Displaying items by tag: Egypt

Egypt: Egypt's cement consumption is expected to drop to 45Mt in 2024, a decrease of 4% from 47Mt in 2023, reports Arab Finance newspaper. According to Ahmed Shireen, head of the cement division at the Federation of Egyptian Industries, the country is also projected to export 15Mt of cement. Local production capacity stands at 92Mt/yr. Recent reductions in transport availability have reportedly been exacerbated by exports, particularly to Libya, causing a significant cement shortage. This has reportedly impacted local construction projects and contributed to a 20% price increase since 1 August 2024.

Egypt: Sinai Cement recorded a reversal in consolidated net profits from net losses of US$1.63m in the first half of 2023 to US$13.3m in the first half of 2024. Sales rose from US$48.3m to US$55m in 2024. The company reported an increase in standalone profits, from previous losses of US$1.5m in 2023 to US$659m as of 30 June 2024. However, net sales declined from US$48.3m in 2023 to US$31m in the first six months of 2024. For the quarter ending 31 March 2024, Sinai Cement achieved consolidated net profits of US$6.17m.

Egypt: Cementir Holding’s Aalborg Portland Holding has acquired an additional 25% stake in Sinai White Portland Cement (SWCC) from Sinai Cement Company for approximately €30m. This represents Sinai Cement Company’s entire stake. Following this transaction, Cementir will indirectly hold 96.5% of SWCC’s share capital.

Tanzania: Mbeya Cement has appointed Mohamed Ismail Elsaidy as its CEO. He holds 25 years of experience in the industrial sector with much experience in cement. He started his career working for Blue Circle in Saudi Arabia in the late 1990s. He later held engineering roles for the Egyptian Cement Company, Lafarge Emirates Cement and eventually became the Operation and Process General Manager for Wadi El Nile Cement. As well as holding academic positions, he also worked for the Egyptian General Authority for Standardization and Quality in the early 2020s. Elsaidy holds a PhD in chemical engineering from Cairo University.

Egypt: South Valley Cement has reported a net loss of US$959,000 for the first quarter of 2024, decreasing from a loss of US$768,000 in the same period in 2023. The company generated revenues amounting to US$6.8m in the January-March 2024 period, compared to US$7m in 2023. The company's financial results from 1 January to 31 March 2024 reveal ongoing challenges, with increased operational costs and reduced demand impacting the sector significantly.

Italy: The Italian cement association Federbeton has appointed Stefano Gallini as its president. He succeeds Roberto Callieri in the position.

Gallini is currently the CEO of Heidelberg Materials Italia, a role he assumed at the start of 2024. Before this he was the West African Region Managing Director for Heildelberg Materials and the Managing Director for Sierra Leone. Gallini previously worked for Italcementi from 2000 to 2017 becoming the company’s Chief Commercial Officer Egypt in 2010.

Egypt: Titan Egypt has appointed Amr Reda as its CEO. Reda has worked for Lafarge and related companies since 2008 starting as the Chief Financial Officer (CFO) for Lafarge Pakistan Cement. He then became the Country CEO for Lafarge Pakistan in 2012 and the Country CEO for Lafarge Jordan in 2015. Prior to holding positions with Lafarge, Reda held senior finance positions for subsidiaries of Heineken and 3M in Egypt. He is a business graduate from the American University in Cairo and holds a master of business administration (MBA) from the same institution.

Egypt: Beni Suef Cement Company has reported a 32% year-on-year decline in profit for the first quarter of 2024, with a net profit after tax of US$873,000 compared to US$1.3m in the same period in 2023. Despite the fall in profits, sales rose significantly to US$14m from US$5.8m in the first quarter of 2023.

Egypt: Sinai Cement Company reported a consolidated net profit of US$6.4m for the first quarter of 2024, a turnaround from a net loss of US$1.2m in the same period last year. The company's net sales reached US$24.6m, down slightly from US$26.3m in the first quarter of 2023.

Egypt: Cemex has entered an agreement with the authorities in Egypt's Gharbia province to operate the first facility of its circularity solutions business, Regenera. The company will treat over 800t/day of municipal solid waste at the facility to produce alternative fuels and compost, aiming for minimal residual waste to landfill.

"Through Regenera, Cemex seeks to conserve natural resources, reduce greenhouse gas emissions and benefit communities by promoting sustainable development and reducing the environmental impact of industrial activities," the company said.