Displaying items by tag: Loss
Alexandria Portland Cement’s losses narrow
26 February 2020Egypt: Alexandria Portland Cement has reduced its margin of loss by 40% year-on-year to US$15.2m in 2019 from US$25.3m in 2018.
Greece-based Titan Cement is the 89% owner of Alexandria Portland Cement via its subsidiary Alexandria Development Ltd.
EAPCC’s losses grow
26 February 2020Kenya: East African Portland Cement Company (EAPCC) has recorded losses of US$16.2m in 2019, up by 0.6% from US$16.1m in 2018, in spite of sales growth over the period of 8.0% year-on-year to US$14.7 from US$13.6m. Reuters has reported that the company will not be paying its shareholders.
New buyer signs Schwenk Namibia deal
06 January 2020Namibia: China-based West China Cement concluded a sale and purchase agreement for Germany-based Schwenk Zement subsidiary Schwenk Namibia for US$104m on 3 January 2020. The Nambian newspaper has reported that the deal is awaiting clearance from authorities. Schwenk Namibia holds a 70% stake in Ohorongo Cement. Singaporean authorities stopped the sale of Schwenk Namibia to Singaporean-based International Cement Group (ICG) in September 2019 due to the latter’s inability to cover the losses of the Namibian company.
Kenya: East Africa Portland Cement Company (EAPCC) has defaulted on contractual loan repayments to KCB Bank after auditors PricewaterhouseCoopers reported that the Kenyan company made a loss of US$28.0m in the twelve months to 30 June 2019, over which time it produced 0.3Mt of cement against an installed capacity of 1.3Mt/yr.
Alexandria Portland Cement makes US$1.93m land sale to combat losses
13 September 2019Egypt: 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.
Suez Cement adds to list of loss-making Egyptian producers
16 August 2019Egypt: 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.