Suez Cement Co. announced that its energy reserves fell by 15%, thus causing a slump in natural gas supplies last week.
According to the company’s statement, the drop in energy reserves led to a reduction in production of the group’s five plants from 50-55% to 35-40%.
The company’s consolidated financial results for H1 showed EGP 312 million net profit, with a fall by 20% y/y from EGP 388.7 million net profit.
Meanwhile, standalone financial results mirrored EGP 416.1 million net profit, compared with EGP 549.7 million net profit in H1-13.
The cement producer had generated EGP 538 million net profit in FY13, compared with EGP 524 million net profit in FY12.