Cairo – Mubasher: The unaudited financial results of Delta Sugar reported an 83% year-on-year profit drop during 2019.
Net profits plunged to EGP 57.52 million in the twelve-month period ended 31 December 2019, compared to EGP 343.74 million a year earlier, the company said in a statement to the Egyptian Exchange (EGX) on Tuesday.
Meanwhile, the company’s revenues retreated to EGP 2.36 billion last year from EGP 2.42 billion in 2018.
The drop in profits was ascribed to lower average sales prices due to the decrease in international sugar prices.
It is noteworthy that during the first nine months of 2019, Delta Sugar’s net profits dipped to EGP 153.5 million, compared to EGP 287.8 million in the year-ago period.