Displaying items by tag: Sinai Cement

Egypt: Sinai Cement reported a net profit of US$60.7m in 2024, compared to a net loss of US$2.40m in 2023. Net sales rose to US$127m in 2024 from US$84.7m in 2023. Non-consolidated net profit reached US$60.7m, compared to a loss of US$2.32m in 2023.

Egypt: Sinai Cement has appointed Wael Abdrabbou as Head of Finance.

Abdrabbou has worked in financial management roles at the subsidiary of France-based Vicat since 2020. Before this he held accounting roles for the bags unit of Lafarge Egypt from 2004. He eventually became the division’s Chief Accountant from 2014 to 2020. Abdrabbou holds an accounting degree from Mansoura University and a master of business administration from the Arab Academy For Banking And Financial Science.

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.

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: Sinai Cement reported a reduction in its consolidated net loss after tax in 2023, amounting to US$2.57m, down from US$7m in 2022. The company's net sales saw an increase, reaching US$90.8m in 2023, up from US$49.6m the previous year.

Egypt: Sinai Cement’s sales were US$104m in the first nine months of 2023, up by 99% from US$52.4m in the corresponding period in 2022. As such, it succeeded in reducing its net loss by 31%, to US$3.93m from US$571m.

Egypt: Sinai Cement’s consolidated sales more than doubled year-on-year during the first half of 2023, to US$76.5m from US$33.2m, Arab Finance News has reported. As such, the company succeeded in reducing its net losses to US$2.58m, compared to US$3.31m in the first half of 2022.

Egypt: France-based Vicat’s stake in Sinai Cement has risen to 67% from 51%. The group purchased US$5.65m-worth of additional shares in the producer from separate investors on 13 December 2022. Reuters News has reported that shareholder Arab Industrial Investment sold its 6.6% stake for US$2.29m.

Egypt: The Egyptian Exchange has published a filing regarding the acquisition of US$5.66m-worth of Sinai Cement shares by an investor on 7 December 2022.

France-based Vicat holds the majority stake in Sinai Cement, while investor Asmaa Amer Gharib acquired a 7.5% stake in the producer in March 2022 for US$4.05m.