Cairo – Mubasher: Egypt-based Suez Cement said it completed divestment from Saudi Readymix Concrete Company (Medina).
Suez Cement exited from Medina without receiving any revenues in exchange for not paying any of Medina's debts resulted from its accumulated losses, according to the company's statement to the Egyptian Exchange (EGX) on Thursday.
In August, the Egyptian company’s board of directors decided to divest from the Saudi unit.
Suez Cement incurred losses of EGP 196.6 million in the third quarter of 2017, compared to EGP 56.2 million in the same period last year.
The Egyptian cement provider’s sales rose to EGP 1.6 billion in Q3-17, from EGP 1.33 billion in the year-ago period.
On the other hand, sales’ cost reached EGP 1.6 billion year-on-year, compared to EGP 1.27 billion.
Suez Cement’s general and administrative expenses increased to EGP 230.3 million in Q3-17, from EGP 134.6 million in Q3-16.