Published by
Joseph Green,
Editor
World Cement,
Egypt's largest listed cement maker by market value, Suez Cement, has announced that it made a net loss of 50 million Egyptian pounds (US$6.23 million) in the third quarter compared with a net profit of 52 million pounds in 2014.
The company’s revenue dropped to 1.177 billion pounds in the three months ending September 30 from 1.442 billion.
Edited from source by Joseph Green. Source: Reuters Africa
In 2Q14, Suez Cement’s consolidated revenues totalled EGP1.719 million, while recurring EBITDA rose to EGP373 million.
Pending final government approval, Suez Cement is reportedly planning a EGP300 million conversion project to switch two of its plants to burn coal instead of natural gas.
Egyptian cement manufacturer Suez Cement has inaugurated a €5 million waste processing facility, located at the company’s Kattameya plant.
The company has balanced the challenges of the domestic market with solid exports and efficiency measures to achieve a 2% growth in its net profits.