Cairo – Mubasher: The unaudited consolidated financial results of Alexandria Portland Cement showed a 40% year-on-year drop in its net losses during 2019.

Net losses shrank to EGP 236.3 million last year from EGP 394.1 million in 2018, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.

The cement producer reported revenues of EGP 2.19 billion in the 12-month period ended 31 December 2019, compared to EGP 2.86 billion a year earlier.

As for standalone business, the company’s net losses plunged to EGP 157.44 million in 2019 from EGP 251.97 million in the previous year, while its revenues fell to EGP 997.5 million from EGP 1.23 million in 2018.

It is noteworthy that during the first nine months of 2019, the cement producer’s incurred net losses of EGP 96.58 million, down from EGP 245.7 million in the corresponding period a year earlier.