Ascom’s 2021 consolidated loss up 20% YoY

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ArabFinance: Asek Company for Mining (Ascom) (ASCM) posted a 20.07% year-on-year increase in consolidated net loss attributable to the parent company for the full year 2021, according to the company’s financial statements filed to the Egyptian Exchange (EGX) on May 8th.

Consolidated net loss excluding minority interest stood at EGP 84.92 million in 2021, versus a loss of EGP 70.73 million in 2020.

Meanwhile, the company’s standalone net loss after tax jumped to EGP 252.81 million last year from EGP 54.58 million in 2020.

It is worth noting that the Ascom incurred a consolidated net loss attributable to the parent of EGP 32.45 million in the first nine months of 2021, down from EGP 86.63 million in the prior-year period.

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.