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Delta Sugar’s profit sinks 88% in 2019 unaudited adjusted financials

Delta Sugar’s profit sinks 88% in 2019 unaudited adjusted financials
Net profits plummeted to EGP 42.9 million last year
Delta Sugar
SUGR
-2.64% 8.11 -0.22

Cairo – Mubasher: The unaudited adjusted financial results of Delta Sugar showed an 87.5% year-on-year profit decline during 2019.

Net profits plummeted to EGP 42.9 million last year from EGP 343.74 million in 2018, the company said in a statement to the Egyptian Exchange (EGX) on Monday.

 Meanwhile, revenues fell to EGP 2.36 billion in the 12-month period ended 31 December 2019, compared to EGP 2.42 billion a year earlier.

The company’s reported profits are lower than those reported in the company’s unaudited financial results due to some settlements of expenses and revenues as per the review of the Accountability State Authority (ASA).  

It is noteworthy that during the first nine months of 2019, Delta Sugar’s net profits shrank to EGP 153.5 million, compared to EGP 287.8 million in the year-ago period.