Torah Cement, a subsidiary of Suez Cement - Egypt largest cement producer, announced a 12% drop in first-half net profit, which declined to $28.2m.
Suez Cement also saw first-half net profits decline by 37%. Suez holds a little more than a quarter of the country’s grey cement market and 42% of its white cement market.
The country is set to receive financing for projects in the country via a development bank with a $170m capital. The bank will be established by Saudi businessmen, announced the Saudi Chamber of Commerce and Industry.
The long-term investments are set to create new jobs to help slash the country’s high unemployment rate.
Source: CW Press Release.