Board of Directors examines the Results as at March 31,2013
CONSOLIDATED REVENUES: 1,273 MILLION EGP (1,227 MILLION EGP in Q1 2012).
RECURRING EBITDA: 337 MILLION EGP (300 MILLION EGP in Q1 2012).
NET PROFIT AFTER NON-CONTROLLING INTEREST: 221 MILLION EGP (141 MILLION EGP in Q1 2012).
Cairo, May 15th, 2013 - At a meeting today, the Board of Directors of Suez Cement S.A.E examined and approved the consolidated financial report as at March 31, 2013. In the January-March 2013 quarter, the domestic grey cement market declined by 3%, but remained close to 13 million tons, (3% above the pre-revolution levels). Meanwhile the industry suffered from continued energy shortages and steep energy price increases, which lead to lower production and higher operative costs reflected in sales prices.
Q1 2013
In the first quarter of 2013, net sales of Suez Cement Group of Companies reached 1,273 million EGP (+ 4 % vs. PY), recurring ebitda 337 million EGP (+12 % vs. PY) and total net profit “after non-controlling interest” amounted to 221 million EGP (+ 57 % vs. PY, which was exceptionally low)
Outlook
The outlook for the market remains cautiously positive, with demand expected to firm up with the progressive restart of public and private construction investments, as soon as a more stable political situation will prevail. Energy situation is expected to remain clouded by growing supply shortage, likely to affect cement production. In this context, Suez Cement Group will continue focusing its efforts and investments on industrial and environmental efficiency, while keeping on hold any capacity expansion project.