Alexandria Portland Cement's Q1 loss shrinks

ArabFinance: Alexandria Portland Cement Company (ALEX) reported a 54% Year on Year decrease in its consolidated net loss for the quarter one (Q1) of 2020, according to a May 4th disclosure filed to the Egyptian Exchange.

Consolidated net loss reached EGP 35,828,142 in Q1 2020, compared to EGP 77,581,850 incurred in Q1 2019.

Nevertheless, standalone net loss reached EGP 28,577,678 in Q1 2020, a 3% increase from EGP 27,733,129 suffered in the corresponding period a year earlier.

On May 7th, Alexandria Portland’s board of directors approved the fair value study prepared by Premier Financial Advisor in light of Mandatory Tender Offer that submitted by Alexandria Development LTD to acquire 5,843,610 shares, 1.28% of Alexandria Portland.

Alexandria Portland is an Egypt-based public shareholding company engaged in the manufacture of construction materials. The company focuses on the production and distribution of different types of cement, gypsum, bricks and tiles, limestone, plaster, concrete, mortar, and lime, as well as other construction-related materials.

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