Market conditions remain challenging in Egypt, Titan Cement says

Market conditions in Egypt remained challenging in 9M2017 and demand for building materials in 2017 is estimated at 8% below 2016’s, cement producer Titan Group said in reporting its 3Q2017 results, CemNet reports. The company recorded a net profit after minority interests and the provision for taxes of EUR 33.1 mn in 9M2017, down from EUR 121.9 mn a year earlier. Titan says 3Q2017 results reflected two exceptional events, the negative impact of hurricane Irma in the US and the implementation of an organizational restructuring program in Egypt and drove net profit to drop to EUR 19.2 mn from EUR 112.7 mn in 3Q2016.