SCGCs Board of Directors examines the results as of Mar. 2011
CONSOLIDATED NET SALES: 1,421 MILLION EGP (-15.1%)
CURRENT GROSS PROFIT: 404 MILLION EGP (-31.6%)
OPERATING INCOME: 381 MILLION EGP (-12.1%)
NET PROFIT AFTER INCOME Non-Controlling Interest: 277 MILLION EGP (-9.9%)
Cairo, 11th May 2011, At a meeting on May 11 chaired by Mr Omar Abdelaziz Mohanna, the Board of Directors of Suez Cement examined and approved the unaudited consolidated results as of March 31, 2011.
Over the result of March 2011 Suez Cement group, composed of Suez Cement company, Helwan Cement Company and Tourah Portland Cement Company, and all the affiliated companies reported a consolidated net sales of 1,421 million EGP with a decrease of 15.1 % compared to the same period of 2010; gross profit and operating income amounted respectively to 404 million EGP and 381 million EGP while the net profit "after non-controlling interest" amounted to 277 million EGP with a decrease of 9.9 % compared to the same period of 2010.
As of March 2011 Egypt`s domestic grey cement consumption decresed by 12.7 % compared to the same period of 2010 while the sales of Suez Cement group of companies decreased by 13.6 % for the same period.
The decrease in sales was mainly due to the instability of market conditions resulting from the political situation.