Ascom’s consolidated profits skyrocket 1,943% YoY in 2023

In terms of standalone business, the firm logged EGP 35.017 million in net profits after tax for 2023, against net losses of EGP 79.737 million in 2022

Staff Writer, Arab Finance

May 7, 2024

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Asek Company for Mining’s (Ascom) consolidated net profits attributable to the parent company hiked by 1,943.2% year on year (YoY) to EGP 1.96 billion in 2023, versus EGP 95.928 million, as per a filing.

In terms of standalone business, the firm logged EGP 35.017 million in net profits after tax for 2023, against net losses of EGP 79.737 million in 2022.

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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