Misr Beni Suef Cement

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The Egyptian Competition Authority (ECA) has approved a request by 23 cement producers to reduce production volumes “temporarily” to help reduce a glut in output. The current production capacity of the Egyptian cement industry is c.83-85 million tonn...

Egypt’s local cement sales volumes in 2020 declined to 45.9 million tonnes (-5.6% YoY) but were higher than our expectations of 44 million tonnes, due to the resumption of building activity in 4Q20 which led to a rebound in volumes, while cement expo...

Total cement sales (local + exports) stood at 10.5 million tonnes in 3Q20, down 14.2% YoY but up 3.6% QoQ. Utilization rates recorded 57% in 9M20 and 58% in Sep-20. We expect margins to normalize going forward. ARCC is currently trading at an EV/Tonn...

Total cement sales (local + exports) stood at 10.1 million tonnes in 2Q20, down 12.0% YoY and 61.4% QoQ and utilization rates recorded 59% in 1H20 and 55% in Jun-20. EBITDA margin came in at 19.0% versus 13.6% in 2Q19 and 14.0% in 1Q20.SG&A spending ...

Nitrogen Fertilizer producers are ramping up capacity utilization in an attempt to offset weak urea prices with the outlook still uncertain. Petrochemicals have fared worse than their Agrochemical peers, as they have been enduring so far an unprecede...

Total cement sales (local + exports) stood at 13.2 million in 1Q20, up 4.9% YoY and down 1.8% QoQ. The annual increase was partially driven by 1) recovery in purchasing power in early 2020 coupled with 2) accelerating informal construction activity t...