National Cement Co. records loss of LE 744M in 9 months

CAIRO – 27 May 2018: National Cement Company recorded a net loss of LE 744 million before taxes during the first nine months of fiscal year 2017/2018, compared to a loss of LE 615.6 million during the same period of 2016/2017.

The company’s financial indicators showed a total loss of LE 486.1 million during the same period of the current fiscal year, compared to LE 422.9 million in the nine months of the previous year.

The company attributed the loss to the stooped production of FLS Company and the poor condition of the ovens.

Meanwhile, the Accountability State Authority said that National Cement Company’s debt to the gas organization is LE 3.3 billion.

The company was planning to achieve a net profit of LE 17.7 million in 2017/2018, with an investment budget worth LE 150 million.

Established in 1956, the National Cement is a public company, listed on Egyptian Exchange since November 1995. It operates within the materials sector focusing on construction materials with two subsidiaries operating across Egypt.