Cairo – Mubasher: The financial statements of Al Ezz for Ceramics and Porcelain (GEMMA) showed a 49% decline in net profit during the first quarter (Q1) of 2020.

The company achieved a profit of EGP 5.55 million in Q1-20, compared with EGP 10.89 million in the corresponding period last year, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

Sales decreased to EGP 251.37 million down from with EGP 256.86 million in the year-ago period.

Last year, GEMMA reported a net profit of EGP 52.47 million, up from EGP 5.78 million in 2018.