Misr Beni Suef Cement records 84% rise in profit

Egypt’s Misr Beni Suef Cement Co has seen its profit rise 84 per cent YoY to EGP29.5m (US$1.85m) during the second quarter of 2020, against EGP16m in the 2Q19.

The company also reported a 94 per cent increase in profit to EGP88.77m in the 1H20, compared to EGP45.66m in the corresponding period of 2019.

However, revenue declined 52 per cent YoY to EGP216m. Cement sales, including exports, also fell 53 per cent YoY, which was attributed to the continued oversupply alongside the effects of the COVID-19 pandemic.