National Cement Co makes net loss of EGP744m before tax

National Cement Co of Egypt recorded a net loss of EGP744m (US$41.5m) before taxes during the first nine months of fiscal year 2017-18, compared to a loss of EGP615.6m in fiscal year 2016-17.

The company's financial indicators showed a total loss of EGP486.1m during the same period of the current fiscal year, compared to EGP422.9m in the nine months of the previous year.

The company attributed the loss to production difficulties and the poor condition of the kiln.

Meanwhile, the Accountability State Authority said that National Cement Co's debt to the gas organisation is EGP3.3bn, reports Egypt Today.

The company was planning to achieve a net profit of EGP17.7m in 2017-18, with an investment budget worth EGP150m.