Cairo – Mubasher: Misr Cement – Qena posted a 330% year-on-on-year (YoY) leap in its net profits, logging EGP 63.25 million in the first half (H1) of 2020, compared to EGP 14.69 million, including minority shareholders’ rights.

The company’s sales declined to EGP 1.35 billion in the six-month period ended on 30 June from EGP 1.52 billion in the year-ago period, according to a bourse disclosure on Tuesday.

Moreover, the standalone financial results showed net profits of EGP 42.15 million in H1-20, up from EGP 8.098 million in the same period in 2019.

During the first quarter (Q1) of 2020, the cement producer achieved consolidated net profits of EGP 47 million, compared to EGP 12 million in Q1-19.