Ahli United Bank has provided Alexandria Portland Cement Company with revolving credit facility worth EGP 250 million.
Sources said the five-year term credit facility has interest rate of 1.75%, in addition to the interest rate levied by the Central Bank of Egypt (CBE).
The consolidated results showed that the bank’s profit retreated by 38.7% as it stood at EGP 274.2 million at the end of last September, compared to EGP 447.1 million at the end of 2011.
The non-consolidated results showed that the bank achieved net profit of EGP 342.6 million, compared to EGP 597.8 million. The bank’s authorized capital reached EGP 4 billion and issued capital reached EGP 2.570 billion.
It is worth mentioning that Greece’s Titan Group and France’s Lafarge Group acquired in 2002 a controlling stake in Alexandria Portland Cement Company.
