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    TITC   BE0974338700

TITAN CEMENT INTERNATIONAL SA

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Egypt's competition authority approves cement quotas, document says

07/06/2021 | 06:33am EDT

CAIRO, July 6 (Reuters) - Egypt's competition authority has approved a request by 23 cement makers to reduce production temporarily to help reduce a glut in output, setting a baseline cut at 10.69%, a document seen by Reuters shows.

The competition authority decision, dated July 5, said there would be additional cuts of 2.81% for each production line and further cuts depending on the company's age.

The quotas would come into force on July 15 and remain in place for one year, the document said.

Egypt's cement production capacity has risen significantly in the last three years after the inauguration of the 13 million tonne-per-year plant owned by the military in Beni Suef, even as local sales halved, cement executives say.

The sector is seen as an indicator of Egypt's openness to foreign investment, which it has struggled to attract.

Companies, including Germany's HeidelbergCement, France's Vicat, Switzerland's LafargeHolcim, Greece's Titan Cement and Mexico's CEMEX , invested heavily in Egypt after a privatisation drive that began in the 1990s. Local players set up their own plants later.

Egypt-based executives had welcomed an earlier, draft proposal for production quotas, but two had told Reuters that they thought the formula appeared unfair to foreign companies. (Writing by Aidan Lewis; editing by Barbara Lewis)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CEMEX, S.A.B. DE C.V. -3.69% 14.6 End-of-day quote.42.16%
HEIDELBERGCEMENT AG -3.66% 64.14 Delayed Quote.8.76%
TITAN CEMENT INTERNATIONAL SA -1.26% 15.7 Delayed Quote.15.72%
VICAT -1.94% 37.95 Real-time Quote.12.66%
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Financials
Sales 2021 1 655 M 1 940 M 1 940 M
Net income 2021 106 M 125 M 125 M
Net Debt 2021 664 M 778 M 778 M
P/E ratio 2021 12,3x
Yield 2021 2,93%
Capitalization 1 209 M 1 419 M 1 418 M
EV / Sales 2021 1,13x
EV / Sales 2022 1,03x
Nbr of Employees 5 372
Free-Float 61,3%
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Number of Analysts 6
Last Close Price 15,90 €
Average target price 20,48 €
Spread / Average Target 28,8%
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Managers and Directors
Michael H. Colakides Group CFO, Managing Director & Executive Director
Grigoris Dikaios Chief Financial Officer
Efstratios-Georgios Arapoglou Chairman
Vassilios Zarkalis Group Chief Operating Officer & Executive Director
Eleni Papapanou Secretary & Compliance Officer
Sector and Competitors
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TITAN CEMENT INTERNATIONAL SA15.72%1 437
HOLCIM LTD-3.52%30 827
ANHUI CONCH CEMENT COMPANY LIMITED-6.39%28 845
JAMES HARDIE INDUSTRIES PLC37.96%17 465
SHREE CEMENT LIMITED27.26%14 965
TAIWAN CEMENT CORP.17.36%11 524