Sinai Cement (SCEM) has secured significant support from senior shareholders for its capital increase initiative. In the first phase, 75.95% of the 168.20 million offered shares were subscribed at EGP 10 per share, totaling 127.74 million shares. The company announced it will not proceed with the second phase of the offering. Earlier in February 2024, an extraordinary general meeting approved a capital hike of EGP 1.68 billion, raising the issued capital to EGP 3.01 billion. Financially, Sinai Cement rebounded strongly in Q1 2024, reporting a consolidated net profit of EGP 301.11 million versus a net loss of EGP 58.47 million in the same period last year.