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Arabian Cement expects higher profit on output cut decision

Arabian Cement expects higher profit on output cut decision
The cement producer expects its local sales to decrease by 26%
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Cairo - MubasherArabian Cement Co clarified the impact of the Egyptian Competition Authority's (ECA) decision to reduce production in the local market on its business. 

The cement producer expects its local sales to decrease by 26% and profits to increase as prices are expected to pick up in the coming period, according to a bourse disclosure on Wednesday. 

During the first quarter (Q1) of 2021, Arabian Cement Co incurred net losses of EGP 6.33 million, against net profits of EGP 15.9 million in Q1-20. 

The revenues retreated to EGP 432.44 million in the January-March period, compared to EGP 702.8 million in the prior-year period.