Egypt's Suez Cement counts cost of unrest
Egypt's Suez Cement counts cost of unrest

Suez Cement, Egypt's biggest listed cement maker by market value, said the political unrest that ousted Hosni Mubarak cost it and its subsidiary 80 million Egyptian pounds ($13.5 million). "The firm lost a total of nine days during the months of January and February 2011, while the company's estimated total losses were 30 million pounds due to the interruptions," it said in a statement. Suez said its 99 per cent owned Helwan Cement unit lost another 50 million pounds after its plants stopped operations for 16 days. The firm, a subsidiary of Italcementi, said it will pay a 3.90 pound per share cash dividend after its 2010 net profits declined by 4.9 per cent to 1.2 billion pounds. Suez Cement market share is about 26 per cent of Egypt's grey cement market and 42 per cent white cement.

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