Displaying items by tag: Misr Cement

Egypt: Misr Cement Group has announced an increase in its financial performance for 2024, reporting a net profit of US$5.4m. This represents a 136% increase year-on-year compared to 2023, when it made just US$2.3m. The company said that its growth underscored its successful cost optimisation, operational efficiency and market expansion policies, despite economic challenges.

Hassan Gabry, managing director and CEO of Misr Cement Group, said “The significant profit increase is a testament to the strength of our strategies and the efficiency of our management. We remain committed to expanding both locally and internationally while reinforcing our leadership in the cement industry across the region.”

Egypt: In a move to reinforce its commitment to environmental sustainability and the transition to renewable energy, Misr Cement Group has signed a groundbreaking partnership with Solarize Egypt to develop a 40MW photovoltaic solar power project, based on an Independent Power Producer (IPP) model.

The project, one of the largest initiatives in Egypt’s industrial sector, will involve a total investment of US$29m. The two solar plants will generate 48 million kWh per year for each of the company’s plants in Minya and Qena governorates. This will reduce dependence on traditional energy sources, decrease the company’s CO2 emissions, and enhance the group’s operational sustainability.

This collaboration highlights the mutual commitment of both parties to support Egypt’s Vision 2030 by adopting clean energy solutions and reducing the environmental impact of heavy industries, in line with the national goal to increase reliance on renewable energy sources and achieve sustainable development.

Egypt: Misr Cement has appointed Hassan Gabry as its chief executive officer and managing director. He will also become a member of the group’s board of directors.

Gabry holds over 30 years of professional experience, with 20 years at cement companies. He worked as the Sudan Country Manager for Cementia Trading in the early 2000s before becoming the Algeria Commercial Director for ASEC Cement. He later worked for the Arabian Cement Company in Egypt as its Head of Sales from 2009 and then as its Chief Commercial Officer from 2015 to early 2024. He holds a degree in economics and accountancy from the Ain Shams University in Cairo.