(Reuters) - Firms in Egypt began operations on Sunday for the first time in a week. Following are comments from businesses in light of the political turmoil:
The biggest Arab cable maker said all its facilities in Egypt were now operating. Sewedy changed its working hours due to an imposed curfew that runs from 7 p.m. (5 p.m. British time) to 6 a.m. (4 a.m. British time). The firm also said its logistics suffered a bottleneck that was partially solved by relocating its manufacturing orders and exports sales outside of Egypt.
EMAD FAWZI, CHIEF FINANCIAL OFFICER OF MARIDIVE AND OIL SERVICES
The CFO of the Middle East’s biggest oil services company by fleet size said: “More of 90 percent of our business activities is outside of Egypt, either in the Gulf region, North Africa, West Africa and India. And in Egypt, we operate in sea-based and not land-based, so there is no impact on our business both in Egypt and outside from the political events. We are operating normally. We have no country risk or currency risk because Maridive is a dollar-dominated company. Our earnings and share price are in dollars, so there is no impact from any devaluation in the Egyptian pound on the company.”
The Egyptian ceramics maker’s CEO said: ”We have been affected because the domestic market had completely stopped. It restarted today. Exports also in the last few days were impossible because there was very little internal transport to get to ports, and ports had very little functionality. From the violence that we saw, we have had about four or five days when the economy was completely closed both domestically and for exports, and it has affected our business.
“It also affected our ability to manufacture in the meantime, although all our factories have been running and producing but not at our normal capacities. This is starting to return to normal and hopefully by the middle of this week if not before, even with the curfew still in place, I believe that our ability to export will be back to normal, the local market will be open again, although I suspect that local consumption and demand will be affected for some time to come, as we are clearly facing a period of uncertainty and change which may affect people’s willingness to spend.”
HAITHAM MONEIM, INVESTOR RELATIONS MANAGER OF ORIENTAL WEAVERS
The official at the world’s largest machine-woven carpetmaker said: “In the past week, we closed all our production facilities like all other companies, and we secured our showrooms ... To avoid any delays to clients, we shifted orders from plants in Egypt to plants in the United States and in China.”
The firm said it had resumed production at its plant in Ain Sokhna after halting production last week, which led to a pick-up on cement demand.
Reporting by Sherine El Madany; Editing by David Holmes