Consolidated financial report at September 30, 2012
CONSOLIDATED REVENUE: 3,409 MILLION EGP (3,758 MILLION EGP).
OPERATING PROFIT: 592 MILLION EGP (810 MILLION EGP).
NET PROFIT AFTER Non-Controlling Interest: 398 MILLION EGP (517 MILLION EGP).
Cairo, November 12, 2012 – At a meeting today, the Board of Directors of Suez Cement S.A.E examined and approved the consolidated financial report at September 30, 2012, which closed - after the positive results achieved in the 3rd quarter - with a net profit of 398 million EGP ( vs. 517 million EGP).
The growth in the domestic grey cement market continued and reached +2% in Q3 (+6.6% on YTD basis). In this context, Suez Cement Group succeeded in reducing price incentives which had been offered to cement traders since the spring of 2011, but could not match the volume demand as the Group’s plants continued to suffer from various strikes, energy shortages, and new capacities in the market. Although the development of export volumes continued, it could not entirely offset the loss of the domestic sales. In the mean time we continued our efforts to reduce energy and maintenance costs.
The YTD net sales of the Suez Cement group reached 3,409 million EGP (- 9% vs. PY), the operating profit 592 million EGP (- 27% vs. PY), and the total net profit “after non-controlling interest” amounted to 398 million EGP (- 23% vs. PY).
Q3 2012
In the third quarter of 2012, the net sales of the Suez Cement group reached 1,008 million EGP (+ 0.5% vs. PY), operating profit 170 million EGP (+10% vs. PY) and the total net profit “after non-controlling interest” amounted to 132 million EGP (+ 26.5 % vs. PY).
Outlook
The outlook for the market remains cautiously positive, with demand expected to firm up with the restart of public and private construction investments, thanks to a more stable political scenario. On the other hand, energy situation is expected to remain clouded by supply shortages and no visibility on energy prices.
In this context, Suez Cement Group is focusing its efforts and investments on energy and environment, while keeping on hold any capacity expansion project.