Cairo – Mubasher: Misr Cement - Qena approved the amended standalone financial targets in the 2021 budget in light of the Egyptian Competition Authority's (ECA) decision to reduce the output of portland cement in the local market. 

The cement producer aims to achieve EGP 93 million in net profits after taxes this year, compared to EGP 47 million in 2020 and a previous estimate of EGP 13.92 million, according to a bourse disclosure on Thursday. 

The company also raised its forecast for sales to EGP 1.12 billion from EGP 1.03 billion, compared to achieved sales of EGP 1.51 billion last year. 

The total volume of sales is expected to reach 1.7 million tonnes in 2021, compared to 1.8 million in 2020. 

Misr Cement - Qena also aims to reduce its financing expenses to EGP 43 million this year from EGP 62 million last year. 

During the first half (H1) of 2021, Misr Cement - Qena reported net profits of EGP 69 million, compared to EGP 63 million in H1-20.