Misr Beni Suef Cement reported a 26 percent increase in sales to LE 836 million in for fiscal year 2009, up from LE 660 million the previous year.
Net profit for the year came in at LE 391 million, up 94 percent from the LE 202 million recorded in 2008.
Production stood at 1.58 million tons of clinker, translating into 1.92 million tons of cement for the year. Sales, in terms of tonnage, came in at 1.92 million tons, up from the 1.68 million tons sold in 2008.
Around 96 percent of sales were delivered to the local market, versus 83 percent the year before.
Exports accounted for 4 percent of sales for 2009, down from 17 percent in 2008. The company operated at a gross profit margin of 54 percent for the year, down from 57 percent in 2008.
The company produced cement at a gross profit cash cost per ton of LE 200, versus the LE 167 cost structure of 2008, due to the increased operating cost nature of their newly installed second production line.
In its daily market report, Beltone Financial said, "As a full ramping up of the new production line is yet to be achieved, sales growth, and a subsequent bottom line growth, should continue for the short to medium term.
"Management had indicated the outstanding debt amount LE 51 million, the residual of the LE 600 million loan acquired for financing the second production line, has not been paid off for relationship management purposes with the bank."
© Daily News Egypt 2010
