Cement News tagged under: Egypt

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Egypt: Alexandria Portland Cement Co sees EGP116m loss in 9M15

09 November 2015, Published under Cement News

Egypt’s Alexandria Portland Cement Company reported a EGP116m (US$14.4m) loss in the first nine months of 2015, in an official statement to the Egyptian Stock Exchange (EGX). This compares with a 9M14 profit of EGP71m. The latest results continue the trend noted in 1H15, where the  company recorded losses worth EGP 67.7m, unlike in the first six months of 2014 when its profits stood at EGP 38.5m.  

Egypt: SCG reports 18% drop in 3Q revenue

03 November 2015, Published under Cement News

Suez Cement Group of Companies (SCGC) reported an 18 per cent decrease in revenues for the third quarter of the year versus the same period in 2014 and 12 per cent for the first nine months. The company said that during this period the market demand experienced a limited growth (2.1 per cent for the quarter, 1.6 per cent for the nine months). Combined with a steep reduction in exports, a marked oversupply was witnessed in the domestic market, causing prices to decline. This overall t...

Egypt: Qena Cement makes offer for larger stakes in Qalaa subsidiaries

06 October 2015, Published under Cement News

Egyptian investment company Qalaa Holdings announced Monday that it received a preliminary acquisition offer from Qena Cement to buy stakes in both its subsidiaries ASEC Minya and ASEC Ready Mix Concrete. According to the offer terms, Qena Cement t is seeking to acquire 46.5 per cent stake and 55 percent stake in ASEC Minya and ASEC Ready Mix Concrete respectively. Qalaa owns indirect stakes of 24.1 per cent and 28.5 per cent in both ASEC Minya and ASEC Ready Mix Concrete respectively. Me...

Egypt prices decline on slower construction activity

28 September 2015, Published under Cement News

Egyptian prices have declined three times in the past two months as a result of increased supply and low demand in the market, local media have reported. A ton of cement now costs EGP550 (US$70), down from EGP700 (US$89) at the beginning of August, the construction materials division of Cairo Chamber of Commerce Ahmed al-Zeiny told Youm7 Sunday. Zeiny attributed the decline to the lack of construction activities this month due to holidays such as al-Adha feast. He also cited the dollar s...

Qalaa Holdings first-half revenues up by a third, Egypt

23 September 2015, Published under Cement News

Qalaa Holdings (formerly Citadel Capital) released its consolidated financial results for the quarter ending 30 June 2015, reporting revenues of EGP2086.8m, up 33.7 per cent compared to the same quarter of last year. In the second quarter alone, the energy and cement divisions contributed some 70 per cent of total revenues.   On a six months basis, revenues climbed 37.8 per cent YoY in 1H15 to EGP4,034.3m. EBITDA meanwhile stood at EGP565.1m in the first half of 2015, a 169 per cent increa...

Egypt: Ministry to assess environmental impact of coal use

18 September 2015, Published under Cement News

Egypt's Environment Minister, Khaled Fahmy, has agreed to assess the environmental impact of seven out of 19 cement companies that have conducted studies to use coal as an alternative source of energy.   The minister told the MENA news agency that the approved studies included ways of reducing greenhouse gases, as the ministry requested. (Source : Egypt Independent)

Egypt: South Valley Cement to double capacity

03 September 2015, Published under Cement News

Tamer Abdel Rahman, investor relations manager of South Valley Cement, said that the company intends to double its production capacity to 3.2Mta. He added that the intended increase is supported by two new cement mills under construction, Alborsa newspaper reported. Simon CDI is building the new line which will have a cement capacity of 1.7Mta. The new capacity is due to come on-stream in 2017.

Arabian Cement approves selling frozen stocks of shareholders, Egypt

02 September 2015, Published under Cement News

Arabian Cement’s ordinary general assembly yesterday approved the selling of shareholders frozen shares. The OGM refused a Board of Directors restructure, and is to retain the same members of the Board of Directors. (Source : EGX & Arab Finance editor)

New licences to be issued for Upper Egypt

25 August 2015, Published under Cement News

Egypt's Ministry of Industry and Trade is to grant new licences for cement factories in Upper Egypt governorates next September, according to local press reports. Minister Monir Fakhry Abdel Nour said during an interview with the "60 Minutes" radio show on Radio Masr that the new licences target meeting future needs of local market for cement until 2020. The ministry will announce the new licences after completing studies on them. (Source: Amwal Al Ghad).

Egypt: South Valley signs contract with Sinoma CDI

20 August 2015, Published under Cement News

Egypt-based South Valley Cement Company (SVCE) has signed a contract with Chinese firm Sinoma CDI, to carry out a new grinding line, vice chairman Hussien Shbakshy said Wednesday.  The contract is reported to be for a total value of EGP300m (US$38.3m).