Misr Beni Suef Cement announced on Wednesday, in a statement to the stock market, it reached an agreement to build a coal mill worth EGP200 million in 12 months.
The cement maker added that project funding will be through self-financing and loans. It expected the project to be completed by 2015-end.
The company’s financial results for H1-14 had shown that net profit fell 12.8% to EP 172.5 million, from EGP 197.8 million in H1-13.
The cement producer had generated EGP 60 million net profit in Q1-14, compared with around EGP 86.2 million net profit in Q1-13.