(MENAFN- Daily News Egypt) The cement industry's sales volumes for April, excluding exports, have dropped 9.7% m-o-m and 13.4% y-o-y. Moreover, local sales witnessed almost the same level of drop of 9.2% and 12.6%, m-o-m and y-o-y, respectively.
The cement demand has been hard during April and May as construction activity slowed, impacted by the ongoing coronavirus (COVID-19) containment measures and Ramadan.
Egypt's cement industry has for some time been struggling with a supply glut of more than 40%, which has translated into plummeting utilisation rates and weak prices.
With regards to stocks under coverage on a m-o-m basis in April, Arabian Cement (ARCC EY), Misr-Beni Suef cement (MBSC EY) and Misr Cement Qena (MCQE EY) were the most impacted. These companies reported total dispatches declining by 12.2%, 18.0% and 22.1%, respectively. However, Suez Cement (SUCE) was the least affected, as sales declined by only 2.4%
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