{"id":572039,"date":"2020-06-09T04:22:31","date_gmt":"2020-06-09T04:22:31","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/09\/five-cement-factories-could-close-this-year-as-covid-19-compounds-sectors-woes\/"},"modified":"2020-06-09T04:22:31","modified_gmt":"2020-06-09T04:22:31","slug":"five-cement-factories-could-close-this-year-as-covid-19-compounds-sectors-woes","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/09\/five-cement-factories-could-close-this-year-as-covid-19-compounds-sectors-woes\/","title":{"rendered":"Five cement factories could close this year as covid-19 compounds sector\u2019s woes"},"content":{"rendered":"

<\/a> Four or five of Egypt\u2019s two dozen cement factories could be forced to close in the <\/strong>coming months<\/strong>, as the covid-19 pandemic batters an industry already suffering from a supply glut, officials and analysts told Reuters<\/a>. The economic fallout from the crisis may be the final nail in the coffin for foreign companies already struggling to pay their bills.<\/p>\n

\u201cThe economics just don\u2019t make sense\u201d: <\/strong>Lorenz Naeger, CFO of Germany's Heidelberg Cement, recently told the company\u2019s annual general meeting that Egypt sales fell below expectations. Its subsidiary Suez Cement cut management salaries by 20-30% last month. \u201cSeveral players are in deep distress today as most producers are generating losses at the gross and EBITDA level and balance sheets are in bad shape in some cases,\u201d said Yousef Husseini, analyst at EFG Hermes. \u201cThe economics just don\u2019t make sense.\u201d<\/p>\n

Supply glut:<\/strong> The nation\u2019s production capacity is between 80-85 mn tonnes, Reuters says, but consumption fell to nearly 44 mn tons in 2019 from almost 50 mn tons in 2017. Consumption fell 3% in March and 8% in April after rising in the first two months of the year.<\/p>\n

What can be done?<\/strong> Even with the government lowering energy prices, industry leaders Enterprise spoke with in April<\/a> are calling for the state to bail out the industry with price controls and export quotas. \u201cThis matter is being carefully studied by officials at the ministry in full coordination with the private sector,\u201d an unnamed Trade and Industry Ministry official told Reuters.<\/p>\n

Background:<\/strong> National Cement<\/a>, Tourah Cement<\/a>, and El Nahda Cement<\/a> all shut down their<\/a>operations<\/a>, either temporarily or permanently, last year, as the gap between supply and demand grew. Hikes in electricity prices from years of subsidy cuts raised production costs and earnings tanked, with only two of the seven listed companies reporting profits last year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Four or five of Egypt\u2019s two dozen cement factories could be forced to close in the coming months, as the covid-19 pandemic batters an industry already suffering from a supply glut, officials and analysts told Reuters. The economic fallout from the crisis may be the final nail in the coffin for foreign companies already struggling […]<\/p>\n","protected":false},"author":1,"featured_media":572040,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[1002,84,5262,72,5263,5265,5264,2380,1784,483],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-572039","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-cement","tag-efg-hermes","tag-el-nahda-cement","tag-enterpriseam","tag-heidelberg-cement","tag-misr-beni-suef-cement","tag-national-cement","tag-speed-round","tag-suez-cement","tag-trade-and-industry-ministry","wpautop","entry"],"acf":{"mongo_id":"e79c539b-b6fd-47f0-901a-7e0502e14ed5","is_powered_by":true,"section_story_id":"71312623-fdcc-4682-a544-f53c95c277a8","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/6\/97.jpg","photo_position":"above","related_issue":[572024],"teaser":"","voice_url":""},"yoast_head":"\nFive cement factories could close this year as covid-19 compounds sector\u2019s woes - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/09\/five-cement-factories-could-close-this-year-as-covid-19-compounds-sectors-woes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Five cement factories could close this year as covid-19 compounds sector\u2019s woes\" \/>\n<meta property=\"og:description\" content=\"Four or five of Egypt\u2019s two dozen cement factories could be forced to close in the coming months, as the covid-19 pandemic batters an industry already suffering from a supply glut, officials and analysts told Reuters. 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Shareholders sold some 12.4 mn shares for EGP 92.7 mn to Suez parent company Heidelberg Cement, the EGX said without giving further details. Heidelberg had targeted 59.8 mn shares at a MTO\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/394.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575046,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/30\/suez-cement-submits-mto-for-100-of-subsidiary-tourah-cement\/","url_meta":{"origin":572039,"position":1},"title":"Suez Cement submits MTO for 100% of subsidiary Tourah Cement","author":"enterpriseam admin","date":"30 September 2020","format":false,"excerpt":"M&A WATCH- HeidelbergCement looks to acquire 100% of subsidiary Suez Cement: Suez Cement\u2019s German parent company HeidelbergCement has submitted a mandatory tender offer to the Financial Regulatory Authority (FRA) for the remaining 33% stake it doesn\u2019t already own in the company, according to a regulatory filing. The MTO is for\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/331.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596830,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/09\/el-nahda-cement-to-partially-suspend-main-production-line-for-6-months-amid-low-sales-and-oversupply\/","url_meta":{"origin":572039,"position":2},"title":"El Nahda Cement to partially suspend main production line for 6 months amid low sales and oversupply","author":"enterpriseam admin","date":"9 July 2019","format":false,"excerpt":"Another cement factory on the ropes? El Nahda Cement has decided to partially suspend the main production line at its Qena factory for six months after sales fell due to oversupply, sources told Al Mal. The Chemical Industries Holding Company increased its stake in El Nahda to 50% earlier this\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546130,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/28\/suez-cement-has-a-new-ceo-the-ifc-appoints-a-new-north-africa-director\/","url_meta":{"origin":572039,"position":3},"title":"Suez Cement has a new CEO + the IFC appoints a new North Africa director","author":"enterpriseam admin","date":"28 April 2022","format":false,"excerpt":"Suez Cement has appointed commercial director Mohamed Hegazy (LinkedIn) as its new CEO, replacing our very good friend Jose Maria Magrina (LinkedIn), Suez Cement said in an emailed statement yesterday. Magrina has led Suez Cement for the past six years and leaves to take on a new position as CEO\u2026","rel":"","context":"In "Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":566665,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/06\/cement-industry-is-finally-getting-a-lifeline\/","url_meta":{"origin":572039,"position":4},"title":"Cement industry is finally getting a lifeline","author":"enterpriseam admin","date":"6 July 2021","format":false,"excerpt":"Is the government finally stepping in to rescue the cement industry? Cement producers were given the greenlight to cut production by at least 10% by the Egyptian Competition Authority (ECA), according to documents seen by Reuters. The new quotas, which will take effect on 15 July and extend for one\u2026","rel":"","context":"In "SPEED ROUND: BASIC MATERIALS"","block_context":{"text":"SPEED ROUND: BASIC MATERIALS","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-basic-materials\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/336.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594826,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/09\/egypts-cement-sector-in-oversupply-crisis-suez-cement-ceo\/","url_meta":{"origin":572039,"position":5},"title":"Egypt\u2019s cement sector in oversupply crisis -Suez Cement CEO","author":"enterpriseam admin","date":"9 September 2019","format":false,"excerpt":"Egypt\u2019s cement sector in oversupply crisis -Suez Cement CEO: Egyptian cement companies are continuing to flood the market, producing twice as much as the current market demand, said Jose Maria Magrina, CEO of Suez Cement, the largest private supplier of cement and concrete in Egypt. Demand in the sector has\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/572039","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=572039"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/572039\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/572024"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/572040"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=572039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=572039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=572039"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=572039"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=572039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}