Modest results, as expected!
In line with expectations, Suez Cement has published lower figures. Amid an unfavourable price environment and a lower sales volume (-2.6%), Suez Cement’s H1 2015 revenues fell by 9.6% to EGP2.866bn. Despite the demand recovery (local demand up slightly by 3.8% to 27 MT), the Egyptian Italcementi’s subsidiary shows declining volumes, hampered by social unrest in Tourah Cement Plant (-19.9% to 0.654 MT). However, Suez Cement (the parent company) posted volumes up by 5.4% to 1.806 MT, but the decline in prices resulted in a drop of its revenue (-1.1% to EGP1.000bn).Obviously, the H1 2015 EBITDA margin collapsed, losing more than 910 bps to 14.3%.
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