France-based Vicat SA has increased its stake in Egypt’s Sinai Cement from 51 per cent to 67 per cent. According to Reuters, Vicat bought additional shares worth US$5.65m from separate investors on 13 December 2022. Shareholder Arab Industrial Investment reportedly sold its 6.6 per cent share for US$2.29m.
Vicat reported consolidated sales of EUR2697m in the 9M22, up 15.7 per cent YoY at constant scope and exchange rates. The growth came on the back of solid sales improvements in all regions, along with a strong rise in selling prices.
In Egypt Vicat's consolidated sales over the nine-month period totalled EUR85m, up 64.4 per cent YoY. Following the market regulation agreement between the Egyptian government and all producers that entered force in July 2021 and was subsequently extended in September 2022, selling prices in the domestic market continued to improve during the first nine months of the year, supported by a solid increase in demand. During the third quarter, consolidated sales were up 72.1 per cent YoY at constant scope and exchange rates.
