Arabian Cement Company (ACC) has received approval on rescheduling the $30.9 million loan granted by the National Bank of Egypt.

The loan will be repaid on 15 quarterly instalments at $2 million each, with a debt rate on foreign currencies of 5 per cent above Libor margin. The instalments will be fully paid off by July 01, 2021, a company statement said.

The loan was utilised to build ACC production facility, which applies advanced and environmentally-friendly technologies to manufacture high quality cement.

ACC’s latest financial results show robust net profits of EGP167.6 million ($9.45 million) in the period starting January 01, 2017 and ending September 30, 2017, compared to EGP157.6 million for the same period of 2016. Additionally, the net profit for Q3/2017 reached EGP95.9 million, compared to EGP14.5 million for the same quarter in 2016, recording a huge hike of 561 per cent. – TradeArabia News Service