Egypt’s National Cement achieved an 18 percent increase in annual net profit as its sales inched higher, the company said in a note to the stock exchange on Monday.

The firm’s unaudited net profit was LE 321.7 million ($56.4 million), the note said.

Sales by volume in the fiscal year to June 30 were 3.1 million tons, up from 3 million last year.

National Cement, majority controlled by state-owned Chemical Industries Holding Co., produces and trades cement, clinker and other related construction materials.