Misr Cement Qena reports 9.5% rise in H1 profits

Cairo – Mubasher: Misr Cement - Qena reported a rise in its consolidated net profits for the first half (H1) of the year by 9.5% to EGP 69 million, despite a decline in net revenues by about 4.5% to about EGP 1.29 billion.

The cost of sales decreased to EGP 1,064 per ton by the end of H1-21 compared to EGP 1,125 for H1-20, the company revealed in a statement.

Moreover, general, administrative, and selling expenses increased to EGP 85 million in the same period, while financing expenses decreased to EGP 50 million.

Misr Cement – Qena attributed the rise in profit to the group’s support of strategic cross-functional cooperation, purchasing consolidation, and cost management among its companies and factories. In addition to performance efficiency and increased exports to 169,000 tons by the end of H1-21, from 41,000 tons in H1-20.

Meanwhile, the standalone gross profit amounted to EGP 118 million in H1-21, compared with EGP 104 million in H1-20.

The company’s Chairman, Abdel Fattah Harhour, commented that Misr Cement – Qena succeeded in overcoming all the challenges facing the cement sector in Egypt, while Managing Director Tarek Talaat noted that the cement company was able to withstand the obstacles that have affected other manufacturing entities, whether locally or globally.

Source: Mubasher

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