Arabian Cement Co of Egypt posted consolidated net profits of EGP59,741,627 (US$3.3m) in the first three months of this year, versus net profits of EGP34,145,321 in the same period a year ago, the company announced in a statement sent to Egyptian Stock Exchange.
Moreover, it posted standalone net profits of EGP59,101,824, versus net profits of EGP 33,324,334 in the same period a year ago.
Separately, the company said it is to undertake three upgrade projects involving an investment of more than EGP130m (US$7.18m) during the current year. The projects will reduce the cost and increase the efficiency of the cement production process, allowing the company to provide their products at relatively low prices to hedge against the inflationary pressures facing the market, Sergio Alcantarilla, CEO of the Arabian Cement Company, was quoted as saying in the report by Daily News Egypt.
