Suez Cement counts cost of unrest

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CAIRO: Suez Cement, Egypt’s biggest listed cement maker by market value, said the political unrest that ousted Hosni Mubarak cost it and a subsidiary LE 80 million.

"The firm lost a total of nine days during the events of the months of January and February 2011, while the company’s estimated total losses were LE 30 million due to the interruptions," it said in a statement on Sunday.

Suez said its 99-percent owned Helwan Cement unit lost another LE 50 million after its plants stopped operations for 16 days.

The firm, a subsidiary of Italcementi, said it will pay a LE 3.90 per share cash dividend after its 2010 net profits declined 4.9 percent to LE 1.2 billion.

Suez has about 26 percent of Egypt’s grey cement market and 42 percent of its white cement market.


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