Arabian Cement, City Gas pen EGP 20M settlement deal

Updated 3/14/2021 3:57:00 PM

ArabFinance: Arabian Cement Company (ACC) (ARCC) signed a settlement agreement worth EGP 19.8 million with City Gas Company, Al Mal News reported.

The deal settles a previous issue regarding differences in gas consumption.

The deal will be paid with payment notes until 2025.

ACC suffered a consolidated net loss of EGP 122.78 million in 2020, versus a net profit of EGP 28.92 million in 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.