Tarek Talaat, managing director of Misr Cement Group, said that the self-operation of the group’s factories contributed to reducing costs and enhancing production capacities during the last quarter of 2022, suggesting an increase in the expected returns in the group’s business results in the future.
Net sales rose during 4Q 2022 to EGP 2.81bn compared to EGP 2.53bn in the same period in 2021.
Talaat indicated that the global markets witnessed many challenges in various parts of the world and in various sectors, due to the Russian-Ukrainian war, in addition to the change in the exchange rate in the local market, but the group was able to achieve growth in its business results during the year 2022.
He added that the group’s strategy and restructuring began to bear fruit, as it was able to face the global and international economic and industrial challenges faced by the cement industry.
Talaat stressed that the group and all its subsidiaries support the state’s plans to reduce carbon emissions, as it works to reduce them to comply with international standards, by using alternative fuels and operating its industrial facilities in accordance with regulations and laws that guarantee the least amount of damage to the environment and the communities in which its factories are located.
The group is keen to enhance its community participation through a set of initiatives, as the group signed cooperation protocols with 6 public universities and the Ministry of Manpower. University and school students have also been trained on the latest technologies in the cement industry, according to Talaat.
In 2022, the group signed cooperation protocols with Shefaa Al-Orman Hospital for children with cancer, in addition to organizing blood donation campaigns in cooperation with Misr El-Kheir Foundation.
Gross profit declined during the same period to EGP 391.387m, compared to EGP 484.762m in the same period in 2021.
Misr Cement Group (Qena) achieved a decrease of 24.3% in the consolidated net profits to reach EGP 131.610m during the fiscal year ending last December, compared to EGP 173.898m in the comparative period.