ArabFinance: Arabian Cement Company (ARCC) expected loss of EGP 40-50 million by the end of 2020 due to the hurdles that face the cement industry such as an increase of the supply and decline in demand, the company CEO Sergio Alcantara told Al-Mal news website.
The company has been forced to sell at cost price for the sake of selling in conjugation with the rise in production costs such as transportation and government fees, Alcantara added.
The company incurred a consolidated net loss of EGP 5,635,625 for the first half (H1) of 2020, against EGP 25,379523 posted in H1 2019.
Standalone net loss reached EGP 3,782,932 in H1, against a net profit of EGP 26,765,709 posted in H1 of 2019.
Arabian Cement is an Egypt-based company engaged in the manufacture of cement and concrete. Its products include clinker and ready-mix concrete, in addition to Al Mosalah, Al Tahrir, and El Sadd cement.