SCGC’S Board of Directors examines the results as of first half 2011
CONSOLIDATED NET SALES: 2,756 million EGP (-19%)
CURRENT GROSS PROFIT: 750 million EGP (-39,2 %)
OPERATING INCOME: 655 million EGP (-27,9 %)
NET PROFIT AFTER Non-Controlling Interest: 475 million EGP (-27,4%)
Cairo, 28th JULY 2011 – At a meeting on JULY 28 chaired by Mr Omar Abdelaziz Mohanna, the Board of Directors of Suez Cement examined and approved the unaudited consolidated results of first half, 2011.
Over the result of first half 2011 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 2,756 million EGP with a decrease of 19 % compared to the same period of 2010; gross profit and operating income amounted respectively to 750 million EGP and 655 million EGP while the net profit ”after non-controlling interest” amounted to 475 million EGP with a decrease of 27,4 % compared to the same period of 2010.
As of first half 2011 Egypt’s domestic grey cement consumption decreased by 4,9 % compared to the same period of 2010 while the sales of Suez Cement group of Companies decreased by 14,3 % for the same period.
The decrease in sales was mainly due to the instability of market conditions resulting from the political situation and new producer competitors entry.