Misr Cement’s profit rises 32% in Q3-20

Revenues declined 

  

Cairo – Mubasher: Misr Cement Co. (Qena) reported consolidated net profits of EGP 39.20 million during the third quarter (Q3) of 2020, up by 31.79% year-on-year (YoY) from EGP 29.70 million.

On the other hand, revenues declined to EGP 1.844 million in the July-September period from EGP 2.263 million in the year-ago period, according to a statement on Sunday.

As for standalone business, the cement manufacturer logged EGP 45.16 million in net profits in Q3-20, compared to EGP 21.85 million in Q3-19.

The Chairman, Abdel Fattah Harhour, said: “The company stood alone from all its rivals in the Egyptian market by achieving more remarkable successes in the third quarter of 2020.”

For his part, Tarek Talaat, Managing Director of Misr Cement Co., pointed out: “In light of the current market conditions, which are witnessing a surplus in production faced by a contraction in consumption and a decrease in prices, Misr Cement Co. (Qena) has maintained exceptional performance that has contributed to its steadfastness in front of obstacles.”

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities