Cairo – Mubasher: The board of directors of Suez Cement decided to slash salaries of the managing director and the members of the management committee by 30% and 20%, respectively, during the second quarter of 2020 due to the repercussions of the coronavirus (COVID-19) outbreak.
The cement producer affirmed its commitment to reduce additional costs to protect the future of Suez Cement and its parent HeidelbergCement (HC) amid the economic disruption caused by the pandemic, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
HC has been hardly hit by the complete shutdowns in several countries, the statement pointed out.
Thanks to HC, Suez Cement has maintained its presence in the Egyptian cement market which has been facing many challenges due to the oversupply for several years.
It is noteworthy to mention that in 2019, Suez Cement’s net losses narrowed to EGP 1.18 billion from EGP 1.34 billion year earlier.
