National Cement widens its losses in H1 to LE 496M

CAIRO – 30 January 2018: National Cement Company (NCEM) widened its losses in H1 of fiscal year 2017/2018 to LE 496 million, according to the company’s unaudited financial statements.

The company said that its losses widened 136.7 percent, reaching LE 496 million, compared to LE 209.5 million in H1 of fiscal year 2016/2017.

The release showed that the revenues recorded LE 726 million, compared to LE 940.2 million in the previous year.

The company stated that it was expected to record profits of LE 17.7 million in fiscal year 2017/2018 while current circumstances showed that the company might record net loss of LE 850 million by the end of this year.

The share of the company gained 0.39 percent at 1:35 PM (Cairo Time) to stand at LE 15.41.

The company reported losses of LE 40.4 million in the first quarter of fiscal year 2016/2017, compared to profits of LE 19.7 million for the previous year.

National Cement is a public company, listed on the Egyptian Exchange since November 1995. It operates within the materials sector, focusing on construction materials. It has two subsidiaries in Egypt. National Cement is based in Cairo, Egypt and was established in January 1956.