Talaat: “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”, integrating our deep-rooted corporate values into its weave.”
MISR Cement Group’s net profit hiked by 211% YoY, recording EGP 122 million in 9 months of 2021, compared to 39 million in 9 months of 2020.
MISR Cement Group, previously known as Misr Cement – Qena Group, celebrates a witnessed breakthrough in the group’s history, unveiling the group’s new identity. Capitalizing on its exceptional heritage, the group’s companies are now united under one competent management, adopting a new strategy of supremacy. MISR Cement Group embraces 4 key strategic directions, including: operational excellence, growth for leadership, positively impact 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.
Eng. Tarek Talaat – Managing Director of MISR Cement Group, revealed his pride to develop the group’s strategy towards reinforcing local and regional leadership, saying: “For over two decades, the group companies played a pivotal role in 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 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 Q3 2021. The group’s net profit increased by 39% QoQ, yielding EGP 53 million compared to 38 million in Q2 2021. This comes in line with sales rise by 7%, marking EGP 612 million versus EGP 572 million in Q2 2021.
During the first 9 months of 2021, the group’s net profit made a giant leap by 211% YoY, recording EGP 122 million, compared to 39 million in 9 months of 2020. Maximizing sales in the same period, group’s net sales reached EGP 1,897 million versus EGP 1,844 million in the year-ago period, growing by 3%. Also, exportation sales hiked by 200% YoY, amounting to 208k ton in 9 months of 2021 compared to 69k ton in the same period last year.
About the Group
MISR Cement Group is a prominent group of cement and building materials manufacturing companies in Egypt, comprised of Misr Cement Qena, Misr Cement Minya, and Misr Cement Beton.
Misr Cement Qena founded in 1997, with a capital reached EGP 720 million, and an annual production capacity of 2 million ton of cement, to manufacture an array of cement-based products and byproducts. The company holds a major shareholding amounted to 60% in Misr Cement Minya’s capital (Formerly Minya Portland Cement) – with an annual production capacity of 2 million ton of cement and 99.9% in Misr Cement Beton’s capital (Formerly ASECO Ready Mix) – with an annual capacity of 500 Kilo ton of the ready-mix Concert through 9 production facilities.