Cairo – Mubasher: Misr Cement – Qena recorded an 85.22% year-on-year profit decline during the first half of 2019.

The cement producer’s net profits slid to EGP 14.69 million in the January-June period of 2019, compared to EGP 99.37 million in the year-ago period, according to a statement to the Egyptian Exhange (EGX) on Thursday.

General and administrative expenses rose to EGP 79.16 million in the six-month period ended 30 June from EGP 57.18 million in the corresponding period a year earlier.

At the level of standalone business, the company’s profit plunged to EGP 8.098 million in H1-19 from EGP 52.835 million in H1-18.

During the first three months of 2019, Misr Cement – Qena logged a profit of EGP 12.05 million, down from EGP 63.1 million in the year-ago period.

The company’s cost of sales grew to EGP 713.23 million in Q1-19, compared to EGP 581.3 million in Q1-18.