Cement News tagged under: Egypt
Has Egypt's cement sector turned the corner?24 September 2021, Published under Cement NewsEgypt's cement sector has been battling against the economic tide for a considerable time as overcapacity, the end of energy subsidies and low cement demand has pushed some producers to the edge of existence, while others have become too debt-ridden to survive. However, this week saw better news as the country is launching a significant infrastructure drive and prices of construction materials have risen. Is it this simple to fix Egypt's long-suffering cement sector? It will take a prolonge... |
Helwan Cement to install WHR system17 September 2021, Published under Cement NewsSuez Cement Group of Companies (SCGC), owned by Heidelberg Cement group, has announced an investment of around US$20m to build a waste heat recivery system (WHR) at its Helwan cement factory in Egypt. The new facility will be using the latest technologies to ensure an environmentally friendly and energy-efficient production process, and significantly reduce CO 2 emissions produced from the electricity supply. The WHR system will have the potential to generate up to 18MW of power for... |
Misr Cement (Qena) posts 9% profit increase17 August 2021, Published under Cement NewsEgypt’s Misr Cement (Qena) has recorded a 9.2 per cent YoY advance in consolidated net profit for the January-June period of 2021, rising to EGP69m (US$4.39m) from EGP63m in the 1H20. However, net revenue declined 4.7 per cent to EGP1.28bn from EGP1.34bn. The company has attributed the increase in profitability to improved efficiency and total exports, which climbed 316 per cent YoY to 169,000t from 41,000t in the first half of 2020. |
Sinai Cement records 1H21 net loss of EGP253m17 August 2021, Published under Cement NewsSinai Cement Co reported a standalone net loss of EGP252.666m (US$16m) in the 1H21, according to the company’s financial statements. This marked a YoY rise of three per cent when compared to a loss of EGP245.687m in 1H20. In June 2021, Sinai Cement’s ordinary general assembly approved selling its shares in Sinai White Portland Cement Co based on the fair value of Sinai White’s share. |
Arabian Cement Co sees net loss widen in 1H2113 August 2021, Published under Cement NewsEgypt’s Arabian Cement Co has seen its consolidated net loss after tax widen to EGP23.28m (US$1.48m) in the first half of 2021, compared to EGP5.63m in the year-ago period. Sales revenue declined 26.9 per cent YoY to EGP964.86m from EGP1.32bn in the 1H20. |
Titan Cement’s reports strong US and Greek revenues in the 1H2130 July 2021, Published under Cement NewsTitan Cement reported that in the USA the positive momentum in US fundamentals continued in the first half of the year. Revenue in the USA recorded a 10.2 per cent increase in US dollar terms in the 1H21 but was almost flat in euro terms (+0.8 per cent) at EUR479.3m. US EBITDA reached EUR81.2m, up by 1.9 per cent in US dollar terms but down 6.8 per cent in euro terms when compared with the 1H20. The discrepancy is due to higher maintenance costs in the 1H21 as well as increased logisti... |
Vicat confident cement business in Egypt will improve15 July 2021, Published under Cement NewsVicat has been operating in the Egyptian market for the past 17 years, since its acquisition of the Sinai Cement Co in 2003 and it will keep investing in the country even during times of crises, says Sinai Cement Country Manager, Tamer Magdy. Egypt remains promising for investment, despite the negative impacts of COVID-19 crisis on the economy. The country ’s GDP is still expected to reach five per cent in 2022, said Tamer Magdy. "The economic reform decisions taken by the Egyp... |
Redecam completed Sokhna cement baghouse project14 July 2021, Published under Cement NewsA new Redecam Group Sp A turnkey project has been successfully started up on Line 2 at LafargeHolcim’s Sokhna cement plant, Egypt. Redecam Egypt converted the main kiln/RM electrostatic precipitator filter into a baghouse filter. It also enhanced the cooling system for the clinker cooler, including a partial ESP retrofit. Finally, the company revamped the by-pass gas cooling tower (GCT) and dust transport system. The project follows a successful Redecam installation at the s... |
Egypt to cut cement manufacturing by 11%07 July 2021, Published under Cement NewsEgypt's competition authority has approved a request by 23 cement manufacturers to temporarily reduce production to reduce output, setting a baseline cut at 10.69 per cent. The competition authority decision, dated 5 July, said there would be additional cuts of 2.81 per cent for each production line and further cuts depending on the company’s age, according to a Reuters report. The quotas would come into force on 15 July and remain in place for one year, the document said. |
Sinai Cement approves Sinai White Portland Cement exit21 June 2021, Published under Cement NewsSinai Cement Co approved the sales of its shares in Sinai White Portland Cement Co based on the fair value of Sinai White’s share, according to a filing to the Egyptian Exchange. Sinai Cement Co held a general assembly on 17 June to ratify the business continuity of the company as well as its financial results for 2019 and 2020. It incurred a consolidated net loss before minority interests of EGP147.976m in the first quarter of 2021. |