Egypt’s Tourah Portland Cement has posted a net loss of EGP617.25m (US$39.3m) in 2019, compared with an EGP36.09m profit in the previous year.

Total sales also declined 51.7 per cent YoY to EGP531.75m from EGP1.1bn. The company’s board of directors has reportedly stated that it has been one of the worst years for the industry due to higher supply, stronger competition and lower demand.