Egyptian concrete firm announces profit

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Egyptian concrete firm announces profit

09 Mar 2010

Egyptian government stimulus measures directed at boosting the construction sector helped the country's Torah Cement company post increased profits in 2009.

According to Reuters, a stock exchange announcement said the firm's profit increased by 23 per cent compared to 2008, with total gains up by around $12 million to $62.35 million.

Shares in the cement manufacturer rose by as much as five per cent after the announcement, later reduced to a single percentage gain.

The stimulus spending laid the groundwork for a 25 per cent rise in demand across the sector in 2009, with total product around 50 million tonnes, the news provider reports.

Torah Cement is a subsidiary of Suez Cement, which is Egypt's largest listed cement maker.

Reuters also reported this week that Egypt is likely to be one of the leading countries in the Middle East and North Africa region in terms of steel demand during the coming year.
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