Misr Cement’s consolidated profits hit $4.54mln in H1-22

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Cairo – Misr Cement - Qena posted consolidated net profits after tax worth EGP 85.69 million during the first half (H1) of 2022, an annual surge of around 24% from EGP 69.10 million.

Net sales went up by 1% year-on-year (YoY) to EGP 1.29 billion in H1-22, compared to EGP 1.28 billion, according to the income statements.

During the second quarter (Q2) of 2022, the consolidated net profits after tax plunged by nearly 87% YoY to EGP 4.83 million, from EGP 38.18 million.

Meanwhile, the consolidated net sales jumped by 10% to EGP 627.09 million in Q2-22, versus EGP 572.28 million in the year-ago period.

As for the standalone businesses, Misr Cement logged net profits after tax of EGP 39.72 million in H1-22, lower by 15% than EGP 46.78 million in H1-21.

The non-consolidated net sales amounted to EGP 573.69 million during the first six months (6M) of 2022, down 6% YoY from EGP 611.13 million.

Furthermore, the earnings per share (EPS) decreased to EGP 0.48 in H1-22 from EGP 0.56 in H1-21.

In April-June 2022, the listed firm turned to losses worth EGP 8.35 million, against net profits of EGP 19.22 million during the same period a year earlier.

The Q2-22 standalone net sales declined by 2% YoY to EGP 264.81 million from EGP 269.65 million.

The loss per share stood at EGP 0.05 in Q2-22, versus earnings per share of EGP 0.25 in Q2-21.

In the January-March 2022 period, the company’s consolidated net profits after tax jumped by 161.48% to EGP 80.85 million, compared to EGP 30.92 million in Q1-21.