SCGC’S Board of Directors examines the results as of 30 September 2011
CONSOLIDATED NET SALES: 3,758 Million EGP (-19,8%)
CURRENT GROSS PROFIT: 946 Million EGP (-44,3 %)
OPERATING INCOME: 810 Million EGP (-35,5 %)
NET PROFIT AFTER Non-Controlling Interest: 517 Million EGP (-43%)
Cairo, 26th October 2011 – At a meeting on October 26 chaired by Mr Omar Abdelaziz Mohanna, the Board of Directors of Suez Cement examined and approved the unaudited consolidated results as of 30 September, 2011.
During the first 9 months of 2011 Egypt’s domestic grey cement consumption decreased by 4,3 % compared to the same period of 2010 while the sales of Suez Cement group of Companies decreased by 11,6 % over the same period.
During the third quarter of 2011 the cement market suffered from the ongoing weak demand, capacity additions mainly through the new cement producers, fuel cost increases and declining prices. As a result of this the consolidated net sales of the Suez Cement group realized at 1.002 million EGP (-22% vs Q3 2010), penalized by the negative volume and price effect. Gross profit and operating Profit amounted to respectively 195 million EGP (- 44 % vs Q3 2010) and 155 million EGP (- 55% vs Q3 2010). The total net profit “after non-controlling interest” amounted to 104 million EGP (-59 % vs Q3 2010).
Over the first 9 months of 2011 the consolidated net sales reached to 3,758 million EGP (- 19, 8 % vs the same period of 2010); gross profit and operating profit amounted respectively to 946 million EGP and 810 million EGP while the net profit”after non-controlling interest” amounted to 517 million EGP (- 43 % vs the same period of 2010).