Displaying items by tag: Egypt

Egypt: Arabian Cement’s sales revenue fell by 5% year-on-year to US$139m in the first nine months of 2019 from US$147m in the same period in 2018. Local sales dropped whilst export sales and services rose. Its profit for the period after tax decreased to US$2m from US$13.3m.

Egypt: Misr Cement Qena’s profit in the three months to 30 September took a 67% year-on-year dive to US$1.85m from US$5.56m. Sales continued on an upward trend, ending the period up by 6.3% at US$146m from US$138m in the corresponding period of 2018.

Egypt: Misr Beni Suef’s sales over the three months to 30 September 2019 were US$29.6m, up by 24% from US$23.9m in the corresponding period of 2018. This growth failed to offset the challenges of profitability in a saturated market, with profit falling by 2.7% year-on-year to US$1.34m from US$1.37m.

Egypt: The government has reduced the price of natural gas for cement producers to US$5 per one million British thermal units (BTU). Previously the price was US$8MBtu, according to Mubasher. The government has reduced the price at a similar rate for other industrial users including iron, steel, aluminium, cooper, ceramic, and porcelain plants. It will now review the price of gas every six months.

Egypt: Siemens has submitted an integrated survey of the digitalisation potential of various industries in four zones to the Ministry of Industry (MoI) with a view to improving the competitiveness of the country’s products. Daily News Egypt has reported that the Germany-based technology company has already signed contracts for the supply of digital efficiency solutions with El Ameria Cement and Lafarge Egypt. It is also negotiating with Misr Beni Suef for the installation of thermal emission measuring units at its 3.5Mt/yr integrated cement plant in Beni Suef, Maadi.

Egypt: South Valley Cement has reported losses of US$6.19m in the first half of 2019, down by 587% from a US$1.27m profit in the same period of 2018.

Egypt: Alexandria Portland Cement has sold a 15.9km² parcel of disused land in Ad Dakhila. Mubasher reports that the company, the losses of which increased by 29.5% year-on-year to US$10.3m in 2019, received US$1.93m from the sale.

Egypt: In a statement sent to EGX, Sinai Cement recorded first half net losses of US$11.3m, an increase of 20.1% on the US$4.00m recorded in losses in the same period of 2018.

Egypt: Misr Beni Suef Cement has reported net profits for the six months to 30 June 2019 of US$2.76m, down by 78.8% from US$13.0m in the same period of 2018. This is part of a wider profit slump for Egyptian domestic cement producers, with Misr Cement Qena’s first half figure down by 85.2% to US$0.87m from US$6.00m a year ago.

Egypt: Suez Cement made a loss during the first half of 2019. Its net loss reached US$17.7m over the six month period, from a profit of US$14.4m in the first six months of 2018. The company generated US$199m in revenue during the first six months of 2019, compared to US$238m a year earlier.