Ataqa’s profit plunges 72% in 9 months on lower sales

Sales tumbled

Cairo – Mubasher: Misr National Steel (Ataqa) announced that its net profits for the first nine months of 2019 stood at EGP 53.16 million, falling by 72% year-on-year from EGP 187.33 million.

The Egyptian company’s sales tumbled to EGP 1.44 billion in the January-September period, compared to EGP 2.9 billion in the corresponding period a year earlier, according to a statement to the Egyptian Exchange (EGX) on Thursday.

It is worth mentioning that during the first half of 2019, Ataqa suffered net losses of EGP 629,920, versus net profits of EGP 153.08 million in H1-18.

Source: Mubasher

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