Misr Cement– Qena reports 84% profit decline in 2019

The company’s sales fell 

  

Cairo – Mubasher: Misr Cement – Qena reported an 84% year-on-year slump in its consolidated net profits to EGP 16.45 million during 2019 from EGP 104.39 million, including minority shareholders’ rights.

Meanwhile, the company’s sales fell to EGP 3.1226 billion last year, compared to EGP 3.1229 billion in 2018, according to a statement to the Egyptian Exchange (EGX) on Sunday.

As for standalone business, the cement producer’s net profits shrank to EGP 35.24 million in 2019 from EGP 76.54 million in the previous year.

It is noteworthy that during the first nine months of 2019, the company’s net profits declined to EGP 29.7 million from EGP 89.42 million in the same period of 2018, including minority shareholders’ rights.

Source: Mubasher

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