Cairo: Beltone Financial Holding announced that Rimco Investments has increased its stake in Suez Cement (SUCE) to 9.113% from 8.852%.

Rimco Investments has purchased around 474,000 shares in the cement producer, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

The total value of the deal stood at EGP 3.79 million at an average price of EGP 8 per share.

During the first quarter of 2019, Suez Cement logged a net profit of EGP 269.84 million, compared to EGP 128.15 million in the year-ago period.

The hike of Q1-19 net profit was attributed to the sale proceeds of the white cement factory owned by Helwan Cement Company in which Suez Cement holds a 99.55% stake.

Revenues declined to EGP 1.81 billion in the three-month period ended 31 March from EGP 2.12 billion in the same period a year earlier.

As for standalone business, Suez Cement turned into losses of EGP 95.16 million in Q1-19, against a profit of EGP 130.48 million in Q1-18.

Source: Mubasher

Copyright © 2019 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.