Cement News tagged under: Egypt
ICSID rules in Egyptian states favour in Spanish cement case06 November 2020, Published under Cement NewsAfter seven years of arbitration proceedings, the International Center for Settlement of Investment Disputes (ICSID) has turned down a lawsuit filed by Spanish companies Cementos La Unión and Aridos Jativa against the Egyptian State. The dispute concerned a compensation claim of more than EUR236m for damages allegedly incurred by both companies. Cementos La Unión and Aridos Jativa claimed that the Egyptian State had not upheld its international obligations and argued that a bilater... |
Egypt sees demand rise 10% MoM28 October 2020, Published under Cement NewsEgypt saw total cement sales decline 12.5 per cent YoY to 3.8Mt, including exports, in September, according to Daily News. However, this represents a 10 per cent increase MoM and is the highest monthly cement demand since April 2020. The average industry utilisation rate stood at around 56 per cent in September. Sinai Cement was the best performer in terms of volumes, which increased three per cent YoY. Suez Cement reported sales of 617,000t, up 28 per cent MoM, while Arabian Cement sa... |
South Valley Cement sees net loss contract in the 1H2019 October 2020, Published under Cement NewsEgypt’s South Valley Cement has seen its net loss contract to EGP69.82m (US$4.45m) in the 1H20, compared with EGP100.82m in the 1H19. However, in the 2Q20 sales declined 21.5 per cent YoY to EGP196m from EGP249.67m in the corresponding period of 2019. |
Qalaa Holdings achieves 105% YoY growth in 2Q2001 October 2020, Published under Cement NewsQalaa Holdings has reported its consolidated financial results for the quarter ended 30 June 2020, with revenues of EGP7.4bn (US$470m), up 105 per cent YoY. " Qalaa’s performance was anchored by a recovering cement market in Sudan and an optimised pricing strategy by Al Takamol, which played a key role in offsetting the impacts of Egypt's underperforming cement market," said Qalaa Holdings' Chairman and Founder, Ahmed Heikal. |
Suez Cement expected to increase stake in Tourah Portland30 September 2020, Published under Cement NewsEgypt’s Suez Cement is expected to submit a tender offer to acquire up to 100 per cent of the issued capital of Tourah Portland Cement for EGP7.18 (US$0.45) per share, according to a disclosure to the Egyptian Exchange (EGX). Suez Cement already owns 66.12 per cent of Tourah. Upon the execution of the offer, the latter is expected to voluntary delist its shares from the EGX. HeidelbergCement is also proposing to launch a tender offer to increase its 55.08 per cent stake in Suez Cement t... |
Egypt's cement sector sees a 60% fall in cement demand25 September 2020, Published under Cement NewsThe cement industry in Egypt is expected to come under heightened strain following a 60 per cent decline in cement demand for the first time in the sector's history, says Professor Mohamed Saleh of the Toulouse School of Economics . During the 1H20 Arabian Cement Co reported losses of about EGP5.6m (US$0.3m), the Sinai Cement company recorded losses of EGP245.6m (US$15.6m), while Tourah Cement company suspended production altogether due to a financial crisis caused by the oversupply ... |
Egyptian Cement to inaugurate plant in 202123 September 2020, Published under Cement NewsEgyptian Cement Group has announced plans to inaugurate a new plant in 2021, according to Ahmed Abou Hashima, CEO. The facility is located in Sohag and has a total investment cost of EGP4.5bn (US$285.79m). Egyptian Cement’s new factory will be the group’s "first investment seed" in the coming year, marking the first business expansion since the COVID-19 pandemic. |
Arabian Cement sets sales targets22 September 2020, Published under Cement NewsEgypt’s Arabian Cement Co has set a domestic sales target of 3.94Mt of cement in 2020, the same value as last year, according to Sergio Alcantarilla, company CEO. Despite outlining the company’s year-end target for the local market, Mr Alcantarilla said that it is difficult to predict its exports in 2020. He noted that this year, the company only sold 2.56Mt during the 8M20 and exported 215,000t. This compares to a total of 2.51Mt sold during the same period last year, of which 283,000... |
Tourah Cement loss contracts 67% in 1H2007 September 2020, Published under Cement NewsTourah Cement reported a 67 per cent fall in net losses to EGP-151.97m (US$-9.6m) in the 1H20 when compared with EGP461.25m reported in the 1H19, according to Mubasher. However, sales dropped to EGP83.8m between January-June 2020 from EGP473.2m in the year-ago period, according to a bourse disclosure on Sunday. |
Suez Cement consolidated losses increase in 1H2007 September 2020, Published under Cement NewsEgypt-based Suez Cement sales decreased to EGP2.7bn (US$170.9m) during the January-June 2020 period, down from EGP3.3bn in the 1H19. The company’s consolidated financial statements also showed a 99 per cent YoY increase in its net losses to EGP-709.31m in the 1H20, compared to EGP-356.49m. Standalone losses amounted to EGP-463.3m from EGP590.5m in the year-ago period. |