Misr Cement Group has reported a net profit of EGP 122m during the first 9 months (9M) of 2021, a giant increase of 211% year-over-year (YoY), compared to EGP 39m in 9M 2020.
Maximizing sales in the same period, the Group’s net sales reached EGP 1.89bn versus EGP 1.84bn in the year-ago period, growing by 3%. Also, exports hiked by 200% YoY, amounting to 208k tonnes in 9M 2021, compared to 69k tonnes in the same period last year.
Misr Cement Group embraces four key strategic directions, including: operational excellence, growth for leadership, positively impacting the environment and building internal capabilities. Dedicated to serving the construction and cement sectors in Egypt and the region, the group recites a new chapter of its unceasing achievements.
Tarek Talaat, Managing Director of Misr Cement Group, said: “For over two decades, the group companies played a pivotal role in the cement and concrete sector. Committed to keeping pace with and overcoming the market’s updates and challenges, we adjusted the group’s strategy and policies to join forces under one umbrella “MISR Cement Group.” This step contributes to our mission to be the partner of choice for our stakeholders, and to grow in Egypt and Africa. Through leveraging the diverse expertise, excellence in providing high quality cement products, reinforcing digital transformation and maintaining our social responsibility, we build a better future.”
He added: “Misr Cement Group has always been devoted to applying best practices to benefit the business, cement sector in Egypt, along with the Egyptian community. Therefore, we developed the group’s identity, integrating our deep-rooted corporate values into its weave. Values of team spirit, valuing diversity, expertise, commitment and competitiveness will lead our phenomenal way towards more achievements.”
Thanks to its vigorous endeavors, MISR Cement Group successfully delivered outstanding financial results in 3Q 2021. The group’s net profit increased by 39% quarter-over-quarter (QoQ), yielding EGP 53m compared to EGP 38m in 2Q 2021. This comes in line with sales rise by 7%, marking EGP 612m versus EGP 572m in 2Q 2021.
