Cairo – Mubasher: Arabian Cement Co expects EGP 50 million in losses by the end of 2020 if the current challenges facing the sector are not addressed.

In addition, the cement producer is looking to generate EGP 2.5 billion in sales by the end of the current year, according to a bourse disclosure on Tuesday.

In response to news reports about the cancellation of a plan to build a factory in Brazil, Arabian Cement Co. said that it has no relation to the plan and that it was the parent company Cementos La Union’s planned project.

During the first six months of 2020, Arabian Cement Co. incurred net losses of EGP 5.63 million, against net profits of EGP 25.4 million in the year-ago period, including minority shareholders’ rights.