Sinai Cement loss widens

Sinai Cement Company reported a 35% Year on Year rise in its consolidated net loss in the first nine months

  
ArabFinance: Sinai Cement Company reported a 35% Year on Year rise in its consolidated net loss in the first nine months of 2020, according to the company’s November 29th financial statements filed to the Egyptian Exchange.

Consolidated net loss before minority interest stood at EGP 424,983,505 in the January-September period of 2020, compared to EGP 313,726,916 incurred in the prior-year period.

In 2019, the company suffered a net loss of EGP 442.25 million, a decrease from the EGP 306 million posted a year earlier.

The company attributed the 2019 loss to accumulated effects of Egyptian pound devaluation on imported fuel, in addition to higher prices of electricity and oil.

Sinai Cement is engaged in the manufacture and packing of different types of cement and its related products.

The Egypt-based company also produces clinker, cement, and other related products, in addition to cement packing bags.

Copyright © 2020 Arab Finance Brokerage Company All rights reserved. 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