Titan Cement reduces losses, increases sales in Egypt

Titan Cement reported a net loss of EUR 3.9 mn in 1Q2017, a decrease from the EUR 18.6 mn loss recorded a year earlier, according to Global Cement. “In Egypt, the group’s plants have been in full operation utilising locally-ground solid fuels, which allowed for an increase in production and sales volumes in the first quarter of 2017. The group said that the economy has not yet adjusted to the large devaluation of the [EGP] in 2016 and a climate of uncertainty and volatility is affecting building activity and market prices.”