Sinai Cement announces widening net loss in the 1H20

Egypt’s Sinai Cement Co has seen its consolidated net loss widen to EGP247.6m (US$15.6m) in the first half of 2020, against EGP187.2m in the year-ago period. Its standalone net loss also expanded to EGP245.7m from EGP186.4m last year.

The company attributed its losses in 2019 to the Egyptian pound devaluation on imported fuel, in addition to the higher prices of electricity and oil.