Cement News tagged under: Egypt
Private investor ups stake in Arabian Cement14 September 2022, Published under Cement NewsPrivate investor Sadiq Ahmed Sadiq El Sewedy has increased its share in Egypt-based Arabian Cement Company (ACC) from 9.5 per cent to 11 per cent at a cost of US$1.6m. The deal was handled by Al Ahly Pharos and EFG Hermes Holding. The opening six months of 2022 saw ACC post revenue of EGP2.129bn (US$111.2m), significantly up from EGP964.9m in the same period a year earlier. Consolidated profit surged from a net loss of EGP23.28m to a profit of EGP119.49m over the same period. . |
Energy crisis - plant closure warning09 September 2022, Published under Cement NewsCEMBUREAU this week called for urgent action at a European and national level to help tackle the rising cost of energy, which it warns “will lead to widespread plant closures across the EU, creating a crisis in the construction supply chain.” Some EU member states have seen their electricity prices increase 10-fold compared to last year. According to CEMBUREAU, 1t of cement requires around 110kwh of electricity to produce. With electricity prices now between EUR700-1000mwh in several EU memb... |
South Valley Cement Co posts net loss of 55% in 1H2226 August 2022, Published under Cement NewsSouth Valley Cement Co posted a net loss of 54.50 per cent during the first 1H22 to EGP117.08m (US$31.2m), compared to EGP75.75m in the 1H21. However, sales stood at EGP325.86m in the 1H22, a considerable growth from EGP106.43m in 1H21. In the second quarter of 2022, the cement company reported higher net losses at EGP85.87m from EGP40.05m in the 2Q21. In the meantime, the company’s sales grew to EGP119.71m during 2Q22 from EGP44.30m in the 2Q21. |
Misr Qena Cement Co records 24% profit rise in 1H2218 August 2022, Published under Cement NewsThe consolidated financial statements of Misr Qena Cement Co revealed an increase in the company's profits by 24 per cent during the first half of this year. The company achieved a net profit of EGP85.69m (US$4.5m) during the period from January to the end of June 2022, compared to EGP69.1m in the same period last year. Misr Qena Cement recorded sales during the 1H22 of EGP1.29bn, compared to EGP1.28bn in the same period last year. The company recorded a net profit of EGP80.85m from ... |
Arabian Cement sees revenue and profit surge in 1H2216 August 2022, Published under Cement NewsArabian Cement has reported revenue of EGP2.129bn (US$111.2m) in the first half of 2022, significantly up from the EGP964.9m seen in the same period a year earlier. Consolidated profit also surged, improving from a net loss of EGP23.28m in the 1H21 to a profit of EGP119.49m in the opening six months of this year, according to Mist News. |
ASEC wins two-year operation and maintenance contract with BMIC16 August 2022, Published under Cement NewsArab Swiss Engineering Co (ASEC) has won a two-year contract for the operation and maintenance of Building Material Industries Co ’s Assuit cement plant , Egypt. This follows the first phase of preparation. The contract was signed by Dr Said Mohamed Hussein, chairman and managing director of BMIC and Ashraf Al-Kahky, CEO and managing director of ASEC. Previously, ASEC had the technical management responsibility for the plant during the 2011-19 period. |
CEMEX to clean Nile River15 July 2022, Published under Cement NewsCEMEX has signed a three-year agreement to support waste removal efforts in Egypt’s Nile River. Some of the waste will be used as a more sustainable alternative to fossil fuels at CEMEX’s Assiut cement plant. CEMEX will be collaborating with VeryNile, an initiative supported by the Ministry of the Environment in Egypt that develops eco-friendly solutions to remove inorganic waste from the Nile River. The company will provide financial support to double the amount of waste collected... |
Suez Cement to build Egypt’s first cement WHR28 June 2022, Published under Cement NewsEgypt-based Suez Cement is preparing to commission the country’s first waste heat recovery (WHR) facility in a cement plant by 2023. The project aims to reduce the plant’s carbon emissions by approximately 40,000tpa. By Omar Korshid and Ossama Abdel Wahid, Suez Cement, Egypt. Suez Cement aims to significantly reduce carbon emissions by installing a WHR system at its Helwan plant, Egypt To support Egypt’s national emissions strategies to 2050, domestic cement producer Suez Cement... |
Egypt: glimmer of hope27 June 2022, Published under Cement NewsPlagued by oversupply, soaring energy prices and a lack of competitiveness overseas, 2021 was a challenging year for the Egyptian cement sector. However, following government intervention, there is a light at the end of the tunnel as cement prices begin to rise, post-pandemic demand picks up, and balance sheets return to better health. By ICR Research, UK. Egypt’s capital, Cairo, is expected to see its 22m population double by 2050 and the government is investing US$40bn in a New A... |
Misr Cement (Qena) approves operations and maintenance programme20 June 2022, Published under Cement NewsThe board of directors of Misr Cement (Qena) have approved the operations and maintenance of the company’s factory, according to a filing to the Egyptian Exchange (EGX). The factory was managed by Arab Swiss Engineering Company (ASEC) under an agreement that ends ion 30 June 2022. On 16 May Misr Cement (Qena) reported a 106 per cent YoY increase in consolidated profit attributable to controlling shareholders during the 1Q22, recording EGP59.631m (US$3.18m). |