National Cement Co. (NCC) has submitted a request to 95%-owner Holding Company for Chemical Industries to increase its paid-in capital from EGP 206.4 million to EGP 412.8 million.
According the company’s statement, the capital increase will go for fulfilling financial obligations and financial requirements of projects.
NCC is capitalized at EGP 206.4 million, divided into 103.2 million shares at EGP 2 par value each.
The company had posted EGP 77.9 million net loss for the first quarter of FY14/15, against EGP 3.25 million net profit reported in the same period a year earlier.
Financial results for FY13/14 had shown net loss of EGP 102.745 million net loss, against EGP 93.531 million net profit in FY12/13. The company’s financial statements for the 9 month period from July 2013 to March 31, 2014 had shown a decline by 93% in net profit to EGP 3.7 million compared to EGP 55.4 million in the same period a year earlier. The company posted 18.5% fall in H1-13/14 net profit to EGP 19 million, from EGP 23 million reported in the same period a year earlier.