Egypt’s largest listed cement firm, Suez Cement, posted an 8.4 percent fall in first-quarter net profit but net consolidated sales rose, boosted by a buoyant construction sector.
The firm, a subsidiary of Italcementi, said on Thursday it made a net profit of LE 364.7 million ($65.1 million) on a 2.3 percent rise in consolidated net sales to LE 1.67 billion.
Government stimulus spending on infrastructure and growing demand for housing had helped fuel a 25 percent rise in cement demand in Egypt in 2009 and the construction sector remains active.
Suez owns Helwan Cement and Torah Portland Cement and several smaller related firms.
Egypt aims to boost cement output by 40 percent to 80 million tons by 2015 to meet local demand.
The firm holds approximately 26 percent of Egypt’s market share for grey cement and 42 percent for white cement.
