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Wednesday, 18 September 2019

Suez Cement, Tourah Cement report EGP 754.7 mln total net losses in 1H 2019

Doaa A.Moneim , Saturday 17 Aug 2019
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Suez Cement reported net losses of EGP 293.4 million during the first half of 2019, compared to profits of EGP 238.3 million during the same period in 2018, a loss ratio of 223.1 percent.

According to a company statement, revenues during the first half of this year fell by 16 percent year on year to record EGP 3.3 billion.

Tourah Cement, 66.12 percent of which is owned by Suez Cement, reported net losses of EGP 461.3 million in the first half of 2019, compared to a loss of EGP 2.2 million in the corresponding period of 2018.

Suez Cement suspended operations at Tourah Cement in May on the back of deteriorating financial results and accumulated losses.

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