Egypt's Asec Company for Mining turns profitable in H1-22

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Cairo – Asec Company for Mining (ASCOM) turned to consolidated net profits of EGP 67.98 million in the first half (H1) of 2022, versus net losses of EGP 36.25 million in H1-21, including minority shareholders’ rights.

Profit per share for H1-22 reached EGP 1.2, versus a loss per share of EGP 0.6 in H1-21, according to a bourse statement on Monday.

As for the standalone business, the EGX-listed company turned to net losses worth EGP 28.08 million during the January-June period in 2022, against net profits of EGP 12.04 million in the year-ago period.

During this year’s second quarter (Q2), ASCOM shifted to net earnings of EGP 56.40 million, against net losses of EGP 6.19 million in Q-21. Meanwhile, profit per share reached EGP 1 during Q2-22, versus a loss per share of EGP 0.09 in Q2-21.

It is worth noting that in 2021, ASCOM suffered consolidated net losses of EGP 90.89 million, higher than EGP 71.72 million in 2020, including minority shareholders' rights.