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Egyptian refining started supplying this month
Rana Mamdouh
Arab Cement announced the signing of an agreement with the Egyptian refining company.
The company said in a statement to the stock exchange today that the agreement provided for the supply of local petroleum coal in quantities of up to 300,000 tonnes per year.
She pointed out that the Egyptian refining started to supply from this month.
Sergio Alcantaria, President and CEO of Arab Cement, said: "This agreement is designed to reduce the production costs of our leading position in the execution of projects and the conclusion of agreements reducing production costs and improving the company's operational performance by using various energy sources. "He said.
Petroleum coal or coke is a nonvolatile solid residue obtained as an end product in the distillation of crude oil and a purity rate that increases the demand for use in metallurgical processes and carbon electrodes.
It is worth mentioning that Arab Cement was the first cement company in Egypt to establish a coal mill and the first to install a solar power plant in its factory.
Arab Cement reported a net profit of 5.97 million pounds from the beginning of January to the end of March 2019, compared to 162.01 million pounds in the same period last year.
The company 's sales declined in the last three months to 827.85 million pounds at the end of March, compared to 913.93 million pounds for the same period last year.
On the independent lists, the company's profits in the first quarter decreased by 4.23 million pounds at the end of March, compared with 160.95 million pounds in the same period last year.
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