SCGC`S Board of directors examines the results as Dec. 2010
CONSOLIDATED NET SALES: 6,152 MILLION EGP (-3.6%)
CURRENT GROSS PROFIT: 2,120 MILLION EGP (2.7%)
OPERATING INCOME: 1,743 MILLION EGP (-6.3%)
NET PROFIT AFTER INCOME Non-Controlling Interest: 1,236 MILLION EGP (-4.9%)
Cairo, 23rd February 2011, At a meeting on February 23 chaired by Mr Omar Abdelaziz Mohanna, the Board of Directors of Suez Cement examined and approved the unaudited consolidated results as of December 31, 2010.
Over the result of December 2010 Suez Cement group, composed of Suez Cement company, Helwan Cement Company and Tourah Portland Cement Company, and all the affiliated companies reported a consolidated net sales of 6,152 million EGP with a decrease of 3.6 % compared to the same period of 2009; gross profit and operating income amounted respectively to 2,120 million EGP and 1,743 million EGP while the net profit after non-controlling interest" amounted to 1,236 million EGP with a decrease of 4.9 % compared to the same period of 2009.
As of December 2010 Egypt`s domestic grey cement consumption increased by 3.1 % compared to the same period of 2009 while the sales of Suez Cement group of companies decreased by 5.6 % for the same period.
The decrease in sales was mainly due to the entrance of the new cement producers and higher imported quantities than the previous year.