Suez Cement posted net losses of EGP 495.9 mn in 9M2019, compared with an EGP 335.4 mn profit made in the same period last year, according to the company’s quarterly consolidated earnings statement (pdf). Revenues slipped to EGP 4.9 bn during the period from EGP 5.11 bn last year. Suez Cement’s CEO, Jose Maria Magrina, said that the cement industry is suffering with the lowest average market prices since the EGP float. “Without any serious changes in legislation in favor of the cement industry that will reduce costs, or reduce production, we do not expect a recovery in a market that is plunging further into recession,” Magrina warned.

EARNINGS WATCH- Bank Audi Egypt’s net profits increased 6.5% y-o-y to EGP 1.1 bn in 9M2019, up from EGP 1.02 bn during the same period last year, according to Al Mal. Revenues rose 20.3% y-o-y to EGP 2.1 bn from last year’s EGP 1.75 bn.