Pound depreciation and the falling of cement prices brought the net income of Egypt’s Torah Cement company down 40.6 percent over the past financial year, from 169.49 million Egyptian pounds ($36.6 million) earned in 2000 to EP100.6 million in 2001. In FY1999 the company met a net income of EP230.75 million.
The bottom line plunge was primarily attributed to an 18.1 percent fall in revenues, sliding 18 percent to EP502.6 million in the financial year 2001, down from EP613.5 million in the previous year, according to the CASE Disclosure Department.
Established in 1927, the Cairo-based Torah Cement manufactures and markets cement and building materials in Egypt and abroad. A 65 percent stake in Torah Cement acquired in 2000 by Suez Cement made the latter the biggest company in the sector with a market share of 30 percent. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
