Displaying items by tag: Egypt

Egypt: Alexandria Portland Cement has reported a 54% year-on-year decrease in net losses to US$2.26m in the first quarter of 2020 from US$4.91m in the corresponding quarter of 2019.

Egypt: Misr Beni Suef has reported a 101% year-on-year increase in net profit to US$3.76m in the first quarter of 2020 from US$1.87m in the corresponding period of 2019. Sales fell by 7.1% year-on-year to US$25.7 from US$27.6.

Egypt: Suez Cement, a HeidelbergCement subsidiary has implemented of a 20% reduction in pay for members of the management committee and a 30% reduction in pay for the managing director in the second quarter of 2020. The cuts are intended as a ‘cost-saving measure’ in line with the company’s aim to reduce expenses. Suez Cement said, “During the last few years the Egyptian cement industry has been going through very challenging times caused by oversupply and a sustained decrease in the demand, and Suez Cement Group has posted negative results. The COVID-19 crisis has complicated market conditions, affecting demand and increasing our costs. Moreover, it has affected our main shareholder, HeidelbergCement. In many countries it has suffered complete shutdowns and it is currently enduring complications in most of the countries that is present.”

Suez Cement continues to employ all staff.

Egypt: Suez Cement has appointed Yasser Elnaggar as its chairman. He succeeds Hayrullah Hakan Gurdal in the role.

Elnaggar is the chief executive officer (CEO) of EN Investment, a management advisory and investment house. Previously he worked as CEO of the Chemical Industries Holding Company (CIHC), a conglomerate made up of 23 Egyptian companies. Alongside this he holds over 25 years experience as a diplomat for the Egyptian government with a notable posting in from 2010 to 2014 as the Deputy Chief of Mission of the Embassy of the Arab Republic of Egypt in Washington, DC. Domestic government roles he has held include working as the Principal Deputy Minister of Planning, Monitoring and Administrative Reform. In this position he helped oversee the implementation of Egypt's 2030 Vision strategy. He also held the post of Principal Deputy Minister of Investment until April 2016.

Egypt: Cement sales have fallen by around 35 - 40% in Egypt. This is reported to be due a number of factors that has each taken a chunk out of demand, including coronavirus lockdown measures, the imminent onset of Ramadan and the start of the wheat harvest season. Cement sales prices are reported to have fallen as a result of the lower demand.

Greece: Titan Cement has published its integrated annual report for 2019, a year in which its net profit fell by 5.5% year-on-year to Euro50.9m from Euro53.8m in 2018 and sales rose by 8.0% to Euro1.61bn from Euro1.49bn. The company noted its ‘sustained performance and stronger cash flow generation’ throughout the year, with growing demand in the US and Southeastern Europe and the beginning of growth in Greece, in spite of a 7.0% year-on-year fall in cement volumes to 17.0Mt from 18.2Mt in 2018. Challenging conditions in Egypt and Turkey caused the group’s performance to deteriorate.

Titan Cement said that it is ‘on track to meet the Group’s 2020 sustainability targets and has already met ‘all targets related to emissions and water consumption.’
It acknowledged inevitable ‘short-term impacts’ of coronavirus, including reduced sales volumes ‘particularly and more severely in the second quarter of 2020,’ and has strengthened its liquidity position to Euro400m.

Egypt: Arabian Cement has reported an 88% decline in profit year-on-year to Euro 1.60m in 2019 from Euro13.3m in 2018. Sales were Euro181m, down by 5.5% from Euro 192m in 2018 due to depleted demand. Expansión newspaper called 2019 ‘the worst year in history for Egypt’s cement industry.’

Egypt: Misr Cement Qena has announced its donation of US$127,000 to the government’s Tahya Misr coronavirus rapid response fund. The fund aims to provide unemployed irregular workers with US$31.7/day, increasing the healthcare budget by 75% and providing ventilators to all who need them, as well as equipping hospitals with masks and detergent. Misr Cement Qena chairman Abd al-Fattah Harhour said, “We are very proud to take a leading part in the initiative as part of our ongoing social responsibility towards our country and our people.”

Mexico: Cemex has added responsibility for the Philippines, Israel, Egypt and the UAE to Sergio Mauricio Menendez Medina with his appointment as the president of Cemex Europe, Middle East, Africa & Asia (EMEAA). He will continue to remain the president for Cemex in Europe

Jesus Vicente Gonzalez Herrera, current president for Cemex in South, Central America and the Caribbean (SCAC), will also oversee Cemex’s Global Trading activities, in addition to his current responsibilities.

Egypt: Sinai Cement’s net loss in 2019 was US$28.1m, down by 44% year-on-year from US$50.2m in 2018. Arab Finance News reported that the company attributed the loss to accumulated effects of currency devaluation on imported fuel and to rises of electricity and oil prices.