Chairperson of the Suez Cement Company Omar Mohanna said that despite the negative repercussions of the pound flotation, it is still beneficial to the path of economic reform.
He pointed out that companies that had expansion plans were atop the negatively impacted entities, where the cost of these expansions inflated following the post-flotation price hikes, especially on imported inputs.
He stressed the need for companies to continue their plans and increase production, which will balance the prices.
Moreover, Mohanna said that the company aims to boost the productivity of Helwan Cement after completing its plan to convert the plant to run on coal. He added that the company aims to diversify energy sources to avoid the negative impacts of fuel price surges.
The Suez Cement Company began using coal in its factories in Katameya and Suez, with plans in the pipeline to convert the Helwan and Tora factories to be coal-fueled as well.
The Suez Cement group has 13 subsidiaries, in which it owns 50-99.5%.
