Arabian Cement’s profits decline 88% in 1st half of 2019

CAIRO – 20 August 2019: Arabian Cement Company (ACC) announced the decline of its profit 88.1 percent during the first half of 2019, recording LE 25.3 million, compared to LE 212.77 million including minority rights during the same half of 2017.

The company’s financial indicators also revealed the drop of sales to LE 1.6 billion, down from LE 1.64 billion during the period of 2018.

Moreover, ACC recorded profits of LE 19.4 million during the second quarter of 2019, compared to LE 50.7 million during the same quarter of 2018.

As per standalone results, the company recorded profit of LE 26.7 million during the first six months of 2019, down from LE 213.3 million during the same six months of 2019.

ACC recorded profits of LE 5.97 million during the first quarter of 2019, compared to LE 162.01 million in the same period of prior year. As for standalone results, the company hit profits of LE 4.23 million in the first three months of 2019, compared to LE 160.95 million in the same quarter of 2018.

In July, ACC announced signing an agreement with the Egyptian Refining Company, stipulating to supply local petroleum coke (pet coke) with an annual volume tons as of July 2019.

Arabian Cement Company is listed on Egyptian Exchange (EGX) since March 2014. It operates within the materials sector focusing on Construction Materials. It has subsidiaries operating across Egypt, working on Trading Companies and Distributors, Coal and Consumable Fuels and Construction Materials.