Cairo – Mubasher: Arabian Cement Co. announced signing an agreement with the Egyptian Refining Company (ERC) concerning the supply of petroleum coke.

Under the deal, 300,000 tonnes of petcoke will be supplied annually starting from July, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

The value of the deal wasn’t disclosed.

“This agreement aligns with Arabian Cement Company’s efforts to reduce production costs,"  the company’s CEO, Sergio Alcantarilla, said, adding that the company also aims to diversify its energy sources. 

During the first quarter of 2019, the cement manufacturer reported a profit of EGP 5.97 million, compared to EGP 162.01 million in the year-ago period.

Sales slid to EGP 827.85 million in Q1-19, compared to EGP 913.93 million in Q1-18.

As for standalone business, the EGX-listed company’s profits reached EGP 4.23 million in Q1-19 from EGP 160.95 million in the same quarter of 2018.