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Suez Cement’s loss almost doubles in H1-20

Suez Cement’s loss almost doubles in H1-20
Sales slid to EGP 2.7 billion during the January-June period
Suez Cement
SUCE
-2.42% 8.05 -0.20

Cairo – Mubasher: The consolidated financial statements of Suez Cement showed a 98.97% year-on-year (YoY) rise in its net losses, logging EGP 709.31 million in the first half (H1) of 2020, compared to EGP 356.49 million, including minority shareholders’ rights.

The cement producer generated EGP 2.7 billion in sales during the January-June period, down from EGP 3.3 billion in the year-ago period, according to a bourse disclosure on Sunday.

As for the second quarter (Q2) of the year, Suez Cement suffered net losses of EGP 434.98 million, compared to EGP 454.78 million in the same period a year earlier.

Moreover, the company’s standalone net losses fell to EGP 463.3 million in H1-20 from EGP 590.5 million in H1-19.

During Q1-20, Suez Cement turned to net losses of EGP 389.65 million, versus net profits of EGP 213.07 million in the year-ago period, including minority shareholders’ rights.