Cairo – Mubasher: Delta Sugar witnessed 33% lower net profits after tax at EGP 216.75 million in the first quarter (Q1) of 2024, compared to EGP 323.78 million in Q1-23.

The lower net profits were attributed to an increase in the prices of production supplies as well as a decline in sales at the beginning of the season, according to a bourse statement.

Revenues dropped by 23% year-on-year (YoY) to EGP 592.56 million in Q1-24 from EGP 773.48 million.

The basic earnings per share (EPS) hit EGP 1.25 in the first three months (3M) of 2024, down 33% from EGP 1.86 during the same period in 2023.

Last year, Delta Sugar generated EGP 1.62 billion in net profit after tax, which marked a 91% leap from EGP 850.40 million in 2022.