Economy & Market
Suez Cement records first quarter loss in 2020
Suez Cement has recorded a loss of $18.0 million in the first three months of 2020, compared to a profit of $11.0 million in the first three months of 2019. Sales fell by 27 per cent year-on-year to $80.6 million from $110 million in 2019. Domestic demand in relation to Egypt's production overcapacity fell in March 2020 due to the coronavirus outbreak. Daily News Egypt has reported that the second quarter 2020 results will carry greater losses for Suez Cement due to coronavirus lockdown measures and seasonal factors such as Ramadan, with cement volumes down by 27 per cent year-on-year in May 2020.