Displaying items by tag: Egypt

France: Vicat recorded consolidated sales of Euro3.94bn in 2023, up by 8% year-on-year from Euro3.64bn in 2022. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) were Euro740m, up by 30% from Euro570m. The producer's energy costs declined by 10% to Euro596m. Vicat noted ‘strong’ growth in sales across all regions except Kazakhstan and India, and in earnings in the US. Its cement volumes rose by 6.3% overall, but contracted in Egypt, France, Senegal and Switzerland.

Egypt: Misr Cement has appointed Hassan Gabry as its chief executive officer and managing director. He will also become a member of the group’s board of directors.

Gabry holds over 30 years of professional experience, with 20 years at cement companies. He worked as the Sudan Country Manager for Cementia Trading in the early 2000s before becoming the Algeria Commercial Director for ASEC Cement. He later worked for the Arabian Cement Company in Egypt as its Head of Sales from 2009 and then as its Chief Commercial Officer from 2015 to early 2024. He holds a degree in economics and accountancy from the Ain Shams University in Cairo.

Egypt: Arabian Cement Company is replacing electrostatic precipitators at its Ain Sokhna cement plant with bag filters. Arab Finance News has reported that the project will commence in two phases. Arabian Cement Company will first install the filters in Line 1 of the plant, before subsequently installing them in Line 2. Italy-based air pollution control specialist Redecam Group will execute the upgrades.

Egypt: Saad El Din Group affiliate Spanish Egyptian Cement Factory says that it has four foreign entities interested in placing bids to acquire it. Arab Finance News has reported that two of the entities in question are based in Gulf countries. Saad El Din Group is reportedly withdrawing from other industries outside of its core petroleum products business.

Spanish Egyptian Cement Factory controls the El Raswa grinding plant in Port Said Public Free Zone.

Egypt: NI Capital, the investment arm of Egypt’s National Investment Bank, plans to sell its 10% stake in Misr Cement Qena. The Al Borsa newspaper has reported that the company is preparing to tender for a financial advisor for the intended sale. The divestment would form part of a US$5bn International Monetary Fund (IMF)-mandated privatisation programme, due to conclude before June 2024.

Egypt: Abu Dhabi Ports Group subsidiary Transcargo International (TCI) is building a bulk cement terminal at Arish port in North Sinai Governorate. The company says that the facility will be equipped with six 10,000t cement silos. Four silos will store up to 40,000t of grey cement, while two will store up to 20,000t/yr of white cement. Cementir Holding subsidiary Sinai White Portland Cement has signed a cooperation agreement with TCI to use the Arish cement terminal. TCI says that the terminal will serve multiple markets worldwide and help Sinai White Portland Cement to raise its total export volumes, thereby also raising its competitiveness.

TCI’s CEO Mohamed El Ahwal said "This project aligns with our commitment to support Egyptian exports by providing specialised logistics solutions across several industries. Building and operating Egypt’s first bulk cement terminal, we anticipate cost savings for cement producers in Egypt, making prices more competitive globally and increasing global market penetration."

Egypt: Arabian Cement Company has hired consultancy A³&Co. to help develop a decarbonisation roadmap for its 5Mt/yr Sokhna cement plant. The roadmap will include the implementation of an integrated environmental, social and governance (ESG) business model, Science-Based Targets Initiative (SBTi)-verified targets, carbon market trading and EU carbon border adjustment mechanism (CBAM) registration. Arabian Cement Company will execute projects to achieve its goals via a strategic partnership with A³&Co and the European Bank for Reconstruction and Development (EBRD).

Arabian Cement Company CEO Sergio Alcantarilla said “We are excited about this partnership with EBRD and A³&Co., which showcases our commitment to environmental stewardship and sustainable development. By embracing cutting-edge solutions and adopting greener processes, we are not only reducing our carbon footprint but also setting new benchmarks for the industry.”

A³&Co. CEO Amr Nader said “Through our collective expertise, we are confident that we can drive meaningful progress towards decarbonisation and the production of green cement, setting a precedent for responsible business practices in the region. The renewed cooperation between Arabian cement and A³&Co. is an additional milestone in our successful collaboration over the past two years. A³&Co. will also develop a Climate Corporate Governance (CCG) framework for Arabian Cement Company, which is the cornerstone for a fully-functioning ESG system in line with international norms.”

Egypt: Sinai Cement’s sales were US$104m in the first nine months of 2023, up by 99% from US$52.4m in the corresponding period in 2022. As such, it succeeded in reducing its net loss by 31%, to US$3.93m from US$571m.

South Korea/Egypt: The South Korean government’s 72% ‘anti-dumping duty’ on imports of white cement from Egypt entered force on 17 November 2023. Yonhap English News has reported that the measure will remain in force for four months, until 17 March 2023.

Egypt exported 9240t of white cement to South Korea in 2022, up by a factor of nine from 2021 levels.

Italy: Cementir Holding raised its sales by 0.5% year-on-year during the first nine months of 2023, to Euro1.3bn. It sold 7.93Mt of cement, down by 3.1% year-on-year from 8.19Mt in the corresponding period of 2022. Cementir Holding attributed the decline to reduced demand, primarily in Belgium, Denmark, Egypt, Malaysia and the US. This offset an increase in consumption in China and Türkiye. The group’s operating costs dropped by 6.6% to 1.01bn, while its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 33% to Euro321m.