Egypt: Misr Cement Posts Plunge in H1-23 Profits, Turns to Losses in Q2

Cairo –  The consolidated net profits after tax of Misr Cement – Qena hit EGP 63.68 million in the first half (H1) of 2023, versus EGP 85.69 million in H1-22, including minority shareholders’ rights.

Net sales hiked to EGP 1.90 billion in January-June 2023 from EGP 1.29 billion, according to the interim consolidated income statements.

Total assets reached EGP 5.05 billion in H1-23, compared to EGP 4.43 billion as of 31 December 2022.

Standalone Financial Results

The listed firm generated EGP 39.60 million in standalone net profit after tax during the first six months (6M) of 2023, versus EGP 39.72 million in 6M-22.

In H1-23, the net sales enlarged year-on-year (YoY) to EGP 737.32 million from EGP 573.69 million.

The earnings per share (EPS) amounted to EGP 0.50 in H1-23, an annual rise from EGP 0.48.

Financials for Q2-23

During the second quarter (Q2) of 2023, Misr Cement – Qena turned to consolidated net losses after tax valued at EGP 21.78 million, compared to net profits of EGP 4.83 million in Q2-22.

Meanwhile, the sales amounted to EGP 994.38 million in Q2-23, up YoY from EGP 627.09 million.

As for the standalone business, the company incurred net losses after tax worth EGP 17.08 million in April-June 2023 from EGP 8.35 million in Q2-22.

Non-consolidated sales jumped to EGP 344.25 million in the three-month period that ended on 30 June 2023 from EGP 264.81 million, while the loss per share increased to EGP 0.20 from EGP 0.05.

In 2022, the company registered an annual drop in consolidated net profits after tax to EGP 131.61 million, compared to EGP 173.89 million, including minority interest.

Source : Zawya