Egypt: EGYSTONE’s losses skyrocket 2445% YoY in 2023

Reuters

The company suffered a net loss after tax of EGP 1.119 million in 2023, up from EGP 44,003 in 2022

Staff Writer, Arab Finance

February 26, 2024

PHOTO

Egypt Intercontinental for Granite and Marble (EGYSTONE) (MISR) saw its net loss after tax in 2023 increase by 2444.66% year-on-year (YoY), according to the financial statement filed to the Egyptian Exchange (EGX) on February 26th.

The company suffered a net loss after tax of EGP 1.119 million in 2023, up from EGP 44,003 in 2022.

Operating revenues declined to EGP 2.703 million in the January-December period this year from EGP 2.893 million in 2022.

EGYSTONE is a subsidiary of Salama Group which was established over 40 years ago. The company operates within the materials sector, focusing on construction materials, in addition to the supply and installation of all types of granite and general contracting.

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