Misr Cement sees 4-fold profit hike in Q1 2020

Consolidated revenues grew to $50.49mln

  

Cairo –  Misr Cement – Qena posted a 292% year-on-year (YoY) hike in its consolidated net profits to EGP 47 billion in the first quarter of 2020 from EGP 12 million.

Consolidated revenues grew to EGP 816 million in the January-March period, up by 2.6% YoY from EGP 795 million, the cement producer’s managing director Tarek Talaat said in a videoconference interview with reporters on Tuesday.

As for standalone business, the company’s profits surged to EGP 33.3 million in Q1-20 from EGP 11.83 million in Q1-19, while its revenues increased to EGP 363 million from EGP 344 million.

General, administrative, and selling expenses fell by 28% to EGP 16 million in the three-month period ended on 31 March from EGP 22 million in the year-ago period.

The Q1-20 results are exceptional as the impact of the coronavirus (COVID-19) has not appeared before March, Talaat pointed out.

He noted that offering lands for sale in new cities has boosted the real estate sector which in turn improved the cement industry.

Source: Mubasher

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