{"id":652503,"date":"2017-01-11T03:40:42","date_gmt":"2017-01-11T03:40:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/11\/jose-maria-magrina-ceo-suez-cement-group\/"},"modified":"2017-01-11T03:40:42","modified_gmt":"2017-01-11T03:40:42","slug":"jose-maria-magrina-ceo-suez-cement-group","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/11\/jose-maria-magrina-ceo-suez-cement-group\/","title":{"rendered":"Jose Maria Magrina, CEO, Suez Cement Group"},"content":{"rendered":"

<\/a> Jos\u00e9 Maria Magrina is that rare foreigner who not only does business here, but truly loves the country \u2014 and intends to make Egypt his family\u2019s home for the long term. We enjoy Magrina\u2019s company because he balances an incredible appetite for work with being an engaged dad and active sportsman. The fact that he\u2019s an active member of the Cult of Mac doesn\u2019t hurt. On the professional front, Magrina has earned our respect for how he handled the IPO of Arabian Cement (the first IPO in the market after the events of January 2011) and for his quick, incisive thinking on everything from the economy to corporate strategy. Magrina is now the CEO of Suez Cement, at 12 MTPA the largest cement group in Egypt by capacity. With five plants and c. 7k direct and indirect employees, it is also the largest German industrial group in Egypt and one of Heidelberg Cement\u2019s largest subsidiaries globally.<\/p>\n

2017 will be the year of<\/strong> reforms, and I don\u2019t think we\u2019re over the hump just yet. The government took the right measures. They\u2019re painful, but they\u2019re steps that have set us on the path for medium- and long-term growth and recovery. Now, other things need to fall in place, like a further reduction of fuel subsidies given rising international oil prices. To date, the government has concentrated on reducing subsidies to industry, so it\u2019s now time also to tackle the lion\u2019s share, the subsidies that go to the majority of the population. Key to this is making sure that welfare benefits are directed to those in need. Subsidized utilities, food and fuel should be a matter of the past, and moving away from it will help rationalize consumption and alleviate the burden on the state, which can in turn use those funds to invest in more pressing needs including health, education and investment in infrastructure.<\/p>\n

In the meantime, we have to see how these reforms settle into the population.<\/strong> How will the government shield low-income earners from the impact without continuing with the current subsidy system? They need to speed up the introduction of cash transfers to qualified beneficiaries.<\/p>\n

The biggest challenge for the economy will be regaining our footing as a competitive exporter.<\/strong> We\u2019re all presuming that in the short-to-near term, the economy will start exporting and generating foreign currency to maintain the deficit at a sustainable level. But we import more than we produce, and shifting the balance will demand new regulations and an investor-friendly environment. This isn\u2019t just an issue for foreign investors \u2014 local investors will lead this recovery, they\u2019re the ones who will push the economy forward<\/strong>. We need to go from an inward-looking economy to an export one. With the EGP now competitive, we need to take advantage of this to export.<\/p>\n

Our industry faces a couple of significant challenges.<\/strong> First of all, the construction industry is going through a period of instability. 2016 will close with 7% growth in cement consumption, but there\u2019s overcapacity and other state actors are building the world\u2019s largest cement plant. The industry will definitely want more visibility on the role of the state in supply. Then there\u2019s logistics: We\u2019re on the verge of becoming export competitive, but that\u2019s sapped by the cost and efficiency of logistics on the roads and in ports. <\/strong>Arbitrary toll fees and taxes on the roads are the main challenge.This is critical: Exports could be very important to our industry given both oversupply and the risk that the government pulls back from stimulus spending on infrastructure.<\/p>\n

The biggest opportunities for us? Exports and serving government demand. <\/strong>From the Suez Canal to the New Capital, we\u2019re delivering to major government installations right now, and if they keep investing in infrastructure like this, it\u2019s a massive opportunity for everyone in the industry. The downside risk is the disappearance of this opportunity if they need to pull back on the spending front to redress the budget deficit. We\u2019re also working to develop a nascent market for more sophisticated products. Through our ready-mix subsidiary, we are working with the biggest construction companies to develop extra-durable concrete for its use in heavy-duty applications as well as special mixes for underground applications and other interesting uses.<\/p>\n

All of our natural export markets are at war or embroiled in conflict right now. <\/strong>Libya, Syria and Yemen. We\u2019re starting to see exports to Libya and Yemen, and we\u2019re hopeful about Syria, but not in the immediate term. We previously exported a lot of gray cement to other, more mature markets when we enjoyed a better cost structure, but that\u2019s off the table now. We\u2019re now exporting white cement to Europe, Saudi Arabia and the United States. <\/strong>It\u2019s used as a plastering and decoration material, and our plant in Minya produces with a degree of whiteness equivalent only to Carrara in Italy. And on a same-price basis, the market typically prefers Minya.<\/p>\n

Our group is going through difficult times right now, so it\u2019s difficult for us to talk about exceptional salary rises. <\/strong>We\u2019ll follow through on the basic increase specified in our collective agreement \u2013 high single digit. We just can\u2019t afford to do more. We\u2019ll have losses for FY2016 and we\u2019ll probably still be in the red in 2017 despite everything we\u2019re doing to turn the corner.<\/p>\n

There will definitely be M&A activity this year \u2014 there are three companies in the market right now that are actively looking to sell. <\/strong>The economics are definitely more in favor of M&A than of a greenfield plant \u2014 there were no fundamentals for the new licenses. The market is already in oversupply and we already have some of the lowest prices in the world. In Spain, during the worst years of the global financial crisis, prices were still at EUR 52 per ton, and in Egypt we are currently at EUR 31 per ton. The return on investment to build a factory \u2014 where 60-70% of your equipment will be imported \u2014 is simply non-existent. We\u2019re not in the market to buy \u2014 we\u2019re comfortable where we stand. But there will definitely be M&A activity in our sector.<\/p>\n

Who\u2019s going to do best this year? <\/strong>Bankers and investment bankers always make out well in times of turbulence. The best opportunities are typically well-priced when there\u2019s turbulence. Financial institutions are also going to make a lot of money this year \u2014 they have leverage and they tailor the regulations in their favor.<\/p>\n

Give you an example? <\/strong>Why are capital gains made on the stock exchange exempt from taxes, but my company\u2019s dividends would be taxed? Dividends have already been taxed \u2014 and those who created those dividends typically create a lot more value for the economy in producing them than do speculators in the stock market.<\/p>\n

Automotive will be one of the worst performing sectors this year. <\/strong>They\u2019re going to sell lower volumes of higher priced goods. I wouldn\u2019t want to be in pharma. They had a reasonably profitable industry in the past, but they\u2019re challenged now. I would be selectively bearish on some segments of the food industry because of the import component.<\/p>\n

If I were to start my own business today, it would absolutely be in waste management. <\/strong>There\u2019s a massive opportunity to transform waste into energy, whether it\u2019s for my industry or the new power plants. We have tremendous potential, particularly with the new Siemens electrical stations and in industries such as ours, to transform waste into energy \u2014 but we\u2019re held back by supply and quality. Suez Cement could use refuse-derived fuel for up to 25% of our energy needs, but we can\u2019t because of a lack of reliable suppliers \u2014 today, you need to collect and treat from so many small landfills. The main hurdle for the growth of that industry is in the regulations around collection and landfills<\/strong> as well as the lack of clarity on which authority is the regulator for the market. A clear effort should be put in place to allow for higher use of alternative fuels in all industries, but the government has to start by drafting a comprehensive legal framework. The opportunity is huge, there are power plants in Europe that run almost entirely on waste, and when you see the price differential, it\u2019s clearly a business opportunity.<\/p>\n

The biggest regulatory issue on which we\u2019re keeping an eye this year<\/strong> is definitely the role of the government and state-affiliated institutions in our industry. They should not be active players, but regulators and consumers.<\/p>\n

The question that\u2019s keeping me awake at night is \u201cWhat can I do to alleviate the burden of rising costs for my staff in the current circumstances?\u201d <\/strong>We can\u2019t raise wages beyond what\u2019s in the collective agreement due to our company\u2019s circumstances, but I can also understand that purchasing power has been eroded. We have to find a medium-term solution.<\/p>\n

The other question that keeps me awake is, \u201cIs this the going USD\/EGP rate? <\/strong>Or will it be closer to EGP 14 by the end of the year?\u201d We all know that the overshoot to 19 is pent-up demand, but I\u2019m a bit nervous. 19 is difficult to swallow.<\/p>\n","protected":false},"excerpt":{"rendered":"

Jos\u00e9 Maria Magrina is that rare foreigner who not only does business here, but truly loves the country \u2014 and intends to make Egypt his family\u2019s home for the long term. We enjoy Magrina\u2019s company because he balances an incredible appetite for work with being an engaged dad and active sportsman. The fact that he\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":652504,"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":[12058],"tags":[72,12057],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-652503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-2017-enterprise-ceo-poll","tag-enterpriseam","tag-the-2017-enterprise-ceo-poll","wpautop","entry"],"acf":{"mongo_id":"0bf6b8df-afd1-444d-97c5-37d8d802147c","order":"0","is_powered_by":true,"section_story_id":"8160ba49-bb51-4ab0-9a1c-edc75c2917d1","story_type":"1","photo_url":"https:\/\/ent.news\/2017\/1\/1028.jpg","photo_position":"above","related_issue":[652485],"teaser":"","voice_url":""},"yoast_head":"\nJose Maria Magrina, CEO, Suez Cement Group - 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\/2017\/01\/11\/jose-maria-magrina-ceo-suez-cement-group\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jose Maria Magrina, CEO, Suez Cement Group\" \/>\n<meta property=\"og:description\" content=\"Jos\u00e9 Maria Magrina is that rare foreigner who not only does business here, but truly loves the country \u2014 and intends to make Egypt his family\u2019s home for the long term. 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