Suez Cement Says H1/2012 Net Profits Fall 35.4%

Suez Cement (SUCE.CA) has reported consolidated profits of EGP 266.391 million during the first half of 2012, having an increase of 35.4%. Noting that, the company had posted net profits of EGP 412.438 million during the first half of 2011.

Suez Cement attributed the fall-off in its profits to the decline in its sales during H1/2012 as they have reached EGP 2.401 billion, compared to H1/2011 sales of EGP 2.755 billion.

Additionally, the gross profits, after excluding cost of the sales, retreated to hit EGP 526.162 million by H1/2012, compared to EGP 750.368 million in H1/2011.

The company’s operation profits, after excluding the total expenses,  dropped to eventually reach EGP 422.798 million, compared to EGP 654.629 million.

The working capital fell to amount to EGP 1.288 billion in H1/2012, compared to EGP 1.348 billion in H1/2011.

Furthermore, the standalone financial statements for H1/2012 revealed net profits of EGP 501.390 million, a decline of 26.5%, as the company had posted net profits of EGP 682.385 million during H1/2011.