Cairo – Mubasher: Ajwa Group for Food Industries – Egypt announced turning to losses during the first half of 2019, the company’s consolidated financial statements showed.

The company logged net losses of EGP 38.7 million in the January-June period of 2019, against net profits of EGP 29.8 million in the prior-year period, according to a filing to the Egyptian Exchange (EGX) on Sunday.

Sales retreated to EGP 352.2 million in H1-19, compared to EGP 777.6 million in H1-18.

As for the second quarter of 2019, the EGX-listed firm incurred net losses of EGP 18.7 million, versus net profits of EGP 21.38 million in Q2-18.

At the level of standalone financials for H1-19, Ajwa Group earlier reported net losses of EGP 14.49 million, compared to EGP 9.1 million in H1-18.

It is worth mentioning that during Q1-19, Ajwa suffered net losses of EGP 6.92 million, against a profit of EGP 8.45 million in Q1-18.