ArabFinance: Misr Cement - Qena (MCQE) has amended its targeted profits for the full-year 2021 to EGP 93 million, the company’s Managing Director Tarek Talaat told Al Borsa Newspaper.

This amendment came in accordance with the Egyptian Competition Authority’s (ECA) decision approving 23 Cement manufacturers’ requests to reduce production capacity for a year, Talaat highlighted.

The company has reported a 9.2% year-on-year (YoY) increase in consolidated net profit for the first half (H1) of 2021, recording EGP 69 million, compared to EGP 63 million in the year-ago period, he pointed out.

Misr Cement – Qena has been one of the few cement manufacturers that achieved profits during the past two years despite the obstacles recently faced by the cement industry sector in Egypt, he said.

Moreover, the company is focusing on increasing its exports' share, particularly to the Sudanese market, Talaat added, pointing out that the company’s exports to Sudan reached 110,000 tonnes in H1 2021.

The foreign market accounted for around 5% of the company’s total production, which amounts to about 1.8 million tonnes per annum, he noted.

The company’s local market share amounts to about 8%, he said, noting that its exports have doubled to 169,000 tonnes in H1 2021.

Misr Cement – Qena is engaged in the manufacturing and marketing of cement and cement-related products in Egypt and abroad.

The company is involved in the production and distribution of construction materials, as well as dealing in all types of construction supplies and equipment.