Cement News tagged under: Egypt

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Gas prices lowered in Egypt for cement sector

04 October 2019, Published under Cement News

Egypt has reduced the domestic price of gas for the cement, metals and ceramic industries, said Prime Minister, Mostafa Madbouli. Gas prices will continue to be reviews, but the cement industry will have a set price of US$6/mBtu down from US$8m/Btu, while metals and ceramics will pay US$5.50/mBtu down from US$7m/Btu. Egypt has also started to link energy prices to the international market as part of subsidy-cutting reforms in line with recommendations from the International Monetary Fund.

Turbulent times for Africa?

17 September 2019, Published under Cement News

For the cement sector, turmoil has probably come to a head in many parts of Africa. Cement demand has slowed or fallen back into the red in many African countries, while overcapacity and low utilisation rates are characteristic of many markets. However, much of this turmoil is self-inflicted. Tony Hadley provides an uncompromising assessment of the industry on the continent and examines the root causes of business failure in some key markets. By Tony Hadley African Advisory. A perfect...

Alexandria Portland Cement sells plot of land

13 September 2019, Published under Cement News

Egypt’s Alexandria Portland Cement has sold an unexploited plot of land in Ad Dakhilah, according to a statement to the stock exchange. Situated on 15,852m 2 , the plot was sold for a consideration of EGP31.7m (US$1.9m). The company saw its losses widen 29.5 per cent YoY to EGP168.99m during the first half of 2019.

Beni Suef Cement reports modest revenue increase in 2Q19

04 September 2019, Published under Cement News

Egypt's Misr Beni Suef Cement saw a one per cent YoY increase in revenue to EGP454m (US$27.4m) in the 2Q19, supported by increased sales despite the Ramadan and Eid holidays. However, net profit was down 82 per cent YoY to EGP16m. The company may consider new investment opportunities worth up to EGP1bn during the coming period, as the company looks to benefit from a cash balance of over EGP1bn, according to Daily News Egypt. Meanwhile, it has reportedly reduced its production rate in acco...

Sinai Cement records 20% loss increase in 1H19

28 August 2019, Published under Cement News

Egypt’s Sinai Cement has seen its net loss widen 20.2 per cent YoY to EGP187.23m (US$11.3m) during the first six months of 2019, compared with EGP155.74m in the 1H18. The cost of sales advanced 23 per cent to EGP424.54m from EGP345.07m. However, net sales increased 12.7 per cent to EGP346.19m from EGP307.29m.

Tourah Cement rejects kiln auction result

27 August 2019, Published under Cement News

Tourah Cement rejected the auction result to sell off the old kilns of its Tourah plant as a result of the low price received. They are to be reauctioned later. The proceeds from selling the kilns, which ceased operation in 2013, reached around EGP7.6m (US$459,419), according to the company.

Misr Cement (Qena) records 85% decrease in profit

23 August 2019, Published under Cement News

Egypt’s Misr Cement (Qena) has reported an 85.2 per cent YoY fall in profit to EGP14.69m (US$886,660) for the first six months of 2019, compared to EGP99.37m in the year-ago period. General and administrative expenses rose to EGP79.16m from EGP57.18m in the 1H18. Standalone results saw the company’s net profit decline 84.7 per cent YoY to EGP8.09m from EGP52.84m.

Arabian Cement record profit fall of 88% in 1H19

21 August 2019, Published under Cement News

Arabian Cement Co (ACC) of Egypt announced a fall in profits of 88.1 per cent to EGP25.3m (US$1.52m) for 1H19 compared to EGP212.77m in 1H18. Profits in 2Q19 dipped to EGP19.4m from EGP50.7m in 2Q18, but this was an imporvement on 1Q19 profts of EGP5.97m, down from EGP162m in 1Q18. Cement sales in 1H19 amounted to EGP1.6bn compared to EGP1.64bn in 1H18. ACC (Cementos La Union group) has a clinker capacity of 4.2Mta and can produce up to 5Mta of cement.

Egyptian cement producers seek market solutions

16 August 2019, Published under Cement News

This week HeidelbergCement-owned Suez Cement and Tourah Cement reported their 1H19 results with further declines in sales, leading to wider losses for both Egyptian cement producers. The poor results are part of the continuing trend in which Egyptian cement sales fell by eight per cent in 1Q19 . In June 2019 Tourah Cement suspended cement production because of the financial distress caused by oversupply in the market. The company, which was founded in 1927 as Egypt's first cement plant...

Suez Cement records EGP293m net loss in 1H19

15 August 2019, Published under Cement News

Egypt’s Suez Cement recorded a net loss of EGP293.4m (US$17.69m) for the first half of 2019, down from an EGP238.2m profit in the year-ago period. Revenues declined 16.7 per cent YoY to EGP3.3bn from EGP3.96bn. Standalone losses widened to EGP590.5m, compared to EGP165.6m in the 1H18.