Cairo - Arabian Cement Company (ACC) announced today that it received approval on rescheduling the USD 30.9 million loan granted by the National Bank of Egypt. The loan will be repaid on 15 quarterly installments at USD 2 million each, with a debt rate on foreign currencies of 5% above LIBOR margin. The installments will be fully paid off by July 01, 2021.
The loan was utilized to build ACC production facility, which applies advanced and environmentally-friendly technologies to manufacture high quality cement. ACC’s latest financial results show robust net profits of EGP167,663,034 in the period starting January 01, 2017 and ending September 30, 2017, compared to EGP157,621,097 for the same period of 2016. Additionally, the net profit for Q3/2017 reached EGP95.9 million, compared to EGP14.5 million for the same quarter in 2016, recording a huge hike of 561%.
The company's recent financial results reaffirm its commitment to maintaining a leading market position, by continuing its expansion plans in the local market. ACC is constantly endeavoring to serve its client-base and introduce superior quality products that meet and exceed their expectations.
About Arabian Cement Company
Arabian Cement Company (ACC) was first established in 1997 by a group of Egyptian entrepreneurs, who aspired to establish a leading Egyptian cement company. The cement factory is located in the Suez Governorate. It produces five million tons of first quality cement, approximately 10% of Egypt’s production. The company is a joint venture between Cementos La Union, a Spanish investor holding the majority of shares, and a group of Egyptian investors.
© Press Release 2018