year earlier. It recorded a net loss after non-controlling interest of EGP60m, from a prior-year profit of EGP50m. The company said that in the 4Q15, despite the strong demand and a balanced supply and demand situation, selling prices did not keep pace and further declined about three per cent from the prior quarter, cumulating in a 15 per c...