Displaying items by tag: Sinai Cement

Egypt: Sinai Cement’s net loss in 2019 was US$28.1m, down by 44% year-on-year from US$50.2m in 2018. Arab Finance News reported that the company attributed the loss to accumulated effects of currency devaluation on imported fuel and to rises of electricity and oil prices.

Egypt: In a statement sent to EGX, Sinai Cement recorded first half net losses of US$11.3m, an increase of 20.1% on the US$4.00m recorded in losses in the same period of 2018.

Egypt: Sinai Cement has started implementing its plans to improve its production efficiency. Vicat Egypt, one of the owners of the company, plans to invest Euro30m into its subsidiary. It has already granted Sinai Cement a loan of Euro10.6m and the cement company received a first tranche of Euro2.6m in April 2019.

Egypt: Sinai Cement has reduced its net loss to US$17.6m in 2018 from US$20.4m in 2017. Its revenue decreased by 38% year-on-year to US$46.1m from US$74m, according to Mubasher. The company has blamed its financial results on the role of negative currency effects on imported fuel costs. Although this was partly offset by rising cement prices.

Egypt: France’s Vicat and its subsidiary Sinai Cement plan to invest Euro30m in the local market. Vicat Egypt’s chief executive officer (CEO), Tamer Magdy, said that the investment is intended to meet demand for cement, according to Mubasher. He added that the company would continue to invest in the Sinai Peninsula despite on-going security issues.

Egypt: France’s Vicat plans to invest Euro50m into its Sinai Cement subsidiary. Gianfranco Tantardini, the managing director of the local subsidiary, said that the cement producer wants to reduce the company’s losses by raising its stake in it, according to Mubasher. Vicat is waiting for the Egyptian government to approve a waiver to the 45% foreign ownership limits for the transaction to happen. In 2003 Vicat acquired a 40% stake in Sinai Cement.

Egypt: The Sinai Cement Company (SCC) has reported a US$3.6m net loss in the first half of 2015 compared to a profit of US$11.2m in the same period in 2014. Overall profits declined to US$4.2m from US$23m. On a quarterly basis, the firm lost US$1.3m in the first quarter of the year compared to a net profit of US$4.5m in the same period in 2014. The company operates a cement production facility in North Sinai.

Egypt: Sinai Cement has reported a net loss of US$1.43m for the first quarter of 2015, which ended on 31 March 2015. In the same period of 2014 it posted a net profit of US$4.67m. Meanwhile, Misr Beni Suef Cement has reported a net profit of US$4.59m for the first quarter of 2015, which ended on 31 March 2015. In the same quarter of 2014 it posted a net profit of US$6.67m.

Egypt: Four workers were killed and at least 35 others were injured on 27 December 2014 when a scaffold collapsed in the Sinai Cement plant in central Sinai. Sinai Cement denied that it had a connection with the accident in a statement.

Egypt: Sinai Cement Company (SCC) has contracted Danish engineering company FLSmidth to provide the equipment for it to start using coal. SCC added that it would also partner with local contractors and suppliers to equip the factory to use coal as an alternative fuel source to natural gas and Mazut fuel oil.

The industrial sector, which is represented by the Federation of Egyptian Industries, has shown signs of accepting recent increases in automotive petroleum products prices, including fuel, diesel and natural gas. The sector said that it would bear the cost of the energy price increases taking into account the current economic situation 'that doesn't allow for any alternative.'

Following the fuel price hike announcement, the government has raised gas prices for cement plants to US$8 per million British Thermal Units (BTUs) compared to US$6 previously. The price of fuel oil increased from US$209/t to US$315/t.

Despite the Ministry of Environment's opposition, the interim government approved the industrial use of coal as an alternative energy source in April 2014. The move came to address the energy shortage, pending the endorsement of the Environmental Impact Assessment. After issuing the decision, the government said that it would impose a tax on coal usage, while also amending laws and tightening penalties for violating environmental standards and regulations.

Minister of Industry Mounir Fakhry Abdel Nour said that importing coal would not start until the environmental standards and regulations for the industrial use of coal have been finalised and ratified. However, cement plants have already started taking steps towards this. In a bid to shift to coal usage, the Arabian Cement Company commenced testing coal in June 2014 in thermal power generation. It aims to shift to this energy source for 50% of its needs. Suez Cement also recently announced plans to invest US$14.9m to convert two of its four cement plants to use coal. The conversion process for each plant will cost around US$21m.