Egypt: Suez Cement Company has reported that its consolidated revenue rose by 7% year-on-year to US$368m in the first half of 2013 from US$343m in the same period in 2012. Despite continued energy-supply uncertainties and increased energy prices, the Italcementi subsidiary managed to increase its profits by controlling and improve costs and improving manufacturing efficiency.
Suez Cement's recurring earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 15% year-on-year to US$93.3m from US$81.3m. Net profit rose by 46% to US$55.7m form US$38.0m.
For the second quarter of 2013 Suez Cement's revenue rose by 11% to US$186m from US$168m. EBITDA rose by 18% to US$45.1m from US$38.3m. Net profit rose by 19% to US$20.2m from US$24.0m.
In its outlook, Suez Cement issued caution over ongoing market uncertainty in the second half of 2013. If the country stabilises politically the cement producer expects cement demand to improve as public and private construction spending resumes. Given growing supply shortages for energy, Suez Cement will continue to focus on industrial and environmental efficiency and postpone any capacity expansion projects.
