Cairo – Mubasher: Suez Cement on Tuesday posted it has turned to profitability in fiscal year 2018.

The Egyptian cement producer logged EGP 121.43 million in net profits for the 12-month period ended December 2018, against a loss of EGP 1.13 billion in 2017, according to a filing to the Egyptian Exchange (EGX).

Sales rose to EGP 7.42 billion last year, versus EGP 6.46 billion in 2017, the EGX-listed firm said.

As for the standalone business, the company has turned profitable with EGP 199.86 million in 2018, against a loss of EGP 441.79 million a year earlier.

Suez Cement previously reported an EGP 250.59 million in profits for the six-month period ended June 2018, against a net loss of EGP 40.61 million in corresponding period of 2017.