Cement News tagged under: Sinai Cement Co

RSS feed

Sinai Cement reports higher sales, narrow loss in 2021

04 April 2022, Published under Cement News

Egypt-based Sinai Cement Co , owned by Vicat , reported a 61.9 per cent increase in sales to EGP1.44bn (US$78.8m) in 2021 when compared with 2020 when the company sold to a value of EGP889.2m. The company also narrowed its loss to EGP354m in 2021 from EGP560.3m in 2020.

Vicat and Egypt settle investment dispute

24 March 2022, Published under Cement News

Egypt’s Prime Minister, Mostafa Madbouli, and the Minister of Justice, Omar Marwan, have witnessed the signing of a final settlement agreement on the country’s investment dispute with Vicat , a shareholder in Sinai Cement Co . The agreement was signed by Minister of International Cooperation, Rania el Mashat on behalf of the government, and Vicat’s Chairman and CEO, Guy Sidos. Under the agreement, the arbitration case between the two parties before the International Center for Settlemen...

Sinai Cement records 1H21 net loss of EGP253m

17 August 2021, Published under Cement News

Sinai 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.

Sinai Cement approves Sinai White Portland Cement exit

21 June 2021, Published under Cement News

Sinai 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.

Vicat's Egyptian market share targeted to reach 5%

30 May 2019, Published under Cement News

Vicat has a market share of under three per cent in Egypt, but Tamer Magdy, CEO of Vicat Egypt, claims that the company will achieve profit early next year, while it aims to take its market share to five per cent. Vicat acquired Sinai Cement, its Egyptian subsidiary near Al-Arish, in 2003. The Egyptian market has been challenging for Vicat and it stopped production in the 1Q18. The commissioning of new plants has caused considerable overcapacity of 30Mta in the country. Mr Magdy will look ...

Sinai Cement awards FLSmidth contract to prepare for coal usage

25 July 2014, Published under Cement News

Sinai Cement Co (SCC) has awarded FLSmidth, the contract to provide the equipment to facilitate the use of coal, Daily News Egypt has reported. The Egyptian-based cement producer also said it would partner with local contractors and suppliers to equip the plant to use coal as an alternative energy to natural gas and fuel oil.