Suez Cement bottom line slumps 68 percent
Consolidated net profits have dropped 68 percent for Egypt’s Suez Cement company in the financial year 2001, ending December 31. The bottom line for 2001 reached 95.54 million Egyptian pounds ($20.6 million) down from the EP296.41 million earned in FY 2000.
In FY 2001, Net income fell 42.8 percent to EP166 million, while revenues declined 2.7 percent to EP609 million. The slump was largely attributed to a 12 percent decrease in sales, totaling EP1.13 billion compounded by a slight five percent drop in COGS (Cost of Goods Sold) at EP725.8 million. Another factor was the EP104 million sale of Suez Cement’s stake in Egyptian Cement, which had boosted up the bottom line in FY00.
Suez Cement is scheduled to convene a shareholders’ Annual General Meeting (AGM) on June 4, 2002, to approve the financial statements as well as discuss the distribution of a EP1.5-per share coupon. Suez Cement is Egypt's largest cement producer with a market share of 30 percent. — (menareport.com)
© 2002 Mena Report (www.menareport.com)