Asek Company for Mining’s (Ascom) consolidated net losses attributable to the parent company dropped 4.8% year on year (YoY) to EGP 80.77 million in 2022, compared to EGP 84.92 million, the firm’s income statement revealed on April 12th.
Gross profit saw an annual multi-fold increase last year, reaching EGP 205.08 million from EGP 67.41 million in 2021.
Moreover, the company incurred standalone net losses after tax of EGP 135 million in 2022, down 46.6% from EGP 252.82 in the year before.
Ascom is an Egypt-based public shareholding company that operates primarily in the non-metal mining sector.
The company is engaged in geological exploration, mining and quarrying of raw materials, and developing mining operations for building materials and precious metals. This is in addition to being involved in manufacturing operations for ground calcium carbonate and rock as well as glass wool.
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