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Misr Cement profits fall 63%; capital hike recommended

Misr Cement profits fall 63%; capital hike recommended
Misr-Cement Qena’s stock closed at EGP 135.98, increasing 4.20%, on Thursday
Misr Cement - Qena
MCQE
0.00% 18.07 0.00

Cairo – Mubasher: The consolidated financial statements of Misr Cement-Qena on Thursday revealed a 63% decline in profits for the first half of 2017.

Net profits stood at EGP 50.6 million in H1-17, compared to EGP 137.5 million in H1-16, according to a filing to the Egyptian Exchange (EGX).

The company’s revenues dropped 1.38% to EGP 936.5 million in H1-17, compared to EGP 949.4 million in the same period in the year earlier.

Year-on-year, standalone profits tumbled 17.5% to reach EGP 60.2 million from EGP 72.9 million.

The EGX-listed firm’s profits had decreased 27% in Q1-17, reaching EPG 50.51 million.

The company’s shareholders approved a subscription to raise the senior shareholders' stake by EGP 301.2 million, distributed over 30.12 million shares with a par value of LE 10.

Misr-Cement Qena’s stock closed at EGP 135.98, increasing 4.20%, on Thursday.