Cairo – Mubasher: The consolidated financial statements of Misr Cement – Qena showed a 67% year-on-year profit slide during the first nine months of 2019.  

Net profits plunged to EGP 29.7 million in the nine-month period ended 30 September, compared to EGP 89.42 million in the corresponding period a year earlier, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.

In the meantime, sales grew to EGP 2.36 billion in the January-September period from EGP 2.22 billion in the prior-year period.

At the level of standalone business, the cement producer logged a net profit of EGP 21.8 million in the first nine months of the year, down from EGP 70 million in the same period of 2018.

As for the third quarter of 2019, Misr Cement – Qena reported a consolidated net loss of EGP 61.1 million, down from EGP 106.6 million in Q3-18.

It is worth mentioning that during the six-month period ended 30 June, the Egyptian firm’s net profit fell to EGP 14.69 million from EGP 99.37 million in H1-18.