Cairo – Mubasher: Tourah Portland Cement Co. turned to net losses of EGP 617.25 million during 2019, against net profits of EGP 36.09 million a year earlier.

The cement producer’s sales shrank to EGP 531.75 million last year from EGP 1.1 billion in 2018, according to a bourse disclosure on Sunday.

The company’s board of directors said that 2019 has been one of the worst years for the cement industry due to higher supply and stronger competition, along with a continuous decrease in demand.

It is noteworthy to mention that during the first nine months of 2019, the company’s loss widened to EGP 516.56 million from EGP 19.6 million in the year-ago period.