Cement News tagged under: Suez Cement

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Suez Cement consolidated losses increase in 1H20

07 September 2020, Published under Cement News

Egypt-based Suez Cement sales decreased to EGP2.7bn (US$170.9m) during the January-June 2020 period, down from EGP3.3bn in the 1H19. The company’s consolidated financial statements also showed a 99 per cent YoY increase in its net losses to EGP-709.31m in the 1H20, compared to EGP-356.49m. Standalone losses amounted to EGP-463.3m from EGP590.5m in the year-ago period.

Suez Cement announces new chairman

30 April 2020, Published under Cement News

Egypt’s Suez Cement Group has appointed Ambassador Yasser El-Naggar as the new chairman of the group, effective from 23 April. Mr El-Naggar has succeeded Hayrullah Hakan Gurdal in the role. Mr El-Naggar has previously served as principal deputy minister of planning and was a member of the senior management overseeing the implementation of Egypt's 2030 Vision. Elsewhere, the company has also announced plans to reduce the salaries of the managing director and members of the management commit...

Suez Cement looks to sell stake in Hilal Cement

11 March 2020, Published under Cement News

Egypt’s Suez Cement has decided to place its 51 per cent stake in Kuwait-based Hilal Cement up for sale, according to a statement to the country’s stock exchange. Elsewhere, the company’s board has also approved a proposal to obtain a three-year US$125m loan from HeidelbergCement, its parent company. The funds are expected to be used to offset local overdue payments.

Suez Cement sees net loss narrow in 2019

10 March 2020, Published under Cement News

Egypt’s Suez Cement has seen its consolidated net loss narrow to EGP1.18bn (US$75.23m) in 2019 from EGP1.32bn in the previous year. However, sales declined 13.1 per cent YoY to EGP6.46bn from EGP7.43bn. In its standalone results, the company recorded a net loss of EGP1.26bn against an EGP10.69m profit in 2018.

Suez Cement reports impact of wastewater flood

15 March 2019, Published under Cement News

Suez Cement has announced that its Kattameya plant has been seriously affected by the collapse of a soil barrier around one of the wastewater ponds of a treatment station that serves New Cairo. The incident resulted in the flooding of 1.5Mm 3 of treated wastewater, which has damaged part of the plant's limestone belt by removing it from its base. Furthermore, power cables were cut, light posts damaged and an asphalt road was demolished as it sank in the water. In a statement to the Egypti...

Suez Cement returns to profitability in 2018

07 March 2019, Published under Cement News

Egypt’s Suez Cement reported a net profit of EGP121.43m (US$6.95m) in its full-year 2018 consolidated results, compared with a loss of EGP1.13bn in the previous year. Sales increased 14.9 per cent YoY to EGP7.42bn from EGP6.46bn. The company’s standalone profit also increased to EGP199.86m for 2018, against a loss of EGP441.79m in 2017.

Suez Cement reports 2Q loss

15 August 2017, Published under Cement News

Egypt-based Suez Cement reported losses during the second quarter of 2017 YoY, according to a bourse filing on Monday. Losses amounted to EGP82.15m (US$4.6m) in 2Q17, versus profits of EGP49.43m in 2Q16. The cost of sales rose to EGP1.48bn in 2Q17, compared to EGP1.19bn YoY. In the first half of 2017, consolidated losses reached EGP40.61m, versus profits of EGP53.76m in 1H16, taking minority rights into consideration. Stand-alone profits dropped to EGP20.82m in 1H17 from EGP124...

Egypt: Suez Cement to boost Helwan productivity

06 March 2017, Published under Cement News

Chairperson of the Suez Cement Company, Omar Mohanna, has said that Suez Cement Company aims to boost productivity at Helwan Cement after completing its plan to convert the plant to run on coal. He added that the company aims to diversify energy sources to avoid the negative impacts of fuel price surges. The Suez Cement Company began using coal in its factories in Katameya and Suez, with plans in the pipeline to convert the Helwan and Torah kilns to gas firing.

Egypt: Suez Cement reports deepening net loss

02 March 2017, Published under Cement News

Suez Cement has reported a deepening net loss of EGP629.3m (US$33.8m) for 2016. This compares with EGP100.8m reported in 2015. Part of HeidelbergCement following its Italcementi acquisition, Suez Cement is the largest cement producer in Egypt. The company operates some 14.8Mta of grey cement capacity in its Tourah, Helwan, Kattameya and Suez plants as well as a 1Mta white cement plant at El Minya.

Egypt sets out on a new course

05 September 2016, Published under Cement News

President Abdel Fattah al-Sisi has managed to return a certain degree of stability to Egypt, with the economy expected to show a gradual recovery. A broad infrastructure programme and robust housing demand is providing the foundation for a strong growth in construction, while the government is calling for the cement industry to increase its capacity. The urgent need to expand Egypt's inrastructure and deal with the considerable housing shortage are expected to drive cement demand f...